Bourbon at a glance
- Population: 1,673 residents, the 230th-largest of 565 places in Indiana (US Census Bureau, Vintage 2023).
- 2020 Census base: 1,705 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: population fell about 1.9% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Indiana places: 230th by size among 565 communities (US Census Bureau).
- Size percentile: roughly 59% of places in Indiana rank below it by population (US Census Bureau).
- Coordinates: 41.2994, -86.1169 (Census Gazetteer, US Census Bureau).
- Nearest larger cities: Argos, IN (8 mi); Bremen, IN (10 mi); Plymouth, IN (11 mi); Nappanee, IN (12 mi); Warsaw, IN (14 mi), each a US Census place with its estimated population.
- Nearest smaller places: Etna Green, IN (4 mi); Mentone, IN (10 mi); Burket, IN (13 mi) (US Census Bureau estimates).
What a personal loan costs in Bourbon
The defining feature of a personal loan is the fixed installment: the same payment every month until the term ends.
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.
The term is the lever: extend it and the payment falls while total interest climbs; shorten it and the reverse happens.
Before you borrow, decide what the loan is for and whether the monthly payment fits a budget you can already meet without taking on new debt.
Indiana lending rules that apply in Bourbon
Where a figure is not published by the state, the row points to the source instead of guessing.
| 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 Bourbon
A few practical steps will make the process in Bourbon 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 Indiana using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.