Medical Lake at a glance
- Population: the Census estimates 4,957 residents, ranking 123rd of 281 places in Washington (Vintage 2023).
- 2020 Census base: 4,877 people counted in the 2020 Census (US Census Bureau).
- 2020 to 2023 change: about 1.6% more residents than the 2020 Census base (US Census Bureau).
- Rank among Washington places: 123rd of the state's 281 Census places (US Census Bureau).
- Size percentile: larger than about 56% of the Census places in Washington (US Census Bureau).
- Coordinates: latitude 47.5710, longitude -117.6894 (US Census Bureau Gazetteer).
- Nearest larger cities: Airway Heights, WA (7 mi); Cheney, WA (7 mi); Spokane, WA (14 mi); Spokane Valley, WA (22 mi); Liberty Lake, WA (28 mi); US Census Bureau population estimates.
- Nearest smaller communities: Reardan, WA (11 mi); Spangle, WA (17 mi); Millwood, WA (21 mi) (Census populations).
What a personal loan costs in Medical Lake
Personal loans are installment credit — one lump sum, repaid in equal monthly installments across a fixed term you agree to up front.
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 term reduces what you owe each month and increases the total interest, which is the trade-off to weigh before choosing one.
If you are consolidating debt, the loan only helps if you stop adding to the balances it clears; otherwise the total debt grows.
Washington lending rules that apply in Medical Lake
The table carries the Washington rate and licensing rules that apply to consumer loans made in Medical Lake.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Medical Lake
The steps below are worth completing first when you borrow in Medical Lake:
- 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.