Carbon at a glance
- Population: 262 — 477th in Indiana, which has 565 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: the 2020 count put the population at 260 (US Census Bureau).
- 2020 to 2023 change: about 0.8% growth over the 2020 Census base (US Census Bureau).
- Rank among Indiana places: the 477th-largest of 565 (US Census Bureau, 2023 estimate).
- Size percentile: about 16% of places in Indiana are smaller (US Census Bureau).
- Coordinates: 39.5992, -87.1077 (Census Gazetteer, US Census Bureau).
- Nearest larger cities: Harmony, IN (5 mi); Knightsville, IN (5 mi); Brazil, IN (5 mi); Staunton, IN (9 mi); Rosedale, IN (9 mi) (Census populations, approximate straight-line distance).
- Smaller places nearby: Center Point, IN (13 mi); Riley, IN (18 mi); Vermilion, IL (26 mi), per US Census Bureau estimates.
What a personal loan costs in Carbon
The defining feature of a personal loan is the fixed installment: the same payment every month until the term ends.
Because the APR includes origination and finance charges, it is the honest comparison number; the personal loan calculator turns an APR and term into a monthly payment.
Stretching the term lowers the monthly payment but raises the total interest you pay, so the smallest payment is not automatically the cheapest loan.
A payment that strains the budget is a warning sign; a smaller loan or a little more saving time is the safer route.
Indiana lending rules that apply in Carbon
The table lists the Indiana rules that apply to a loan made in Carbon, each with the regulator that published it.
| Rule | Detail | Source |
|---|---|---|
| State lending regulator | Indiana Department of Financial Institutions (DFI), Consumer Credit Division Source says: "The industries regulated by the Consumer Credit Division are: non-depository small loan ("payday") lenders; traditional installment lenders". | Indiana Department of Financial Institutions as of 2026-09-16 |
| Small-loan size limit | $825 maximum aggregate small-loan principal per borrower Source says: "Lenders cannot have loans ... outstanding with you at any one time if the aggregate principal amount/amount financed exceeds $825". | Indiana Department of Financial Institutions as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | See the latest published figure value_text left null: Indiana Code IC 24-4.5-3-508 sets tiered maximum loan finance charges for supervised loans; the official code site renders client-side and the figure could not be confirmed from a fetched page, so no figure is asserted. | Indiana General Assembly (Indiana Code) as of 2026-09-16 |
| Payday lending status | Permitted under license (small loans); finance charges capped at 15% of the first $250 (tiered above) Source says: "Finance charges on the first $250 of a small loan are limited to 15% of the principal". | Indiana Department of Financial Institutions as of 2026-09-16 |
| Small-loan / installment lender licensing | Small Loan License required (IUCCC; separate Consumer Loan License for IC 24-4.5-3 loans) Source says: "unless a person is a supervised financial organization or has first obtained a small loan license from the Department of Financial Institutions (DFI)". | Indiana Department of Financial Institutions as of 2026-09-16 |
How to compare offers in Carbon
A few practical steps will make the process in Carbon less costly:
- Pull your free credit reports and dispute any error — it is the cheapest way to improve the rate you are offered.
- Run your figures through the personal loan calculator on this site so you know the payment before a lender quotes one.
- Pre-qualify with at least three lenders and compare the APR, not the interest rate.
- Check that the lender is licensed in Indiana using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.