Calhoun at a glance
- Population: about 158, 1,161st by size in Illinois of 1,294 places (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 161 people (US Census Bureau, 2020 Census count).
- 2020 to 2023 change: a loss of about 1.9% since the 2020 count (US Census Bureau).
- Rank among Illinois places: 1,161st out of 1,294 Census places (US Census Bureau).
- Size percentile: larger than about 10% of the Census places in Illinois (US Census Bureau).
- Coordinates: 38.6512 / -88.0440, per the US Census Bureau Gazetteer.
- Nearest larger cities: Parkersburg, IL (4 mi); Olney, IL (6 mi); Claremont, IL (6 mi); West Salem, IL (9 mi); Noble, IL (10 mi) — straight-line distances, US Census Bureau populations.
- Nearest smaller towns: Mount Erie, IL (14 mi); Sailor Springs, IL (19 mi); Browns, IL (19 mi) — US Census Bureau populations.
What a personal loan costs in Calhoun
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.
The advertised interest rate leaves out fees that the APR captures, which is why APR is the number to weigh; try the personal loan calculator before you apply.
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.
If you are consolidating debt, the loan only helps if you stop adding to the balances it clears; otherwise the total debt grows.
Illinois lending rules that apply in Calhoun
Each row below is a Illinois rule with its publisher and the date it was retrieved.
| 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 Calhoun
The steps below are worth completing first when you borrow in Calhoun:
- 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.