Monroe at a glance
- Population: roughly 894 people; 324th of 565 places in Indiana (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 883 people counted in the 2020 Census (US Census Bureau).
- 2020 to 2023 change: population rose about 1.2% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Indiana places: the 324th-largest of 565 (US Census Bureau, 2023 estimate).
- Size percentile: roughly 43% of Indiana's places have fewer residents (US Census Bureau).
- Coordinates: 40.7451, -84.9409 (US Census Bureau Gazetteer).
- Nearest larger cities: Decatur, IN (6 mi); Berne, IN (6 mi); Geneva, IN (10 mi); Bluffton, IN (12 mi); Ossian, IN (15 mi) (Census populations, approximate straight-line distance).
- Smaller towns nearby: Willshire, OH (8 mi); Vera Cruz, IN (8 mi); Wren, OH (10 mi) (US Census Bureau).
What a personal loan costs in Monroe
Unlike a revolving credit card, a personal loan is closed-end: the balance falls on a fixed schedule and the payment does not change.
The number to compare is the APR, not the interest rate, because the APR folds in origination fees and other charges; our personal loan calculator will show what a given amount and term would cost.
A longer term reduces what you owe each month and increases the total interest, which is the trade-off to weigh before choosing one.
A payment that strains the budget is a warning sign; a smaller loan or a little more saving time is the safer route.
Indiana lending rules that apply in Monroe
Read the table as the compliance picture for a lender serving Monroe: label, sourced figure, publisher and date.
| 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 Monroe
The steps below are worth completing first when you borrow in Monroe:
- 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.