Albion at a glance
- Population: the Census estimates 441 residents, ranking 462nd of 940 places in Iowa (Vintage 2023).
- 2020 Census base: the 2020 Census recorded 449 residents here (US Census Bureau).
- 2020 to 2023 change: about 1.8% below the 2020 Census base (US Census Bureau).
- Rank among Iowa places: 462nd by size among 940 communities (US Census Bureau).
- Size percentile: ahead of around 51% of Iowa places in population terms (US Census Bureau).
- Coordinates: 42.1125 / -92.9886, per the US Census Bureau Gazetteer.
- Nearest larger cities within 120 miles: Marshalltown, IA (7 mi); Conrad, IA (10 mi); State Center, IA (11 mi); Le Grand, IA (13 mi); Melbourne, IA (13 mi) (US Census Bureau).
- Smaller places close by: Liscomb, IA (6 mi); Clemons, IA (9 mi); Union, IA (10 mi) (US Census Bureau).
What a personal loan costs in Albion
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, not the simple interest rate, reflects what the loan actually costs once fees are included; the personal loan calculator puts a figure on it.
Stretching the term lowers the monthly payment but raises the total interest you pay, so the smallest payment is not automatically the cheapest loan.
If you are consolidating debt, the loan only helps if you stop adding to the balances it clears; otherwise the total debt grows.
Iowa lending rules that apply in Albion
The table carries the Iowa rate and licensing rules that apply to consumer loans made in Albion.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Albion
Here is a short checklist for comparing personal loans in Albion:
- 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.