Michigantown at a glance
- Population: the Census estimates 424 residents, ranking 430th of 565 places in Indiana (Vintage 2023).
- 2020 Census base: 436 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: roughly 2.8% fewer residents than at the 2020 Census (US Census Bureau).
- Rank among Indiana places: 430th by size among 565 communities (US Census Bureau).
- Size percentile: roughly 24% of places in Indiana rank below it by population (US Census Bureau).
- Coordinates: 40.3280, -86.3916 (US Census Bureau Gazetteer).
- Nearest larger cities (within 120 miles): Frankfort, IN (8 mi); Russiaville, IN (9 mi); Kirklin, IN (9 mi); Burlington, IN (11 mi); Rossville, IN (12 mi) (US Census Bureau populations).
- Smaller places close by: Kempton, IN (9 mi); Ulen, IN (19 mi); Onward, IN (27 mi) (US Census Bureau).
What a personal loan costs in Michigantown
A personal loan hands you a single sum and a repayment schedule of equal monthly installments over an agreed term.
Judge an offer by its APR, which blends the interest rate with fees, and use the personal loan calculator to see the total cost.
Stretching the term lowers the monthly payment but raises the total interest you pay, so the smallest payment is not automatically the cheapest loan.
Set the loan amount from the expense itself rather than the maximum you are approved for, and keep the payment within your existing budget.
Indiana lending rules that apply in Michigantown
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 Michigantown
These steps are the ones that most affect the offer you receive in Michigantown:
- 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.