Martinsville at a glance
- Population: 11,946 — 72nd in Indiana, which has 565 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 11,935 people counted in the 2020 Census (US Census Bureau).
- 2020 to 2023 change: about 0.1% growth over the 2020 Census base (US Census Bureau).
- Rank among Indiana places: 72nd in population of 565 places (US Census Bureau).
- Size percentile: about 87% of places in Indiana are smaller (US Census Bureau).
- Coordinates: 39.4147, -86.4317 (US Census Bureau Gazetteer).
- Nearest larger cities (120-mile radius): Bloomington, IN (18 mi); Plainfield, IN (20 mi); Franklin, IN (21 mi); Greenwood, IN (22 mi); Avon, IN (24 mi) (US Census Bureau).
- Nearest smaller communities: Paragon, IN (7 mi); Bethany, IN (9 mi); Brooklyn, IN (10 mi), each a US Census place.
What a personal loan costs in Martinsville
Most personal loans are unsecured, meaning no collateral is pledged, and they are repaid in equal installments over a fixed term.
Two loans can share an interest rate and still differ in APR once fees are counted, so compare APR; our personal loan calculator shows the difference over the full term.
Lenders weigh your credit history, income and debts when they set the rate, and the term you choose then determines how that rate compounds into total cost.
Pre-qualification is a good first filter: it shows the rate and amount a lender may offer before you agree to a full application and a hard inquiry.
Indiana lending rules that apply in Martinsville
Every figure in the table below is sourced to a publisher with a date; where a state does not publish a number, we say so rather than estimate.
| 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 Martinsville
A few practical steps will make the process in Martinsville less costly:
- 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.