Garrett at a glance
- Population: 124 (US Census Bureau, Vintage 2023 subcounty estimate), the 1,199th-largest of 1,294 places in Illinois.
- 2020 Census base: 124 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: essentially flat from the 2020 Census base to the 2023 estimate (US Census Bureau).
- Rank among Illinois places: 1,199th largest of 1,294 (US Census Bureau).
- Size percentile: about 7% of Illinois's Census places are smaller (US Census Bureau).
- Coordinates: 39.7972, -88.4246 (Census Gazetteer, US Census Bureau).
- Nearest larger cities: Atwood, IL (2 mi); Arthur, IL (6 mi); Tuscola, IL (8 mi); Hammond, IL (9 mi); Arcola, IL (10 mi); each population is a US Census Bureau estimate.
- Smaller towns nearby: Longview, IL (20 mi); Foosland, IL (39 mi); Hidalgo, IL (47 mi) (US Census Bureau).
What a personal loan costs in Garrett
Personal loans are installment credit — one lump sum, repaid in equal monthly installments across a fixed term you agree to up front.
Judge an offer by its APR, which blends the interest rate with fees, and use the personal loan calculator to see the total 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 Garrett
The sourced rows below are the rules a licensed lender must follow when lending in Illinois, and therefore in Garrett.
| 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 Garrett
Here is a short checklist for comparing personal loans in Garrett:
- 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.