Homewood at a glance
- Population: roughly 18,540 people; 132nd of 1,294 places in Illinois (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 19,452 people (US Census Bureau, 2020 Census count).
- 2020 to 2023 change: population fell about 4.7% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Illinois places: 132nd of the state's 1,294 Census places (US Census Bureau).
- Size percentile: roughly 90% of Illinois's places have fewer residents (US Census Bureau).
- Coordinates: 41.5594, -87.6620 (Census Gazetteer, US Census Bureau).
- Nearest larger cities: Harvey, IL (3 mi); Chicago Heights, IL (4 mi); South Holland, IL (4 mi); Park Forest, IL (6 mi); Oak Forest, IL (6 mi) — straight-line distances, US Census Bureau populations.
- Nearest smaller communities: East Hazel Crest, IL (1 mi); Hazel Crest, IL (2 mi); Flossmoor, IL (2 mi) (Census populations).
What a personal loan costs in Homewood
Most personal loans are unsecured, meaning no collateral is pledged, and they are repaid in equal installments over a fixed term.
The APR is the comparable price of a loan since it folds in fees; model any offer with the personal loan calculator first.
Your credit, income and existing debts drive the rate a lender offers, while the term you pick sets how much interest builds on top.
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 Homewood
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 Homewood
Before you commit to a personal loan in Homewood, work through these steps:
- 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.