Mitchell at a glance
- Population: 3,942 (US Census Bureau, Vintage 2023 subcounty estimate), the 139th-largest of 565 places in Indiana.
- 2020 Census base: 3,922 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: about 0.5% more residents than the 2020 Census base (US Census Bureau).
- Rank among Indiana places: 139th of the state's 565 Census places (US Census Bureau).
- Size percentile: roughly 75% of Indiana's places have fewer residents (US Census Bureau).
- Coordinates: 38.7371 / -86.4752, per the US Census Bureau Gazetteer.
- Nearest larger cities (120-mile radius): Bedford, IN (9 mi); Salem, IN (22 mi); Bloomington, IN (30 mi); Jasper, IN (35 mi); Seymour, IN (35 mi) (US Census Bureau).
- Nearest smaller communities: Orleans, IN (5 mi); Saltillo, IN (11 mi); Oolitic, IN (11 mi) (Census populations).
What a personal loan costs in Mitchell
A personal loan is structured as an installment plan, with a set number of monthly payments and a fixed amount due each time.
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.
A longer term reduces what you owe each month and increases the total interest, which is the trade-off to weigh before choosing one.
Most lenders offer pre-qualification with a soft credit pull, so you can see an estimated rate and amount without affecting your credit score.
Indiana lending rules that apply in Mitchell
Every figure in the table below is sourced to a publisher with a date; where a state does not publish a number, we say so rather than estimate.
| Rule | Detail | Source |
|---|---|---|
| Payday lending status | Permitted under license (small loans); finance charges capped at 15% of the first $250 (tiered above) Source says: "Finance charges on the first $250 of a small loan are limited to 15% of the principal". | Indiana Department of Financial Institutions as of 2026-09-16 |
| Small-loan / installment lender licensing | Small Loan License required (IUCCC; separate Consumer Loan License for IC 24-4.5-3 loans) Source says: "unless a person is a supervised financial organization or has first obtained a small loan license from the Department of Financial Institutions (DFI)". | Indiana Department of Financial Institutions as of 2026-09-16 |
| State lending regulator | Indiana Department of Financial Institutions (DFI), Consumer Credit Division Source says: "The industries regulated by the Consumer Credit Division are: non-depository small loan ("payday") lenders; traditional installment lenders". | Indiana Department of Financial Institutions as of 2026-09-16 |
| Small-loan size limit | $825 maximum aggregate small-loan principal per borrower Source says: "Lenders cannot have loans ... outstanding with you at any one time if the aggregate principal amount/amount financed exceeds $825". | Indiana Department of Financial Institutions as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | See the latest published figure value_text left null: Indiana Code IC 24-4.5-3-508 sets tiered maximum loan finance charges for supervised loans; the official code site renders client-side and the figure could not be confirmed from a fetched page, so no figure is asserted. | Indiana General Assembly (Indiana Code) as of 2026-09-16 |
How to compare offers in Mitchell
Before you share your details with a lender in Mitchell:
- 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 Indiana using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.