Monon at a glance
- Population: about 1,938 residents, ranking 213th of 565 Census places in Indiana (US Census Bureau, Vintage 2023 subcounty estimate).
- 2020 Census base: 1,922 people (US Census Bureau, 2020 Census count).
- 2020 to 2023 change: a gain of roughly 0.8% between the 2020 count and the 2023 estimate (US Census Bureau).
- Rank among Indiana places: 213th largest of 565 (US Census Bureau).
- Size percentile: ahead of around 62% of Indiana places in population terms (US Census Bureau).
- Coordinates: latitude 40.8642, longitude -86.8786 (US Census Bureau Gazetteer).
- Nearest larger cities (within 120 miles): Monticello, IN (10 mi); Rensselaer, IN (16 mi); Winamac, IN (19 mi); Delphi, IN (22 mi); DeMotte, IN (28 mi) (US Census Bureau populations).
- Nearest smaller communities: Reynolds, IN (8 mi); Francesville, IN (8 mi); Wolcott, IN (11 mi) (Census populations).
What a personal loan costs in Monon
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.
A lender weighs your credit profile, income and debts when setting the rate, and a longer term lowers the payment at the cost of more interest overall.
A useful rule is to keep the new payment inside the room your budget already has, so the loan eases pressure instead of adding to it.
Indiana lending rules that apply in Monon
The table carries the Indiana rate and licensing rules that apply to consumer loans made in Monon.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Monon
Here is a short checklist for comparing personal loans in Monon:
- 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.