Makanda at a glance
- Population: 530 (US Census Bureau, Vintage 2023 subcounty estimate), the 838th-largest of 1,294 places in Illinois.
- 2020 Census base: 538 residents (US Census Bureau, 2020 Census).
- 2020 to 2023 change: about 1.5% lower than the 2020 Census base (US Census Bureau).
- Rank among Illinois places: 838th-largest of 1,294 (US Census Bureau, Vintage 2023 estimate).
- Size percentile: it is larger than about 35% of the places in Illinois (US Census Bureau).
- Coordinates: 37.6203 / -89.2371, per the US Census Bureau Gazetteer.
- Nearest larger cities: Cobden, IL (6 mi); Carbondale, IL (7 mi); Anna, IL (11 mi); Murphysboro, IL (11 mi); Jonesboro, IL (12 mi) — straight-line distances, US Census Bureau populations.
- Nearest smaller communities: Alto Pass, IL (6 mi); Gorham, IL (15 mi); Grand Tower, IL (15 mi) (Census populations).
What a personal loan costs in Makanda
Unlike a revolving credit card, a personal loan is closed-end: the balance falls on a fixed schedule and the payment does not change.
Compare offers on APR rather than the headline rate — the APR includes most fees, and you can model the total with our personal loan calculator.
Stretching the term lowers the monthly payment but raises the total interest you pay, so the smallest payment is not automatically the cheapest loan.
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 Makanda
The table carries the Illinois rate and licensing rules that apply to consumer loans made in Makanda.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Makanda
These steps are the ones that most affect the offer you receive in Makanda:
- 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.