Lerna at a glance
- Population: 218 (US Census Bureau, Vintage 2023 subcounty estimate), the 1,084th-largest of 1,294 places in Illinois.
- 2020 Census base: 221 residents at the 2020 Census (US Census Bureau, 2020 count).
- 2020 to 2023 change: down about 1.4% from the 2020 Census base to the 2023 estimate (US Census Bureau).
- Rank among Illinois places: 1,084th by size among 1,294 communities (US Census Bureau).
- Size percentile: larger than about 16% of the Census places in Illinois (US Census Bureau).
- Coordinates: 39.4179, -88.2888 (US Census Bureau Gazetteer).
- Nearest larger cities: Mattoon, IL (6 mi); Charleston, IL (8 mi); Toledo, IL (10 mi); Neoga, IL (11 mi); Humboldt, IL (13 mi), each a US Census place with its estimated population.
- Nearest smaller communities: Gays, IL (11 mi); Jewett, IL (15 mi); Allenville, IL (16 mi) (Census populations).
What a personal loan costs in Lerna
A personal loan is structured as an installment plan, with a set number of monthly payments and a fixed amount due each time.
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.
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.
Before you borrow, decide what the loan is for and whether the monthly payment fits a budget you can already meet without taking on new debt.
Illinois lending rules that apply in Lerna
The table carries the Illinois rate and licensing rules that apply to consumer loans made in Lerna.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Lerna
The order below is a sensible way to approach a loan in Lerna:
- 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.