Melrose Park at a glance
- Population: 23,666 residents, the 96th-largest of 1,294 places in Illinois (US Census Bureau, Vintage 2023).
- 2020 Census base: 24,811 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: about 4.6% lower than the 2020 Census base (US Census Bureau).
- Rank among Illinois places: 96th by size among 1,294 communities (US Census Bureau).
- Size percentile: about 93% of places in Illinois are smaller (US Census Bureau).
- Coordinates: 41.9030 latitude, -87.8636 longitude (US Census Bureau Gazetteer).
- Nearest larger cities (within 120 miles): Oak Park, IL (4 mi); Elmhurst, IL (4 mi); Berwyn, IL (6 mi); Cicero, IL (7 mi); Park Ridge, IL (8 mi) (US Census Bureau populations).
- Nearest smaller places: Stone Park, IL (1 mi); Bellwood, IL (2 mi); Maywood, IL (2 mi) (US Census Bureau estimates).
What a personal loan costs in Melrose Park
A personal loan hands you a single sum and a repayment schedule of equal monthly installments over an agreed term.
The APR is the comparable price of a loan since it folds in fees; model any offer with the personal loan calculator first.
A longer term reduces what you owe each month and increases the total interest, which is the trade-off to weigh before choosing one.
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 Melrose Park
The table lists the Illinois rules that apply to a loan made in Melrose Park, each with the regulator that published it.
| 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 Melrose Park
Run through this list before signing anything in Melrose Park:
- 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.