Madison at a glance
- Population: the Census estimates 3,065 residents, ranking 411th of 1,294 places in Illinois (Vintage 2023).
- 2020 Census base: the 2020 Census recorded 3,144 residents here (US Census Bureau).
- 2020 to 2023 change: about 2.5% lower than the 2020 Census base (US Census Bureau).
- Rank among Illinois places: the 411th-largest of 1,294 (US Census Bureau, 2023 estimate).
- Size percentile: roughly 68% of Illinois's places have fewer residents (US Census Bureau).
- Coordinates: 38.6863 latitude, -90.1018 longitude (US Census Bureau Gazetteer).
- Nearest larger cities: Pontoon Beach, IL (3 mi); Granite City, IL (3 mi); East St. Louis, IL (5 mi); Collinsville, IL (5 mi); Caseyville, IL (5 mi) — straight-line distances, US Census Bureau populations.
- Nearest smaller towns: Fairmont City, IL (3 mi); Venice, IL (4 mi); Washington Park, IL (4 mi) — US Census Bureau populations.
What a personal loan costs in Madison
A personal loan is structured as an installment plan, with a set number of monthly payments and a fixed amount due each time.
Because the APR includes origination and finance charges, it is the honest comparison number; the personal loan calculator turns an APR and term into a monthly payment.
A longer repayment period spreads the cost and increases the interest paid, so compare total cost, not just the monthly figure.
Work out the payment you can comfortably carry each month first, then borrow no more than that figure supports.
Illinois lending rules that apply in Madison
The sourced rows below are the rules a licensed lender must follow when lending in Illinois, and therefore in Madison.
| 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 Madison
These steps are the ones that most affect the offer you receive in Madison:
- 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.