Troy Grove at a glance
- Population: about 221 residents, ranking 1,079th of 1,294 Census places in Illinois (US Census Bureau, Vintage 2023 subcounty estimate).
- 2020 Census base: 224 residents at the 2020 Census (US Census Bureau, 2020 count).
- 2020 to 2023 change: about 1.3% below the 2020 Census base (US Census Bureau).
- Rank among Illinois places: 1,079th of the state's 1,294 Census places (US Census Bureau).
- Size percentile: it exceeds roughly 17% of Illinois's Census places by population (US Census Bureau).
- Coordinates: the Census Gazetteer places it at 41.4657, -89.0815.
- Nearest larger cities within 120 miles: Mendota, IL (6 mi); Cherry, IL (7 mi); Peru, IL (8 mi); North Utica, IL (8 mi); Dalzell, IL (9 mi) (US Census Bureau).
- Nearest smaller communities: Arlington, IL (9 mi); Hollowayville, IL (13 mi); Standard, IL (15 mi), each a US Census place.
What a personal loan costs in Troy Grove
A personal loan is an installment loan: you receive a lump sum and repay it in fixed monthly payments over a set term, usually two to seven years.
APR is the figure that lets you compare like with like, since it wraps fees into the rate; run your own numbers with the personal loan calculator.
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.
Set the loan amount from the expense itself rather than the maximum you are approved for, and keep the payment within your existing budget.
Illinois lending rules that apply in Troy Grove
Where a figure is not published by the state, the row points to the source instead of guessing.
| Rule | Detail | Source |
|---|---|---|
| State lending regulator | Illinois Department of Financial and Professional Regulation (IDFPR), Division of Financial Institutions Source says: "DFI licenses, charters, and examines a wide variety of financial products and services including: Consumer and Sales Finance and Collection Agencies". | Illinois Department of Financial and Professional Regulation as of 2026-09-16 |
| Installment lender net-worth requirement | $30,000 minimum positive net worth (plus $25,000 surety bond) Source says: "every applicant shall prove ... that the applicant has and will maintain a positive net worth of a minimum of $30,000". | Illinois General Assembly (Illinois Compiled Statutes) as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | 9% annual percentage rate (general written-contract interest cap) Source says: "it shall be lawful for the parties to stipulate or agree that an annual percentage rate of 9%, or any less sum". | Illinois General Assembly (Illinois Compiled Statutes) as of 2026-09-16 |
| Payday lending status | Permitted under license; capped at 36% annual percentage rate (payday loans) Source says: "shall not contract for or receive a charge exceeding a 36% annual percentage rate ... for a payday loan". | Illinois General Assembly (Illinois Compiled Statutes) as of 2026-09-16 |
| Small-loan / installment lender licensing | Consumer Installment Loan Act license required from the Director of Financial Institutions (loans above 9% APR) Source says: "No person ... shall engage in the business of making loans of money ... except ... after first obtaining a license from the Director of Financial Institutions". | Illinois General Assembly (Illinois Compiled Statutes) as of 2026-09-16 |
How to compare offers in Troy Grove
A few practical steps will make the process in Troy Grove 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 Illinois using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.