Davis at a glance
- Population: 571 people, the 814th-largest place among Illinois's 1,294 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 592 residents at the 2020 Census (US Census Bureau, 2020 count).
- 2020 to 2023 change: down about 3.5% from the 2020 Census base to the 2023 estimate (US Census Bureau).
- Rank among Illinois places: 814th of the state's 1,294 Census places (US Census Bureau).
- Size percentile: about 37% of places in Illinois are smaller (US Census Bureau).
- Coordinates: the Census Gazetteer places it at 42.4216, -89.4149.
- Nearest larger cities: Durand, IL (5 mi); Pecatonica, IL (8 mi); Cedarville, IL (12 mi); Orangeville, IL (12 mi); Brodhead, WI (14 mi); US Census Bureau population estimates.
- Nearest smaller communities: Rock City, IL (3 mi); Dakota, IL (6 mi); Ridott, IL (9 mi) (Census populations).
What a personal loan costs in Davis
Personal loans are installment credit — one lump sum, repaid in equal monthly installments across a fixed term you agree to up front.
The number to compare is the APR, not the interest rate, because the APR folds in origination fees and other charges; our personal loan calculator will show what a given amount and term would cost.
Choosing a longer term eases the monthly budget but adds interest over the life of the loan; a shorter term costs more per month and less overall.
A useful rule is to keep the new payment inside the room your budget already has, so the loan eases pressure instead of adding to it.
Illinois lending rules that apply in Davis
The table lists the Illinois rules that apply to a loan made in Davis, 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 Davis
The order below is a sensible way to approach a loan in Davis:
- 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.