Colfax at a glance
- Population: about 2,050 residents, ranking 455th of 482 Census places in California (US Census Bureau, Vintage 2023 subcounty estimate).
- 2020 Census base: 1,987 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: about 3.2% more residents than the 2020 Census base (US Census Bureau).
- Rank among California places: 455th-largest of 482 (US Census Bureau, Vintage 2023 estimate).
- Size percentile: it is larger than about 6% of the places in California (US Census Bureau).
- Coordinates: 39.0938, -120.9532 (Census Gazetteer, US Census Bureau).
- Nearest larger cities: Grass Valley, CA (10 mi); Nevada City, CA (12 mi); Auburn, CA (15 mi); Loomis, CA (24 mi); Lincoln, CA (24 mi); each population is a US Census Bureau estimate.
- Smaller places close by: Plymouth, CA (43 mi); Biggs, CA (46 mi); Amador City, CA (47 mi) (US Census Bureau).
What a personal loan costs in Colfax
With an installment loan the payment is fixed for the life of the loan, so the schedule is predictable from the first month to the last.
The advertised interest rate leaves out fees that the APR captures, which is why APR is the number to weigh; try the personal loan calculator before you apply.
The term is the lever: extend it and the payment falls while total interest climbs; shorten it and the reverse happens.
Set the loan amount from the expense itself rather than the maximum you are approved for, and keep the payment within your existing budget.
California lending rules that apply in Colfax
The sourced rows below are the rules a licensed lender must follow when lending in California, and therefore in Colfax.
| Rule | Detail | Source |
|---|---|---|
| Maximum legal interest rate (usury cap) | 7% per annum default; written contracts may set up to 10% per annum for consumer-purpose loans Source says: "shall be 7 percent per annum"; "for use primarily for personal, family, or household purposes, at a rate not exceeding 10 percent per annum". | California Legislature — California Constitution, Article XV, § 1 as of 2026-09-16 |
| Payday lending status | Permitted under the California Deferred Deposit Transaction Law; max $300 face amount; fee ≤15%; term up to 31 days Source says: "The face amount of the check shall not exceed three hundred dollars ($300)"; "A fee for a deferred deposit transaction shall not exceed 15 percent of the face amount of the check" (Financial Code § 23036). | California Legislature — Financial Code § 23035 (and § 23036) as of 2026-09-16 |
| Small-loan / installment lender licensing | Finance lender/broker license required from the Commissioner of Financial Protection and Innovation (California Financing Law) Source says: "No person shall engage in the business of a finance lender or broker without obtaining a license from the commissioner". | California Legislature — Financial Code § 22100 as of 2026-09-16 |
| State lending regulator | California Department of Financial Protection and Innovation (DFPI) Source says: "“Department” means the Department of Financial Protection and Innovation". | California Legislature — Financial Code § 23001 as of 2026-09-16 |
| 36% rate cap on mid-size consumer loans (AB 539) | Consumer loans of $2,500 to under $10,000: cap of 36% per annum simple interest plus the Federal Funds Rate Source says: "charges at a rate not exceeding an annual simple interest rate of 36 percent per annum plus the Federal Funds Rate". | California Legislature — Financial Code § 22304.5 as of 2026-09-16 |
How to compare offers in Colfax
Run through this list before signing anything in Colfax:
- 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 California using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.