Mountlake Terrace at a glance
- Population: roughly 21,516 people; 51st of 281 places in Washington (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 21,290 people at the 2020 Census, the baseline for the trend below (US Census Bureau).
- 2020 to 2023 change: a gain of roughly 1.1% between the 2020 count and the 2023 estimate (US Census Bureau).
- Rank among Washington places: 51st in population of 281 places (US Census Bureau).
- Size percentile: it is larger than about 82% of the places in Washington (US Census Bureau).
- Coordinates: 47.7943 / -122.3026, per the US Census Bureau Gazetteer.
- Nearest larger cities (within 120 miles): Lynnwood, WA (2 mi); Edmonds, WA (3 mi); Shoreline, WA (3 mi); Kenmore, WA (4 mi); Bothell, WA (5 mi) (US Census Bureau populations).
- Nearest smaller towns: Brier, WA (1 mi); Lake Forest Park, WA (2 mi); Woodway, WA (4 mi) — US Census Bureau populations.
What a personal loan costs in Mountlake Terrace
A personal loan is structured as an installment plan, with a set number of monthly payments and a fixed amount due each time.
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.
Shop with more than one lender and treat pre-qualification as an estimate, since the final terms follow a full application.
Washington lending rules that apply in Mountlake Terrace
The table lists the Washington rules that apply to a loan made in Mountlake Terrace, each with the regulator that published it.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Mountlake Terrace
These steps are the ones that most affect the offer you receive in Mountlake Terrace:
- 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.