Montrose at a glance
- Population: about 1,279, 542nd by size in Pennsylvania of 1,013 places (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 1,297 residents at the 2020 Census (US Census Bureau, 2020 count).
- 2020 to 2023 change: a loss of about 1.4% since the 2020 count (US Census Bureau).
- Rank among Pennsylvania places: 542nd by size among 1,013 communities (US Census Bureau).
- Size percentile: larger than about 46% of the Census places in Pennsylvania (US Census Bureau).
- Coordinates: 41.8334, -75.8761 (Census Gazetteer, US Census Bureau).
- Nearest larger cities: Susquehanna Depot, PA (16 mi); Binghamton, NY (19 mi); Tunkhannock, PA (21 mi); Endicott, NY (21 mi); Johnson City, NY (21 mi) (Census populations, approximate straight-line distance).
- Nearest smaller towns: New Milford, PA (8 mi); Friendsville, PA (11 mi); Hop Bottom, PA (11 mi) — US Census Bureau populations.
What a personal loan costs in Montrose
The defining feature of a personal loan is the fixed installment: the same payment every month until the term ends.
The advertised interest rate leaves out fees that the APR captures, which is why APR is the number to weigh; try the personal loan calculator before you apply.
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.
Before you borrow, decide what the loan is for and whether the monthly payment fits a budget you can already meet without taking on new debt.
Pennsylvania lending rules that apply in Montrose
The table lists the Pennsylvania rules that apply to a loan made in Montrose, each with the regulator that published it.
| Rule | Detail | Source |
|---|---|---|
| Small-loan / installment lender licensing | Consumer Discount Company Act license required for non-mortgage consumer loans above 6%; licensed lenders may charge up to 24% on loans of $25,000 or less. Source says: "A consumer discount company is a business corporation that negotiates or makes non-mortgage loans or advances of money on credit." | Pennsylvania Department of Banking and Securities as of 2026-09-16 |
| State lending regulator | Pennsylvania Department of Banking and Securities (DoBS) Source says: "The Department of Banking and Securities regulates financial services in Pennsylvania." | Pennsylvania Department of Banking and Securities as of 2026-09-16 |
| Bank rate-cap exemption (state-specific rule) | Pennsylvania state-chartered banks are not subject to state interest-rate caps (Banking Code Sections 303/506 supersede the LIPL 6% cap). Source says: "Pennsylvania law does not impose any restrictions on the interest rate that Pennsylvania state-chartered banks may charge to customers." (DoBS interpretive letter, May 11, 2023). | Pennsylvania Department of Banking and Securities as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | 6% per annum maximum for loans of $50,000 or less where no lower rate is contracted (41 P.S. 201(a)). Source says: "the maximum lawful rate of interest for the loan or use of money... shall be six per cent per annum" (Loan Interest and Protection Law, Section 201(a)). | Pennsylvania General Assembly (Laws of Pennsylvania, Act 6 of 1974) as of 2026-09-16 |
| Payday lending status | No separate payday-lending license; non-bank lenders are limited to 6% (unlicensed) or up to 24% (CDCA-licensed), so high-cost payday loans are not permitted. Source says: "if a lender is licensed by the Department in accord with the CDCA, it can charge between 6-24% on loans under $25,000" (DoBS interpretive letter, May 11, 2023). | Pennsylvania Department of Banking and Securities as of 2026-09-16 |
How to compare offers in Montrose
Before you commit to a personal loan in Montrose, work through these steps:
- 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 Pennsylvania using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.