Monroe Center at a glance
- Population: 406 residents, the 931st-largest of 1,294 places in Illinois (US Census Bureau, Vintage 2023).
- 2020 Census base: 413 residents at the 2020 Census (US Census Bureau, 2020 count).
- 2020 to 2023 change: a loss of about 1.7% since the 2020 count (US Census Bureau).
- Rank among Illinois places: 931st of 1,294 by population (US Census Bureau, Vintage 2023).
- Size percentile: about 28% of places in Illinois are smaller (US Census Bureau).
- Coordinates: 42.0999, -88.9944 (US Census Bureau Gazetteer).
- Nearest larger cities: Davis Junction, IL (5 mi); New Milford, IL (5 mi); Kirkland, IL (8 mi); Cherry Valley, IL (9 mi); Stillman Valley, IL (9 mi), each a US Census place with its estimated population.
- Smaller places close by: Steward, IL (17 mi); Caledonia, IL (19 mi); Lee, IL (21 mi) (US Census Bureau).
What a personal loan costs in Monroe Center
Personal loans are installment credit — one lump sum, repaid in equal monthly installments across a fixed term you agree to up front.
Two loans can share an interest rate and still differ in APR once fees are counted, so compare APR; our personal loan calculator shows the difference over the full term.
Stretching the term lowers the monthly payment but raises the total interest you pay, so the smallest payment is not automatically the cheapest loan.
Before you borrow, decide what the loan is for and whether the monthly payment fits a budget you can already meet without taking on new debt.
Illinois lending rules that apply in Monroe Center
The Illinois rate caps and licensing rules that reach Monroe Center are listed below, each with its source and retrieval date.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Monroe Center
Run through this list before signing anything in Monroe Center:
- 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.