Litchfield at a glance
- Population: about 6,614, 289th by size in Illinois of 1,294 places (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 6,782 people (US Census Bureau, 2020 Census count).
- 2020 to 2023 change: down roughly 2.5% across the 2020-to-2023 comparison (US Census Bureau).
- Rank among Illinois places: 289th in population of 1,294 places (US Census Bureau).
- Size percentile: it is larger than about 78% of the places in Illinois (US Census Bureau).
- Coordinates: the Census Gazetteer places it at 39.1760, -89.6655.
- Nearest larger cities: Greenville, IL (25 mi); Bethalto, IL (28 mi); Highland, IL (28 mi); Wood River, IL (31 mi); Edwardsville, IL (32 mi) (Census populations, approximate straight-line distance).
- Smaller places nearby: Lake Ka-Ho, IL (7 mi); Butler, IL (7 mi); Eagarville, IL (8 mi), per US Census Bureau estimates.
What a personal loan costs in Litchfield
The defining feature of a personal loan is the fixed installment: the same payment every month until the term ends.
The APR is the comparable price of a loan since it folds in fees; model any offer with the personal loan calculator first.
The term is the lever: extend it and the payment falls while total interest climbs; shorten it and the reverse happens.
A payment that strains the budget is a warning sign; a smaller loan or a little more saving time is the safer route.
Illinois lending rules that apply in Litchfield
The sourced rows below are the rules a licensed lender must follow when lending in Illinois, and therefore in Litchfield.
| 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 Litchfield
Run through this list before signing anything in Litchfield:
- 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.