Millwood at a glance
- Population: a Census-estimated 1,856, placing it 171st among Washington's 281 places (Vintage 2023 subcounty estimate).
- 2020 Census base: 1,879 residents (US Census Bureau, 2020 Census).
- 2020 to 2023 change: down about 1.2% from the 2020 Census base to the 2023 estimate (US Census Bureau).
- Rank among Washington places: 171st of the state's 281 Census places (US Census Bureau).
- Size percentile: about 39% of places in Washington are smaller (US Census Bureau).
- Coordinates: 47.6856, -117.2801 (Census Gazetteer, US Census Bureau).
- Nearest larger cities: Spokane Valley, WA (3 mi); Spokane, WA (7 mi); Liberty Lake, WA (8 mi); Airway Heights, WA (14 mi); Post Falls, ID (16 mi); US Census Bureau population estimates.
- Nearest smaller places: State Line, ID (11 mi); Hauser, ID (14 mi); Rockford, WA (18 mi) (US Census Bureau estimates).
What a personal loan costs in Millwood
The defining feature of a personal loan is the fixed installment: the same payment every month until the term ends.
The number to compare is the APR, not the interest rate, because the APR folds in origination fees and other charges; our personal loan calculator will show what a given amount and term would cost.
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.
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.
Washington lending rules that apply in Millwood
The table lists the Washington rules that apply to a loan made in Millwood, each with the regulator that published it.
| 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 Millwood
Here is a short checklist for comparing personal loans in Millwood:
- 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.