Mitchell at a glance
- Population: 118 — 790th in Iowa, which has 940 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 123 people (US Census Bureau, 2020 Census count).
- 2020 to 2023 change: a loss of about 4.1% since the 2020 count (US Census Bureau).
- Rank among Iowa places: 790th of 940 by population (US Census Bureau, Vintage 2023).
- Size percentile: ahead of around 16% of Iowa places in population terms (US Census Bureau).
- Coordinates: 43.3202, -92.8711 (Census Gazetteer, US Census Bureau).
- Nearest larger cities (within 120 miles): Osage, IA (4 mi); St. Ansgar, IA (5 mi); Stacyville, IA (9 mi); Grafton, IA (10 mi); Lyle, MN (13 mi) (US Census Bureau populations).
- Nearest smaller towns: Orchard, IA (8 mi); Carpenter, IA (10 mi); McIntire, IA (16 mi) — US Census Bureau populations.
What a personal loan costs in Mitchell
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 advertised interest rate leaves out fees that the APR captures, which is why APR is the number to weigh; try the personal loan calculator before you apply.
Choosing a longer term eases the monthly budget but adds interest over the life of the loan; a shorter term costs more per month and less overall.
Set the loan amount from the expense itself rather than the maximum you are approved for, and keep the payment within your existing budget.
Iowa lending rules that apply in Mitchell
The sourced rows below are the rules a licensed lender must follow when lending in Iowa, and therefore in Mitchell.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Mitchell
These steps are the ones that most affect the offer you receive in Mitchell:
- 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.