Coleta at a glance
- Population: 160 (US Census Bureau, Vintage 2023 subcounty estimate), the 1,158th-largest of 1,294 places in Illinois.
- 2020 Census base: 163 people counted in the 2020 Census (US Census Bureau).
- 2020 to 2023 change: population fell about 1.8% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Illinois places: the 1,158th-largest of 1,294 (US Census Bureau, 2023 estimate).
- Size percentile: it is larger than about 11% of the places in Illinois (US Census Bureau).
- Coordinates: mapped at 41.9020, -89.7998 by the US Census Bureau Gazetteer.
- Nearest larger cities within 120 miles: Milledgeville, IL (4 mi); Sterling, IL (9 mi); Chadwick, IL (9 mi); Rock Falls, IL (10 mi); Morrison, IL (11 mi) (US Census Bureau).
- Smaller places close by: Nelson, IL (12 mi); Harmon, IL (18 mi); Deer Grove, IL (21 mi) (US Census Bureau).
What a personal loan costs in Coleta
Unlike a revolving credit card, a personal loan is closed-end: the balance falls on a fixed schedule and the payment does not change.
APR, not the simple interest rate, reflects what the loan actually costs once fees are included; the personal loan calculator puts a figure on it.
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.
A payment that strains the budget is a warning sign; a smaller loan or a little more saving time is the safer route.
Illinois lending rules that apply in Coleta
The table lists the Illinois rules that apply to a loan made in Coleta, each with the regulator that published it.
| Rule | Detail | Source |
|---|---|---|
| Small-loan / installment lender licensing | Consumer Installment Loan Act license required from the Director of Financial Institutions (loans above 9% APR) Source says: "No person ... shall engage in the business of making loans of money ... except ... after first obtaining a license from the Director of Financial Institutions". | Illinois General Assembly (Illinois Compiled Statutes) as of 2026-09-16 |
| State lending regulator | Illinois Department of Financial and Professional Regulation (IDFPR), Division of Financial Institutions Source says: "DFI licenses, charters, and examines a wide variety of financial products and services including: Consumer and Sales Finance and Collection Agencies". | Illinois Department of Financial and Professional Regulation as of 2026-09-16 |
| Installment lender net-worth requirement | $30,000 minimum positive net worth (plus $25,000 surety bond) Source says: "every applicant shall prove ... that the applicant has and will maintain a positive net worth of a minimum of $30,000". | Illinois General Assembly (Illinois Compiled Statutes) as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | 9% annual percentage rate (general written-contract interest cap) Source says: "it shall be lawful for the parties to stipulate or agree that an annual percentage rate of 9%, or any less sum". | Illinois General Assembly (Illinois Compiled Statutes) as of 2026-09-16 |
| Payday lending status | Permitted under license; capped at 36% annual percentage rate (payday loans) Source says: "shall not contract for or receive a charge exceeding a 36% annual percentage rate ... for a payday loan". | Illinois General Assembly (Illinois Compiled Statutes) as of 2026-09-16 |
How to compare offers in Coleta
Run through this list before signing anything in Coleta:
- 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 Illinois using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.