Kokomo at a glance
- Population: about 59,890, 13th by size in Indiana of 565 places (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 59,607 people at the 2020 Census, the baseline for the trend below (US Census Bureau).
- 2020 to 2023 change: about 0.5% more residents than the 2020 Census base (US Census Bureau).
- Rank among Indiana places: 13th of the state's 565 Census places (US Census Bureau).
- Size percentile: roughly 98% of places in Indiana rank below it by population (US Census Bureau).
- Coordinates: 40.4640 latitude, -86.1273 longitude (US Census Bureau Gazetteer).
- Nearest larger cities: Noblesville, IN (30 mi); Carmel, IN (34 mi); Fishers, IN (36 mi); Lafayette, IN (39 mi); Muncie, IN (43 mi); US Census Bureau population estimates.
- Smaller towns nearby: Sharpsville, IN (6 mi); Russiaville, IN (8 mi); Galveston, IN (9 mi) (US Census Bureau).
What a personal loan costs in Kokomo
A personal loan gives you the full amount at once and spreads repayment over a set number of months at a fixed payment.
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 term is the lever: extend it and the payment falls while total interest climbs; shorten it and the reverse happens.
Most lenders offer pre-qualification with a soft credit pull, so you can see an estimated rate and amount without affecting your credit score.
Indiana lending rules that apply in Kokomo
The sourced rows below are the rules a licensed lender must follow when lending in Indiana, and therefore in Kokomo.
| 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 Kokomo
Run through this list before signing anything in Kokomo:
- 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.