Colfax at a glance
- Population: about 698 residents, ranking 358th of 565 Census places in Indiana (US Census Bureau, Vintage 2023 subcounty estimate).
- 2020 Census base: 704 people (US Census Bureau, 2020 Census count).
- 2020 to 2023 change: a loss of about 0.9% since the 2020 count (US Census Bureau).
- Rank among Indiana places: 358th by size among 565 communities (US Census Bureau).
- Size percentile: larger than about 37% of the Census places in Indiana (US Census Bureau).
- Coordinates: it sits at 40.1942, -86.6669 in the US Census Bureau Gazetteer.
- Nearest larger cities: Thorntown, IN (5 mi); Darlington, IN (8 mi); Frankfort, IN (10 mi); Mulberry, IN (10 mi); Linden, IN (12 mi) — straight-line distances, US Census Bureau populations.
- Nearest smaller towns: Clarks Hill, IN (5 mi); Ulen, IN (14 mi); Advance, IN (14 mi) — US Census Bureau populations.
What a personal loan costs in Colfax
A personal loan hands you a single sum and a repayment schedule of equal monthly installments over an agreed term.
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.
Because interest accrues for longer, a longer term means a lower installment and a higher total cost — decide which matters more to you.
A payment that strains the budget is a warning sign; a smaller loan or a little more saving time is the safer route.
Indiana lending rules that apply in Colfax
Every figure in the table below is sourced to a publisher with a date; where a state does not publish a number, we say so rather than estimate.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Colfax
These steps are the ones that most affect the offer you receive in Colfax:
- 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.