Chatham at a glance
- Population: the Census estimates 14,525 residents, ranking 167th of 1,294 places in Illinois (Vintage 2023).
- 2020 Census base: 14,382 residents at the 2020 Census (US Census Bureau, 2020 count).
- 2020 to 2023 change: about 1.0% more residents than the 2020 Census base (US Census Bureau).
- Rank among Illinois places: the 167th-largest of 1,294 (US Census Bureau, 2023 estimate).
- Size percentile: roughly 87% of Illinois's places have fewer residents (US Census Bureau).
- Coordinates: mapped at 39.6745, -89.6933 by the US Census Bureau Gazetteer.
- Nearest larger cities: Springfield, IL (8 mi); Jacksonville, IL (29 mi); Decatur, IL (42 mi); Godfrey, IL (57 mi); Alton, IL (59 mi), each a US Census place with its estimated population.
- Smaller towns nearby: Southern View, IL (6 mi); Jerome, IL (6 mi); Curran, IL (6 mi) (US Census Bureau).
What a personal loan costs in Chatham
A personal loan is structured as an installment plan, with a set number of monthly payments and a fixed amount due each time.
Two loans can share an interest rate and still differ in APR once fees are counted, so compare APR; our personal loan calculator shows the difference over the full term.
Stretching the term lowers the monthly payment but raises the total interest you pay, so the smallest payment is not automatically the cheapest loan.
Work out the payment you can comfortably carry each month first, then borrow no more than that figure supports.
Illinois lending rules that apply in Chatham
Each row below is a Illinois rule with its publisher and the date it was retrieved.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Chatham
Before you commit to a personal loan in Chatham, work through these steps:
- 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.