Mount Carmel at a glance
- Population: 79 residents, the 551st-largest of 565 places in Indiana (US Census Bureau, Vintage 2023).
- 2020 Census base: 78 people at the 2020 Census, the baseline for the trend below (US Census Bureau).
- 2020 to 2023 change: up roughly 1.3% across the 2020-to-2023 comparison (US Census Bureau).
- Rank among Indiana places: 551st out of 565 Census places (US Census Bureau).
- Size percentile: it is larger than about 2% of the places in Indiana (US Census Bureau).
- Coordinates: mapped at 39.4074, -84.8755 by the US Census Bureau Gazetteer.
- Nearest larger cities: Cedar Grove, IN (5 mi); Brookville, IN (7 mi); St. Leon, IN (9 mi); Oxford, OH (10 mi); West Harrison, IN (11 mi); each population is a US Census Bureau estimate.
- Nearest smaller towns: Whitewater, IN (37 mi); Brooksburg, IN (50 mi); Chilo, OH (58 mi) (US Census Bureau).
What a personal loan costs in Mount Carmel
A personal loan hands you a single sum and a repayment schedule of equal monthly installments over an agreed term.
Because the APR includes origination and finance charges, it is the honest comparison number; the personal loan calculator turns an APR and term into a monthly payment.
A longer repayment period spreads the cost and increases the interest paid, so compare total cost, not just the monthly figure.
Pre-qualifying with several lenders takes minutes, uses a soft pull, and gives you real numbers to compare before any hard inquiry.
Indiana lending rules that apply in Mount Carmel
The table carries the Indiana rate and licensing rules that apply to consumer loans made in Mount Carmel.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Mount Carmel
Before you share your details with a lender in Mount Carmel:
- 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.