Elkhart at a glance
- Population: roughly 447 people; 901st of 1,294 places in Illinois (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 453 people at the 2020 Census, the baseline for the trend below (US Census Bureau).
- 2020 to 2023 change: roughly 1.3% fewer residents than at the 2020 Census (US Census Bureau).
- Rank among Illinois places: 901st by size among 1,294 communities (US Census Bureau).
- Size percentile: it is larger than about 30% of the places in Illinois (US Census Bureau).
- Coordinates: 40.0123 / -89.4761, per the US Census Bureau Gazetteer.
- Nearest larger cities: Williamsville, IL (5 mi); Mount Pulaski, IL (10 mi); Spaulding, IL (11 mi); Sherman, IL (11 mi); Dawson, IL (11 mi) — straight-line distances, US Census Bureau populations.
- Smaller places nearby: Broadwell, IL (4 mi); Middletown, IL (9 mi); Buffalo, IL (12 mi), per US Census Bureau estimates.
What a personal loan costs in Elkhart
Unlike a revolving credit card, a personal loan is closed-end: the balance falls on a fixed schedule and the payment does not change.
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.
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 Elkhart
The table carries the Illinois rate and licensing rules that apply to consumer loans made in Elkhart.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Elkhart
The order below is a sensible way to approach a loan in Elkhart:
- 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.