Montgomery at a glance
- Population: 782, the 345th-largest community in Indiana out of 565 (US Census Bureau, Vintage 2023).
- 2020 Census base: the 2020 count put the population at 791 (US Census Bureau).
- 2020 to 2023 change: a loss of about 1.1% since the 2020 count (US Census Bureau).
- Rank among Indiana places: 345th largest of 565 (US Census Bureau).
- Size percentile: larger than about 39% of the Census places in Indiana (US Census Bureau).
- Coordinates: the Census Gazetteer places it at 38.6648, -87.0494.
- Nearest larger cities (within 120 miles): Washington, IN (6 mi); Loogootee, IN (7 mi); Odon, IN (13 mi); Bicknell, IN (16 mi); Petersburg, IN (17 mi) (US Census Bureau populations).
- Nearest smaller communities: Cannelburg, IN (3 mi); Alfordsville, IN (9 mi); Plainville, IN (11 mi) (Census populations).
What a personal loan costs in Montgomery
Personal loans are installment credit — one lump sum, repaid in equal monthly installments across a fixed term you agree to up front.
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.
The offer you receive reflects the lender's read of your credit, income and debts, and the term controls the balance between payment size and total interest.
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 Montgomery
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 |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Montgomery
Before you share your details with a lender in Montgomery:
- 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.