Monroe at a glance
- Population: 46,616, the 6th-largest community in Louisiana out of 302 (US Census Bureau, Vintage 2023).
- 2020 Census base: 47,697 people counted in the 2020 Census (US Census Bureau).
- 2020 to 2023 change: about 2.3% lower than the 2020 Census base (US Census Bureau).
- Rank among Louisiana places: 6th of 302 by population (US Census Bureau, Vintage 2023).
- Size percentile: about 98% of Louisiana's Census places are smaller (US Census Bureau).
- Coordinates: 32.5190, -92.0772 (Census Gazetteer, US Census Bureau).
- Nearest larger cities within 120 miles: Bossier City, LA (92 mi); Shreveport, LA (100 mi); Jackson, MS (110 mi) (US Census Bureau).
- Smaller places close by: West Monroe, LA (4 mi); Richwood, LA (5 mi); Sterlington, LA (12 mi) (US Census Bureau).
What a personal loan costs in Monroe
A personal loan hands you a single sum and a repayment schedule of equal monthly installments over an agreed term.
APR, not the simple interest rate, reflects what the loan actually costs once fees are included; the personal loan calculator puts a figure on it.
Because interest accrues for longer, a longer term means a lower installment and a higher total cost — decide which matters more to you.
If you are consolidating debt, the loan only helps if you stop adding to the balances it clears; otherwise the total debt grows.
Louisiana lending rules that apply in Monroe
Read the table as the compliance picture for a lender serving Monroe: label, sourced figure, publisher and date.
| Rule | Detail | Source |
|---|---|---|
| State lending regulator | Louisiana Office of Financial Institutions (OFI), Non-Depository Division Source says: "OFI is responsible for the supervision of various entities which provide financial services to the citizens of the State of Louisiana." | Louisiana Office of Financial Institutions as of 2026-09-16 |
| Licensed-lender consumer loan finance charge caps | 36% first $1,400; 27% to $4,000; 24% to $7,000; 21% above (R.S. 9:3519(A)) Source says: "Thirty-six percent per year for that portion of the unpaid principal amount of the loan not exceeding one thousand four hundred dollars" | Louisiana State Legislature as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | 12% per annum maximum conventional interest (La. R.S. 9:3500(C)(1)) Source says: "The amount of the conventional interest cannot exceed twelve percent per annum." | Louisiana State Legislature as of 2026-09-16 |
| Payday lending status | Legal and licensed — deferred presentment and small loans ($350 or less, 60 days or less) under OFI-issued licenses Source says: "Persons who make loans of $350 or less for a term of 60 days or less." | Louisiana Office of Financial Institutions as of 2026-09-16 |
| Small-loan / installment lender licensing | Consumer loan license required from OFI before making consumer loans Source says: "Persons who wish to engage in the business of making consumer loans must hold a consumer loan license issued by this Office" | Louisiana Office of Financial Institutions as of 2026-09-16 |
How to compare offers in Monroe
A few practical steps will make the process in Monroe less costly:
- 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 Louisiana using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.