Cedar Point at a glance
- Population: a Census-estimated 262, placing it 1,042nd among Illinois's 1,294 places (Vintage 2023 subcounty estimate).
- 2020 Census base: 268 residents (US Census Bureau, 2020 Census).
- 2020 to 2023 change: population fell about 2.2% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Illinois places: 1,042nd of the state's 1,294 Census places (US Census Bureau).
- Size percentile: it is larger than about 19% of the places in Illinois (US Census Bureau).
- Coordinates: the Census Gazetteer places it at 41.2651, -89.1260.
- Nearest larger cities: Oglesby, IL (3 mi); Tonica, IL (4 mi); Spring Valley, IL (5 mi); LaSalle, IL (5 mi); Granville, IL (5 mi), each a US Census place with its estimated population.
- Smaller places nearby: Standard, IL (3 mi); Leonore, IL (9 mi); Magnolia, IL (11 mi), per US Census Bureau estimates.
What a personal loan costs in Cedar Point
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.
Stretching the term lowers the monthly payment but raises the total interest you pay, so the smallest payment is not automatically the cheapest loan.
Shop with more than one lender and treat pre-qualification as an estimate, since the final terms follow a full application.
Illinois lending rules that apply in Cedar Point
The sourced rows below are the rules a licensed lender must follow when lending in Illinois, and therefore in Cedar Point.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Cedar Point
A few practical steps will make the process in Cedar Point 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 Illinois using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.