Franklin at a glance
- Population: 25,908 (US Census Bureau, Vintage 2023 subcounty estimate), the 38th-largest of 565 places in Indiana.
- 2020 Census base: 25,326 people at the 2020 Census, the baseline for the trend below (US Census Bureau).
- 2020 to 2023 change: a gain of roughly 2.3% between the 2020 count and the 2023 estimate (US Census Bureau).
- Rank among Indiana places: 38th of the state's 565 Census places (US Census Bureau).
- Size percentile: roughly 93% of Indiana's places have fewer residents (US Census Bureau).
- Coordinates: 39.4954, -86.0502 (US Census Bureau Gazetteer).
- Nearest larger cities (120-mile radius): Greenwood, IN (8 mi); Columbus, IN (21 mi); Plainfield, IN (22 mi); Greenfield, IN (25 mi); Lawrence, IN (26 mi) (US Census Bureau).
- Smaller towns nearby: Whiteland, IN (4 mi); New Whiteland, IN (5 mi); Trafalgar, IN (8 mi) (US Census Bureau).
What a personal loan costs in Franklin
A personal loan is structured as an installment plan, with a set number of monthly payments and a fixed amount due each time.
Compare every quote on APR because it includes the fees the interest rate hides, and check the payment with our 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.
Pre-qualifying with several lenders takes minutes, uses a soft pull, and gives you real numbers to compare before any hard inquiry.
Indiana lending rules that apply in Franklin
The table carries the Indiana rate and licensing rules that apply to consumer loans made in Franklin.
| Rule | Detail | Source |
|---|---|---|
| State lending regulator | Indiana Department of Financial Institutions (DFI), Consumer Credit Division Source says: "The industries regulated by the Consumer Credit Division are: non-depository small loan ("payday") lenders; traditional installment lenders". | Indiana Department of Financial Institutions as of 2026-09-16 |
| Small-loan size limit | $825 maximum aggregate small-loan principal per borrower Source says: "Lenders cannot have loans ... outstanding with you at any one time if the aggregate principal amount/amount financed exceeds $825". | Indiana Department of Financial Institutions as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | See the latest published figure value_text left null: Indiana Code IC 24-4.5-3-508 sets tiered maximum loan finance charges for supervised loans; the official code site renders client-side and the figure could not be confirmed from a fetched page, so no figure is asserted. | Indiana General Assembly (Indiana Code) as of 2026-09-16 |
| Payday lending status | Permitted under license (small loans); finance charges capped at 15% of the first $250 (tiered above) Source says: "Finance charges on the first $250 of a small loan are limited to 15% of the principal". | Indiana Department of Financial Institutions as of 2026-09-16 |
| Small-loan / installment lender licensing | Small Loan License required (IUCCC; separate Consumer Loan License for IC 24-4.5-3 loans) Source says: "unless a person is a supervised financial organization or has first obtained a small loan license from the Department of Financial Institutions (DFI)". | Indiana Department of Financial Institutions as of 2026-09-16 |
How to compare offers in Franklin
Before you commit to a personal loan in Franklin, work through these steps:
- 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 Indiana using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.