Olmsted at a glance
- Population: the Census estimates 271 residents, ranking 1,034th of 1,294 places in Illinois (Vintage 2023).
- 2020 Census base: 286 residents (US Census Bureau, 2020 Census).
- 2020 to 2023 change: a loss of about 5.2% since the 2020 count (US Census Bureau).
- Rank among Illinois places: 1,034th largest of 1,294 (US Census Bureau).
- Size percentile: roughly 20% of places in Illinois rank below it by population (US Census Bureau).
- Coordinates: mapped at 37.1824, -89.0840 by the US Census Bureau Gazetteer.
- Nearest larger cities: Mound City, IL (8 mi); Mounds, IL (8 mi); Ullin, IL (8 mi); Barlow, KY (9 mi); La Center, KY (10 mi), each a US Census place with its estimated population.
- Nearest smaller places: New Grand Chain, IL (6 mi); Pulaski, IL (7 mi); Belknap, IL (13 mi) (US Census Bureau estimates).
What a personal loan costs in Olmsted
With an installment loan the payment is fixed for the life of the loan, so the schedule is predictable from the first month to the last.
Because the APR includes origination and finance charges, it is the honest comparison number; the personal loan calculator turns an APR and term into a monthly payment.
A longer term reduces what you owe each month and increases the total interest, which is the trade-off to weigh before choosing one.
Shop with more than one lender and treat pre-qualification as an estimate, since the final terms follow a full application.
Illinois lending rules that apply in Olmsted
The table carries the Illinois rate and licensing rules that apply to consumer loans made in Olmsted.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Olmsted
A few practical steps will make the process in Olmsted less costly:
- 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.