Elon at a glance
- Population: about 11,520, 82nd by size in North Carolina of 549 places (Census Vintage 2023 subcounty estimate).
- 2020 Census base: the 2020 count put the population at 11,340 (US Census Bureau).
- 2020 to 2023 change: about 1.6% growth over the 2020 Census base (US Census Bureau).
- Rank among North Carolina places: 82nd-largest of 549 (US Census Bureau, Vintage 2023 estimate).
- Size percentile: it is larger than about 85% of the places in North Carolina (US Census Bureau).
- Coordinates: 36.1023, -79.5088 (US Census Bureau Gazetteer).
- Nearest larger cities: Burlington, NC (3 mi); Graham, NC (7 mi); Mebane, NC (13 mi); Greensboro, NC (18 mi); Reidsville, NC (19 mi); US Census Bureau population estimates.
- Smaller places nearby: Gibsonville, NC (2 mi); Whitsett, NC (4 mi); Ossipee, NC (4 mi), per US Census Bureau estimates.
What a personal loan costs in Elon
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.
The number to compare is the APR, not the interest rate, because the APR folds in origination fees and other charges; our personal loan calculator will show what a given amount and term would cost.
Stretching the term lowers the monthly payment but raises the total interest you pay, so the smallest payment is not automatically the cheapest loan.
A useful rule is to keep the new payment inside the room your budget already has, so the loan eases pressure instead of adding to it.
North Carolina lending rules that apply in Elon
The table carries the North Carolina rate and licensing rules that apply to consumer loans made in Elon.
| Rule | Detail | Source |
|---|---|---|
| Consumer Finance Act installment loan rates (G.S. 53-176) | 33% per annum on unpaid balance up to $4,000; 24% on $4,000-$8,000; 18% on the remainder (loans up to $12,000); 18% for loans above $12,000 Source says: "thirty-three percent (33%) per annum on that part of the unpaid principal balance not exceeding four thousand dollars ($4,000)" | North Carolina General Assembly as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | For loans of $25,000 or less: greater of the 6-month U.S. Treasury bill rate + 6% or 16% (G.S. 24-1.1(c)); any agreed rate above $25,000 Source says: "plus six percent (6%), rounded upward or downward ... or sixteen percent (16%), whichever is greater" | North Carolina General Assembly as of 2026-09-16 |
| Payday lending status | Payday lenders shut down in North Carolina; online payday lending remains an enforcement target Source says: "Payday Lenders: Shut Down In NC, But Still Victimizing Borrowers Online" | North Carolina Department of Justice (Office of the Attorney General) as of 2026-09-16 |
| Small-loan / installment lender licensing | Consumer Finance Act license from the Commissioner of Banks required for loans of $25,000 or less charging more than Chapter 24 rates Source says: "Direct lenders seeking to charge rates higher than allowed under Chapter 24 on consumer term loans of twenty-five thousand dollars ($25,000) or less" | North Carolina Office of the Commissioner of Banks as of 2026-09-16 |
| State lending regulator | North Carolina Office of the Commissioner of Banks (NCCOB) Source says: "Lenders operating under the CFA must be licensed by and are subject to regulation by the NCCOB." | North Carolina Office of the Commissioner of Banks as of 2026-09-16 |
How to compare offers in Elon
Before you share your details with a lender in Elon:
- 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 North Carolina using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.