Alfordsville at a glance
- Population: 64 residents, the 560th-largest of 565 places in Indiana (US Census Bureau, Vintage 2023).
- 2020 Census base: 65 residents (US Census Bureau, 2020 Census).
- 2020 to 2023 change: down roughly 1.5% across the 2020-to-2023 comparison (US Census Bureau).
- Rank among Indiana places: the 560th-largest of 565 (US Census Bureau, 2023 estimate).
- Size percentile: it is larger than about 1% of the places in Indiana (US Census Bureau).
- Coordinates: mapped at 38.5603, -86.9486 by the US Census Bureau Gazetteer.
- Nearest larger cities: Cannelburg, IN (8 mi); Loogootee, IN (8 mi); Montgomery, IN (9 mi); Shoals, IN (11 mi); Jasper, IN (12 mi) (Census populations, approximate straight-line distance).
- Smaller places nearby: Alton, IN (42 mi); New Amsterdam, IN (48 mi); Mauckport, IN (55 mi), per US Census Bureau estimates.
What a personal loan costs in Alfordsville
Personal loans are closed-end installment debt, so the monthly payment and the payoff date are known from the start.
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.
Pre-qualification is a good first filter: it shows the rate and amount a lender may offer before you agree to a full application and a hard inquiry.
Indiana lending rules that apply in Alfordsville
The table lists the Indiana rules that apply to a loan made in Alfordsville, each with the regulator that published it.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Alfordsville
Here is a short checklist for comparing personal loans in Alfordsville:
- 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.