Lakewood at a glance
- Population: 4,267, the 359th-largest community in Illinois out of 1,294 (US Census Bureau, Vintage 2023).
- 2020 Census base: 4,275 people at the 2020 Census, the baseline for the trend below (US Census Bureau).
- 2020 to 2023 change: about 0.2% lower than the 2020 Census base (US Census Bureau).
- Rank among Illinois places: 359th of 1,294 by population (US Census Bureau, Vintage 2023).
- Size percentile: about 72% of places in Illinois are smaller (US Census Bureau).
- Coordinates: 42.2245 / -88.3867, per the US Census Bureau Gazetteer.
- Nearest larger cities within 120 miles: Crystal Lake, IL (3 mi); Lake in the Hills, IL (5 mi); Huntley, IL (5 mi); Algonquin, IL (6 mi); Woodstock, IL (6 mi) (US Census Bureau).
- Smaller places close by: Prairie Grove, IL (7 mi); Bull Valley, IL (7 mi); Trout Valley, IL (7 mi) (US Census Bureau).
What a personal loan costs in Lakewood
A personal loan gives you the full amount at once and spreads repayment over a set number of months at a fixed payment.
The advertised interest rate leaves out fees that the APR captures, which is why APR is the number to weigh; try the personal loan calculator before you apply.
The term is the lever: extend it and the payment falls while total interest climbs; shorten it and the reverse happens.
Before you borrow, decide what the loan is for and whether the monthly payment fits a budget you can already meet without taking on new debt.
Illinois lending rules that apply in Lakewood
The table carries the Illinois rate and licensing rules that apply to consumer loans made in Lakewood.
| 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 Lakewood
Before you commit to a personal loan in Lakewood, 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.