Mason City at a glance
- Population: 1,981 people, the 476th-largest place among Illinois's 1,294 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 2,075 residents at the 2020 Census (US Census Bureau, 2020 count).
- 2020 to 2023 change: down about 4.5% from the 2020 Census base to the 2023 estimate (US Census Bureau).
- Rank among Illinois places: 476th in population of 1,294 places (US Census Bureau).
- Size percentile: about 63% of places in Illinois are smaller (US Census Bureau).
- Coordinates: latitude 40.2022, longitude -89.6971 (US Census Bureau Gazetteer).
- Nearest larger cities: Petersburg, IL (15 mi); Lincoln, IL (18 mi); Havana, IL (20 mi); Sherman, IL (22 mi); Tremont, IL (25 mi) — straight-line distances, US Census Bureau populations.
- Nearest smaller towns: New Holland, IL (6 mi); Easton, IL (8 mi); Greenview, IL (8 mi) — US Census Bureau populations.
What a personal loan costs in Mason City
Most personal loans are unsecured, meaning no collateral is pledged, and they are repaid in equal installments over a fixed term.
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.
A longer term reduces what you owe each month and increases the total interest, which is the trade-off to weigh before choosing one.
Most lenders offer pre-qualification with a soft credit pull, so you can see an estimated rate and amount without affecting your credit score.
Illinois lending rules that apply in Mason City
The sourced rows below are the rules a licensed lender must follow when lending in Illinois, and therefore in Mason City.
| 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 Mason City
Before you share your details with a lender in Mason City:
- 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.