Davis Junction at a glance
- Population: 2,537 (US Census Bureau, Vintage 2023 subcounty estimate), the 441st-largest of 1,294 places in Illinois.
- 2020 Census base: 2,510 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: an increase of about 1.1% since the 2020 count (US Census Bureau).
- Rank among Illinois places: 441st-largest of 1,294 (US Census Bureau, Vintage 2023 estimate).
- Size percentile: it exceeds roughly 66% of Illinois's Census places by population (US Census Bureau).
- Coordinates: 42.1146 latitude, -89.0903 longitude (US Census Bureau Gazetteer).
- Nearest larger cities: Byron, IL (9 mi); Rockford, IL (10 mi); Cherry Valley, IL (10 mi); Winnebago, IL (13 mi); Rochelle, IL (14 mi); each population is a US Census Bureau estimate.
- Nearest smaller towns: New Milford, IL (4 mi); Stillman Valley, IL (5 mi); Monroe Center, IL (5 mi) (US Census Bureau).
What a personal loan costs in Davis Junction
A personal loan hands you a single sum and a repayment schedule of equal monthly installments over an agreed term.
Because the APR includes origination and finance charges, it is the honest comparison number; the personal loan calculator turns an APR and term into a monthly payment.
Your credit, income and existing debts drive the rate a lender offers, while the term you pick sets how much interest builds on top.
If you are consolidating debt, the loan only helps if you stop adding to the balances it clears; otherwise the total debt grows.
Illinois lending rules that apply in Davis Junction
Each row below is a Illinois rule with its publisher and the date it was retrieved.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Davis Junction
Here is a short checklist for comparing personal loans in Davis Junction:
- 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.