Gates Mills at a glance
- Population: about 2,227 residents, ranking 380th of 924 Census places in Ohio (US Census Bureau, Vintage 2023 subcounty estimate).
- 2020 Census base: 2,267 residents at the 2020 Census (US Census Bureau, 2020 count).
- 2020 to 2023 change: population fell about 1.8% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Ohio places: the 380th-largest of 924 (US Census Bureau, 2023 estimate).
- Size percentile: roughly 59% of places in Ohio rank below it by population (US Census Bureau).
- Coordinates: 41.5310 latitude, -81.4112 longitude (US Census Bureau Gazetteer).
- Nearest larger cities: Mayfield, OH (2 mi); Mayfield Heights, OH (2 mi); Highland Heights, OH (3 mi); Willoughby Hills, OH (4 mi); Pepper Pike, OH (4 mi); each population is a US Census Bureau estimate.
- Nearest smaller towns: Hunting Valley, OH (3 mi); Waite Hill, OH (5 mi); Woodmere, OH (6 mi) (US Census Bureau).
What a personal loan costs in Gates Mills
Personal loans are closed-end installment debt, so the monthly payment and the payoff date are known from the start.
Judge an offer by its APR, which blends the interest rate with fees, and use the personal loan calculator to see the total cost.
Stretching the term lowers the monthly payment but raises the total interest you pay, so the smallest payment is not automatically the cheapest loan.
Pre-qualifying with several lenders takes minutes, uses a soft pull, and gives you real numbers to compare before any hard inquiry.
Ohio lending rules that apply in Gates Mills
The table lists the Ohio rules that apply to a loan made in Gates Mills, each with the regulator that published it.
| Rule | Detail | Source |
|---|---|---|
| State lending regulator | Ohio Department of Commerce, Division of Financial Institutions (Consumer Finance Section). Source says: "The Consumer Finance Section is responsible for regulating non-depository consumer lenders and related consumer finance businesses." | Ohio Department of Commerce - Division of Financial Institutions as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | 8% per annum maximum by written agreement for the general case; higher rates permitted only in specified cases (e.g., principal over $100,000, business loans, certain mortgages). Source says: "may stipulate therein for the payment of interest upon the amount thereof at any rate not exceeding eight per cent per annum payable annually" (Ohio Rev. Code 1343.01(A)). [codes.ohio.gov content retrieved via search-engine fetch of the official section; direct connections blocked from our network] | Ohio Laws (Ohio Revised Code - official state publication) as of 2026-09-16 |
| Payday lending status | Legal for licensed short-term lenders; interest capped at 28% per annum; total fees and charges capped at 60% of the originally contracted loan amount. Source says: "(A) Interest not exceeding a rate of twenty-eight per cent per annum" (Ohio Rev. Code 1321.40); total fees/charges capped at "a total amount of fees and charges that exceeds sixty per cent of the originally contracted loan amount" (1321.403). | Ohio Laws (Ohio Revised Code - official state publication) as of 2026-09-16 |
| Small-loan / installment lender licensing | Consumer finance licenses required for non-depository lenders, including Consumer Installment Loan Act lenders, General Loan Law lenders, short-term lenders, and small loan lenders. Source says: "We issue and manage licenses for companies and individuals under multiple Ohio statutes." (page's regulated-statutes list names Consumer Installment Loan Act lenders, General Loan Law lenders, Short-term lenders, Small loan lenders). | Ohio Department of Commerce - Division of Financial Institutions as of 2026-09-16 |
How to compare offers in Gates Mills
Run through this list before signing anything in Gates Mills:
- 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 Ohio using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.