Wakarusa at a glance
- Population: roughly 1,999 people; 209th of 565 places in Indiana (Census Vintage 2023 subcounty estimate).
- 2020 Census base: the 2020 Census recorded 1,997 residents here (US Census Bureau).
- 2020 to 2023 change: an increase of about 0.1% since the 2020 count (US Census Bureau).
- Rank among Indiana places: 209th by size among 565 communities (US Census Bureau).
- Size percentile: larger than about 63% of the Census places in Indiana (US Census Bureau).
- Coordinates: latitude 41.5312, longitude -86.0133 (US Census Bureau Gazetteer).
- Nearest larger cities: Nappanee, IN (6 mi); Bremen, IN (9 mi); Osceola, IN (10 mi); Goshen, IN (10 mi); Elkhart, IN (11 mi), each a US Census place with its estimated population.
- Nearest smaller communities: Milford, IN (12 mi); Lakeville, IN (14 mi); Bristol, IN (16 mi), each a US Census place.
What a personal loan costs in Wakarusa
The defining feature of a personal loan is the fixed installment: the same payment every month until the term ends.
Compare offers on APR rather than the headline rate — the APR includes most fees, and you can model the total with our personal loan calculator.
Choosing a longer term eases the monthly budget but adds interest over the life of the loan; a shorter term costs more per month and less overall.
Work out the payment you can comfortably carry each month first, then borrow no more than that figure supports.
Indiana lending rules that apply in Wakarusa
Read the table as the compliance picture for a lender serving Wakarusa: label, sourced figure, publisher and date.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Wakarusa
Before you share your details with a lender in Wakarusa:
- 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.