Nelson at a glance
- Population: the Census estimates 124 residents, ranking 1,200th of 1,294 places in Illinois (Vintage 2023).
- 2020 Census base: 126 residents at the 2020 Census (US Census Bureau, 2020 count).
- 2020 to 2023 change: down roughly 1.6% across the 2020-to-2023 comparison (US Census Bureau).
- Rank among Illinois places: 1,200th of the state's 1,294 Census places (US Census Bureau).
- Size percentile: it exceeds roughly 7% of Illinois's Census places by population (US Census Bureau).
- Coordinates: latitude 41.7963, longitude -89.6075 (US Census Bureau Gazetteer).
- Nearest larger cities: Sterling, IL (5 mi); Rock Falls, IL (5 mi); Dixon, IL (7 mi); Coleta, IL (12 mi); Polo, IL (13 mi); US Census Bureau population estimates.
- Nearest smaller towns: Harmon, IL (6 mi); Deer Grove, IL (14 mi); New Bedford, IL (20 mi) (US Census Bureau).
What a personal loan costs in Nelson
A personal loan hands you a single sum and a repayment schedule of equal monthly installments over an agreed term.
APR is the figure that lets you compare like with like, since it wraps fees into the rate; run your own numbers with the personal loan calculator.
A longer repayment period spreads the cost and increases the interest paid, so compare total cost, not just the monthly figure.
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.
Illinois lending rules that apply in Nelson
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 |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Nelson
Run through this list before signing anything in Nelson:
- 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.