Melrose at a glance
- Population: a Census-estimated 111, placing it 804th among Iowa's 940 places (Vintage 2023 subcounty estimate).
- 2020 Census base: the 2020 count put the population at 111 (US Census Bureau).
- 2020 to 2023 change: roughly unchanged from the 2020 Census base (US Census Bureau).
- Rank among Iowa places: 804th out of 940 Census places (US Census Bureau).
- Size percentile: it exceeds roughly 14% of Iowa's Census places by population (US Census Bureau).
- Coordinates: it sits at 40.9791, -93.0508 in the US Census Bureau Gazetteer.
- Nearest larger cities: Russell, IA (8 mi); Lovilia, IA (13 mi); Williamson, IA (13 mi); Albia, IA (13 mi); Moravia, IA (13 mi); US Census Bureau population estimates.
- Smaller places nearby: Marysville, IA (15 mi); Rathbun, IA (15 mi); Plano, IA (15 mi), per US Census Bureau estimates.
What a personal loan costs in Melrose
A personal loan is an installment loan: you receive a lump sum and repay it in fixed monthly payments over a set term, usually two to seven years.
The number to compare is the APR, not the interest rate, because the APR folds in origination fees and other charges; our personal loan calculator will show what a given amount and term would cost.
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.
Shop with more than one lender and treat pre-qualification as an estimate, since the final terms follow a full application.
Iowa lending rules that apply in Melrose
The Iowa rate caps and licensing rules that reach Melrose are listed below, each with its source and retrieval date.
| Rule | Detail | Source |
|---|---|---|
| Small-loan / installment lender licensing | Regulated Loan Act license required (superintendent of banking) Source says: "shall not engage in the business of making loans ... without first obtaining a license from the superintendent of banking". | Iowa Legislature (Iowa Code) as of 2026-09-16 |
| State lending regulator | Iowa Division of Banking (IDOB), Iowa Department of Insurance and Financial Services Source says: "As part of the 2023 state government realignment, the IDOB became part of a new Department of Insurance and Financial Services". | Iowa Division of Banking as of 2026-09-16 |
| Delayed deposit fee cap | Fee cap: $15 on first $100 of check face amount; $10 on subsequent $100 increments Source says: "fifteen dollars on the first one hundred dollars ... or more than ten dollars on subsequent one hundred dollar increments". | Iowa Legislature (Iowa Code) as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | 2 percentage points above the monthly average 10-year U.S. Treasury constant maturity rate (written agreements) Source says: "The maximum lawful rate of interest ... in any written agreement ... shall be two percentage points above the monthly average ten-year constant maturity interest rate". | Iowa Legislature (Iowa Code) as of 2026-09-16 |
| Payday lending status | Permitted under license (delayed deposit services; must be physically located in Iowa) Source says: "A person shall not operate a delayed deposit services business in this state unless the person is physically located in this state and licensed by the superintendent". | Iowa Legislature (Iowa Code) as of 2026-09-16 |
How to compare offers in Melrose
Run through this list before signing anything in Melrose:
- 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 Iowa using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.