Mount Ayr at a glance
- Population: about 115, 540th by size in Indiana of 565 places (Census Vintage 2023 subcounty estimate).
- 2020 Census base: the 2020 count put the population at 116 (US Census Bureau).
- 2020 to 2023 change: down about 0.9% from the 2020 Census base to the 2023 estimate (US Census Bureau).
- Rank among Indiana places: 540th largest of 565 (US Census Bureau).
- Size percentile: larger than about 4% of the Census places in Indiana (US Census Bureau).
- Coordinates: 40.9523, -87.2990 (Census Gazetteer, US Census Bureau).
- Nearest larger cities: Brook, IN (7 mi); Rensselaer, IN (8 mi); Morocco, IN (8 mi); Goodland, IN (13 mi); Kentland, IN (15 mi) — straight-line distances, US Census Bureau populations.
- Nearest smaller towns: Irwin, IL (36 mi); Union Hill, IL (45 mi); East Brooklyn, IL (53 mi) (US Census Bureau).
What a personal loan costs in Mount Ayr
Personal loans are installment credit — one lump sum, repaid in equal monthly installments across a fixed term you agree to up front.
APR, not the simple interest rate, reflects what the loan actually costs once fees are included; the personal loan calculator puts a figure on it.
The term is the lever: extend it and the payment falls while total interest climbs; shorten it and the reverse happens.
Pre-qualifying with several lenders takes minutes, uses a soft pull, and gives you real numbers to compare before any hard inquiry.
Indiana lending rules that apply in Mount Ayr
Where a figure is not published by the state, the row points to the source instead of guessing.
| 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 Mount Ayr
The order below is a sensible way to approach a loan in Mount Ayr:
- 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.