Colona at a glance
- Population: 4,977 people, the 329th-largest place among Illinois's 1,294 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 5,051 residents (US Census Bureau, 2020 Census).
- 2020 to 2023 change: about 1.5% lower than the 2020 Census base (US Census Bureau).
- Rank among Illinois places: the 329th-largest of 1,294 (US Census Bureau, 2023 estimate).
- Size percentile: ahead of around 75% of Illinois places in population terms (US Census Bureau).
- Coordinates: 41.4734 / -90.3324, per the US Census Bureau Gazetteer.
- Nearest larger cities: East Moline, IL (4 mi); Silvis, IL (4 mi); Moline, IL (8 mi); Geneseo, IL (9 mi); Bettendorf, IA (10 mi); each population is a US Census Bureau estimate.
- Nearest smaller communities: Cleveland, IL (2 mi); Carbon Cliff, IL (4 mi); Coal Valley, IL (6 mi) (Census populations).
What a personal loan costs in Colona
Personal loans are closed-end installment debt, so the monthly payment and the payoff date are known from the start.
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.
The offer you receive reflects the lender's read of your credit, income and debts, and the term controls the balance between payment size and total interest.
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 Colona
The Illinois rate caps and licensing rules that reach Colona are listed below, each with its source and retrieval date.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Colona
These steps are the ones that most affect the offer you receive in Colona:
- 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.