Elkland at a glance
- Population: 1,791 residents, the 455th-largest of 1,013 places in Pennsylvania (US Census Bureau, Vintage 2023).
- 2020 Census base: 1,827 people (US Census Bureau, 2020 Census count).
- 2020 to 2023 change: about 2.0% below the 2020 Census base (US Census Bureau).
- Rank among Pennsylvania places: 455th-largest of 1,013 (US Census Bureau, Vintage 2023 estimate).
- Size percentile: it exceeds roughly 55% of Pennsylvania's Census places by population (US Census Bureau).
- Coordinates: it sits at 41.9891, -77.3141 in the US Census Bureau Gazetteer.
- Nearest larger cities (within 120 miles): Wellsboro, PA (17 mi); Corning, NY (17 mi); Mansfield, PA (18 mi); Bath, NY (24 mi); Canisteo, NY (25 mi) (US Census Bureau populations).
- Smaller towns nearby: Knoxville, PA (7 mi); Addison, NY (9 mi); Lawrenceville, PA (9 mi) (US Census Bureau).
What a personal loan costs in Elkland
Unlike a revolving credit card, a personal loan is closed-end: the balance falls on a fixed schedule and the payment does not change.
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.
Shop with more than one lender and treat pre-qualification as an estimate, since the final terms follow a full application.
Pennsylvania lending rules that apply in Elkland
The Pennsylvania rate caps and licensing rules that reach Elkland are listed below, each with its source and retrieval date.
| Rule | Detail | Source |
|---|---|---|
| Maximum legal interest rate (usury cap) | 6% per annum maximum for loans of $50,000 or less where no lower rate is contracted (41 P.S. 201(a)). Source says: "the maximum lawful rate of interest for the loan or use of money... shall be six per cent per annum" (Loan Interest and Protection Law, Section 201(a)). | Pennsylvania General Assembly (Laws of Pennsylvania, Act 6 of 1974) as of 2026-09-16 |
| Payday lending status | No separate payday-lending license; non-bank lenders are limited to 6% (unlicensed) or up to 24% (CDCA-licensed), so high-cost payday loans are not permitted. Source says: "if a lender is licensed by the Department in accord with the CDCA, it can charge between 6-24% on loans under $25,000" (DoBS interpretive letter, May 11, 2023). | Pennsylvania Department of Banking and Securities as of 2026-09-16 |
| Small-loan / installment lender licensing | Consumer Discount Company Act license required for non-mortgage consumer loans above 6%; licensed lenders may charge up to 24% on loans of $25,000 or less. Source says: "A consumer discount company is a business corporation that negotiates or makes non-mortgage loans or advances of money on credit." | Pennsylvania Department of Banking and Securities as of 2026-09-16 |
| State lending regulator | Pennsylvania Department of Banking and Securities (DoBS) Source says: "The Department of Banking and Securities regulates financial services in Pennsylvania." | Pennsylvania Department of Banking and Securities as of 2026-09-16 |
| Bank rate-cap exemption (state-specific rule) | Pennsylvania state-chartered banks are not subject to state interest-rate caps (Banking Code Sections 303/506 supersede the LIPL 6% cap). Source says: "Pennsylvania law does not impose any restrictions on the interest rate that Pennsylvania state-chartered banks may charge to customers." (DoBS interpretive letter, May 11, 2023). | Pennsylvania Department of Banking and Securities as of 2026-09-16 |
How to compare offers in Elkland
A few practical steps will make the process in Elkland 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 Pennsylvania using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.