Grafton at a glance
- Population: 765 (US Census Bureau, Vintage 2023 subcounty estimate), the 724th-largest of 1,294 places in Illinois.
- 2020 Census base: the 2020 count put the population at 624 (US Census Bureau).
- 2020 to 2023 change: population rose about 22.6% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Illinois places: 724th of the state's 1,294 Census places (US Census Bureau).
- Size percentile: roughly 44% of places in Illinois rank below it by population (US Census Bureau).
- Coordinates: 38.9765, -90.4257 (US Census Bureau Gazetteer).
- Nearest larger cities: Godfrey, IL (11 mi); Jerseyville, IL (11 mi); Hazelwood, MO (13 mi); Florissant, MO (13 mi); St. Charles, MO (13 mi), each a US Census place with its estimated population.
- Smaller towns nearby: Elsah, IL (4 mi); Otterville, IL (5 mi); Portage Des Sioux, MO (6 mi) (US Census Bureau).
What a personal loan costs in Grafton
Unlike a revolving credit card, a personal loan is closed-end: the balance falls on a fixed schedule and the payment does not change.
APR, not the simple interest rate, reflects what the loan actually costs once fees are included; the personal loan calculator puts a figure on it.
A longer repayment period spreads the cost and increases the interest paid, so compare total cost, not just the monthly figure.
Pre-qualifying with several lenders takes minutes, uses a soft pull, and gives you real numbers to compare before any hard inquiry.
Illinois lending rules that apply in Grafton
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 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 |
| 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 |
How to compare offers in Grafton
Before you commit to a personal loan in Grafton, 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 Illinois using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.