Loraine at a glance
- Population: 294 (US Census Bureau, Vintage 2023 subcounty estimate), the 1,014th-largest of 1,294 places in Illinois.
- 2020 Census base: 299 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: down about 1.7% from the 2020 Census base to the 2023 estimate (US Census Bureau).
- Rank among Illinois places: 1,014th by size among 1,294 communities (US Census Bureau).
- Size percentile: about 22% of Illinois's Census places are smaller (US Census Bureau).
- Coordinates: 40.1526 / -91.2215, per the US Census Bureau Gazetteer.
- Nearest larger cities: Mendon, IL (6 mi); Ursa, IL (10 mi); Bowen, IL (10 mi); Golden, IL (11 mi); Camp Point, IL (12 mi) — straight-line distances, US Census Bureau populations.
- Nearest smaller communities: West Point, IL (7 mi); Lima, IL (8 mi); Coatsburg, IL (9 mi) (Census populations).
What a personal loan costs in Loraine
Personal loans are installment credit — one lump sum, repaid in equal monthly installments across a fixed term you agree to up front.
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 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.
If you are consolidating debt, the loan only helps if you stop adding to the balances it clears; otherwise the total debt grows.
Illinois lending rules that apply in Loraine
The table lists the Illinois rules that apply to a loan made in Loraine, each with the regulator that published it.
| 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 Loraine
These steps are the ones that most affect the offer you receive in Loraine:
- 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.