Elmwood at a glance
- Population: the Census estimates 2,008 residents, ranking 474th of 1,294 places in Illinois (Vintage 2023).
- 2020 Census base: 2,061 people counted in the 2020 Census (US Census Bureau).
- 2020 to 2023 change: population fell about 2.6% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Illinois places: 474th largest of 1,294 (US Census Bureau).
- Size percentile: it exceeds roughly 63% of Illinois's Census places by population (US Census Bureau).
- Coordinates: it sits at 40.7804, -89.9661 in the US Census Bureau Gazetteer.
- Nearest larger cities (within 120 miles): Farmington, IL (6 mi); Canton, IL (15 mi); West Peoria, IL (18 mi); Peoria, IL (18 mi); Bartonville, IL (19 mi) (US Census Bureau populations).
- Smaller places nearby: Yates City, IL (3 mi); Brimfield, IL (6 mi); Hanna City, IL (10 mi), per US Census Bureau estimates.
What a personal loan costs in Elmwood
With an installment loan the payment is fixed for the life of the loan, so the schedule is predictable from the first month to the last.
APR is the figure that lets you compare like with like, since it wraps fees into the rate; run your own numbers with the personal loan calculator.
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.
Most lenders offer pre-qualification with a soft credit pull, so you can see an estimated rate and amount without affecting your credit score.
Illinois lending rules that apply in Elmwood
The table carries the Illinois rate and licensing rules that apply to consumer loans made in Elmwood.
| 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 Elmwood
A few practical steps will make the process in Elmwood 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 Illinois using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.