Elma at a glance
- Population: 3,460 people, the 136th-largest place among Washington's 281 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 3,435 residents (US Census Bureau, 2020 Census).
- 2020 to 2023 change: up roughly 0.7% across the 2020-to-2023 comparison (US Census Bureau).
- Rank among Washington places: 136th of 281 by population (US Census Bureau, Vintage 2023).
- Size percentile: about 52% of Washington's Census places are smaller (US Census Bureau).
- Coordinates: the Census Gazetteer places it at 47.0052, -123.4108.
- Nearest larger cities (within 120 miles): Montesano, WA (8 mi); Aberdeen, WA (19 mi); Shelton, WA (21 mi); Tumwater, WA (23 mi); Hoquiam, WA (24 mi) (US Census Bureau populations).
- Nearest smaller towns: McCleary, WA (8 mi); Oakville, WA (14 mi); Cosmopolis, WA (17 mi) (US Census Bureau).
What a personal loan costs in Elma
A personal loan is an installment loan: you receive a lump sum and repay it in fixed monthly payments over a set term, usually two to seven years.
Compare offers on APR rather than the headline rate — the APR includes most fees, and you can model the total with our personal loan calculator.
A lender weighs your credit profile, income and debts when setting the rate, and a longer term lowers the payment at the cost of more interest overall.
If you are consolidating debt, the loan only helps if you stop adding to the balances it clears; otherwise the total debt grows.
Washington lending rules that apply in Elma
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 | Consumer Loan Company license required (Consumer Loan Act, RCW 31.04.035) Source says: No person may engage in any activity subject to this chapter without first obtaining and maintaining a license in accordance with this chapter. | Washington State Legislature (RCW) as of 2026-09-16 |
| State lending regulator | Washington State Department of Financial Institutions (DFI) Source says: DFI licenses and regulates financial institutions and service providers in Washington. | Washington State Department of Financial Institutions (DFI) as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | 12% per annum, or four points above the Federal Reserve bill rate, whichever is higher (RCW 19.52.020) Source says: any rate of interest shall be legal so long as the rate of interest does not exceed the higher of: (a) Twelve percent per annum | Washington State Legislature (RCW) as of 2026-09-16 |
| Payday lending status | Licensed; small loans capped at $700 or 30% of monthly income, max 45 days, fees 15% on first $500 and 10% above (RCW 31.45) Source says: Payday lenders must be licensed by DFI — including online lenders that do business with Washington residents. | Washington State Department of Financial Institutions (DFI) as of 2026-09-16 |
How to compare offers in Elma
A few practical steps will make the process in Elma 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 Washington using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.