Panama at a glance
- Population: about 237 residents, ranking 627th of 940 Census places in Iowa (US Census Bureau, Vintage 2023 subcounty estimate).
- 2020 Census base: 238 people (US Census Bureau, 2020 Census count).
- 2020 to 2023 change: about 0.4% lower than the 2020 Census base (US Census Bureau).
- Rank among Iowa places: 627th-largest of 940 (US Census Bureau, Vintage 2023 estimate).
- Size percentile: it exceeds roughly 33% of Iowa's Census places by population (US Census Bureau).
- Coordinates: 41.7262, -95.4754 (US Census Bureau Gazetteer).
- Nearest larger cities: Earling, IA (5 mi); Harlan, IA (9 mi); Defiance, IA (10 mi); Dunlap, IA (11 mi); Persia, IA (11 mi); US Census Bureau population estimates.
- Nearest smaller towns: Westphalia, IA (4 mi); Portsmouth, IA (6 mi); Tennant, IA (9 mi) (US Census Bureau).
What a personal loan costs in Panama
Unlike a revolving credit card, a personal loan is closed-end: the balance falls on a fixed schedule and the payment does not change.
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 term reduces what you owe each month and increases the total interest, which is the trade-off to weigh before choosing one.
Shop with more than one lender and treat pre-qualification as an estimate, since the final terms follow a full application.
Iowa lending rules that apply in Panama
The sourced rows below are the rules a licensed lender must follow when lending in Iowa, and therefore in Panama.
| Rule | Detail | Source |
|---|---|---|
| Delayed deposit fee cap | Fee cap: $15 on first $100 of check face amount; $10 on subsequent $100 increments Source says: "fifteen dollars on the first one hundred dollars ... or more than ten dollars on subsequent one hundred dollar increments". | Iowa Legislature (Iowa Code) as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | 2 percentage points above the monthly average 10-year U.S. Treasury constant maturity rate (written agreements) Source says: "The maximum lawful rate of interest ... in any written agreement ... shall be two percentage points above the monthly average ten-year constant maturity interest rate". | Iowa Legislature (Iowa Code) as of 2026-09-16 |
| Payday lending status | Permitted under license (delayed deposit services; must be physically located in Iowa) Source says: "A person shall not operate a delayed deposit services business in this state unless the person is physically located in this state and licensed by the superintendent". | Iowa Legislature (Iowa Code) as of 2026-09-16 |
| Small-loan / installment lender licensing | Regulated Loan Act license required (superintendent of banking) Source says: "shall not engage in the business of making loans ... without first obtaining a license from the superintendent of banking". | Iowa Legislature (Iowa Code) as of 2026-09-16 |
| State lending regulator | Iowa Division of Banking (IDOB), Iowa Department of Insurance and Financial Services Source says: "As part of the 2023 state government realignment, the IDOB became part of a new Department of Insurance and Financial Services". | Iowa Division of Banking as of 2026-09-16 |
How to compare offers in Panama
The order below is a sensible way to approach a loan in Panama:
- 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 Iowa using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.