Monroe at a glance
- Population: a Census-estimated 19,447, placing it 58th among Washington's 281 places (Vintage 2023 subcounty estimate).
- 2020 Census base: 19,821 people counted in the 2020 Census (US Census Bureau).
- 2020 to 2023 change: population fell about 1.9% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Washington places: the 58th-largest of 281 (US Census Bureau, 2023 estimate).
- Size percentile: roughly 79% of places in Washington rank below it by population (US Census Bureau).
- Coordinates: 47.8598 latitude, -121.9840 longitude (US Census Bureau Gazetteer).
- Nearest larger cities: Mill Creek, WA (11 mi); Lake Stevens, WA (11 mi); Bothell, WA (12 mi); Everett, WA (12 mi); Redmond, WA (14 mi); US Census Bureau population estimates.
- Smaller towns nearby: Snohomish, WA (7 mi); Sultan, WA (8 mi); Duvall, WA (9 mi) (US Census Bureau).
What a personal loan costs in Monroe
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.
A lender weighs your credit profile, income and debts when setting the rate, and a longer term lowers the payment at the cost of more interest overall.
A payment that strains the budget is a warning sign; a smaller loan or a little more saving time is the safer route.
Washington lending rules that apply in Monroe
Where a figure is not published by the state, the row points to the source instead of guessing.
| 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 Monroe
Before you share your details with a lender in Monroe:
- 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.