Colfax at a glance
- Population: the Census estimates 981 residents, ranking 657th of 1,294 places in Illinois (Vintage 2023).
- 2020 Census base: 999 people at the 2020 Census, the baseline for the trend below (US Census Bureau).
- 2020 to 2023 change: a loss of about 1.8% since the 2020 count (US Census Bureau).
- Rank among Illinois places: the 657th-largest of 1,294 (US Census Bureau, 2023 estimate).
- Size percentile: larger than about 49% of the Census places in Illinois (US Census Bureau).
- Coordinates: latitude 40.5666, longitude -88.6161 (US Census Bureau Gazetteer).
- Nearest larger cities (within 120 miles): Lexington, IL (10 mi); Chenoa, IL (13 mi); Fairbury, IL (13 mi); Gibson City, IL (14 mi); Forrest, IL (17 mi) (US Census Bureau populations).
- Nearest smaller communities: Anchor, IL (4 mi); Cooksville, IL (5 mi); Arrowsmith, IL (8 mi), each a US Census place.
What a personal loan costs in Colfax
Personal loans are closed-end installment debt, so the monthly payment and the payoff date are known from the start.
Compare every quote on APR because it includes the fees the interest rate hides, and check the payment with our personal loan calculator.
A longer repayment period spreads the cost and increases the interest paid, so compare total cost, not just the monthly figure.
Shop with more than one lender and treat pre-qualification as an estimate, since the final terms follow a full application.
Illinois lending rules that apply in Colfax
The table lists the Illinois rules that apply to a loan made in Colfax, each with the regulator that published it.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Colfax
The order below is a sensible way to approach a loan 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 Illinois using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.