Clayton at a glance
- Population: 927 — 317th in Indiana, which has 565 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 910 people counted in the 2020 Census (US Census Bureau).
- 2020 to 2023 change: roughly 1.9% higher than at the 2020 Census (US Census Bureau).
- Rank among Indiana places: 317th of the state's 565 Census places (US Census Bureau).
- Size percentile: ahead of around 44% of Indiana places in population terms (US Census Bureau).
- Coordinates: 39.6884, -86.5219 (Census Gazetteer, US Census Bureau).
- Nearest larger cities: Danville, IN (5 mi); Monrovia, IN (7 mi); Plainfield, IN (8 mi); Avon, IN (8 mi); Mooresville, IN (10 mi); US Census Bureau population estimates.
- Nearest smaller towns: Amo, IN (5 mi); Stilesville, IN (7 mi); Coatesville, IN (8 mi) — US Census Bureau populations.
What a personal loan costs in Clayton
The defining feature of a personal loan is the fixed installment: the same payment every month until the term ends.
The APR is the comparable price of a loan since it folds in fees; model any offer with the personal loan calculator first.
A lender weighs your credit profile, income and debts when setting the rate, and a longer term lowers the payment at the cost of more interest overall.
Pre-qualifying with several lenders takes minutes, uses a soft pull, and gives you real numbers to compare before any hard inquiry.
Indiana lending rules that apply in Clayton
Where a figure is not published by the state, the row points to the source instead of guessing.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Clayton
The order below is a sensible way to approach a loan in Clayton:
- 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.