Lakewood at a glance
- Population: about 62,303, 21st by size in Washington of 281 places (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 63,606 people at the 2020 Census, the baseline for the trend below (US Census Bureau).
- 2020 to 2023 change: a decline of roughly 2.0% between the 2020 count and the 2023 estimate (US Census Bureau).
- Rank among Washington places: 21st by size among 281 communities (US Census Bureau).
- Size percentile: ahead of around 93% of Washington places in population terms (US Census Bureau).
- Coordinates: 47.1641 / -122.5281, per the US Census Bureau Gazetteer.
- Nearest larger cities (within 120 miles): Tacoma, WA (7 mi); Federal Way, WA (14 mi); Auburn, WA (18 mi); Kent, WA (21 mi); Renton, WA (27 mi) (US Census Bureau populations).
- Nearest smaller towns: Steilacoom, WA (3 mi); University Place, WA (4 mi); Fircrest, WA (5 mi) — US Census Bureau populations.
What a personal loan costs in Lakewood
Personal loans are closed-end installment debt, so the monthly payment and the payoff date are known from the start.
Compare every quote on APR because it includes the fees the interest rate hides, and check the payment with our personal loan calculator.
Lenders weigh your credit history, income and debts when they set the rate, and the term you choose then determines how that rate compounds into total cost.
Pre-qualifying with several lenders takes minutes, uses a soft pull, and gives you real numbers to compare before any hard inquiry.
Washington lending rules that apply in Lakewood
The Washington rate caps and licensing rules that reach Lakewood are listed below, each with its source and retrieval date.
| Rule | Detail | Source |
|---|---|---|
| State lending regulator | Washington State Department of Financial Institutions (DFI) Source says: DFI licenses and regulates financial institutions and service providers in Washington. | Washington State Department of Financial Institutions (DFI) as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | 12% per annum, or four points above the Federal Reserve bill rate, whichever is higher (RCW 19.52.020) Source says: any rate of interest shall be legal so long as the rate of interest does not exceed the higher of: (a) Twelve percent per annum | Washington State Legislature (RCW) as of 2026-09-16 |
| Payday lending status | Licensed; small loans capped at $700 or 30% of monthly income, max 45 days, fees 15% on first $500 and 10% above (RCW 31.45) Source says: Payday lenders must be licensed by DFI — including online lenders that do business with Washington residents. | Washington State Department of Financial Institutions (DFI) as of 2026-09-16 |
| Small-loan / installment lender licensing | Consumer Loan Company license required (Consumer Loan Act, RCW 31.04.035) Source says: No person may engage in any activity subject to this chapter without first obtaining and maintaining a license in accordance with this chapter. | Washington State Legislature (RCW) as of 2026-09-16 |
How to compare offers in Lakewood
These steps are the ones that most affect the offer you receive in Lakewood:
- 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 Washington using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.