Carpenter at a glance
- Population: about 90, 835th by size in Iowa of 940 places (Census Vintage 2023 subcounty estimate).
- 2020 Census base: the 2020 count put the population at 89 (US Census Bureau).
- 2020 to 2023 change: up about 1.1% from the 2020 Census base to the 2023 estimate (US Census Bureau).
- Rank among Iowa places: 835th in population of 940 places (US Census Bureau).
- Size percentile: about 11% of places in Iowa are smaller (US Census Bureau).
- Coordinates: 43.4151 / -93.0172, per the US Census Bureau Gazetteer.
- Nearest larger cities: St. Ansgar, IA (6 mi); Grafton, IA (6 mi); Lyle, MN (7 mi); Mitchell, IA (10 mi); Northwood, IA (10 mi), each a US Census place with its estimated population.
- Smaller places close by: Myrtle, MN (13 mi); Orchard, IA (18 mi); Taopi, MN (21 mi) (US Census Bureau).
What a personal loan costs in Carpenter
The defining feature of a personal loan is the fixed installment: the same payment every month until the term ends.
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.
A useful rule is to keep the new payment inside the room your budget already has, so the loan eases pressure instead of adding to it.
Iowa lending rules that apply in Carpenter
The sourced rows below are the rules a licensed lender must follow when lending in Iowa, and therefore in Carpenter.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Carpenter
Before you share your details with a lender in Carpenter:
- 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.