Olney at a glance
- Population: a Census-estimated 8,512, placing it 250th among Illinois's 1,294 places (Vintage 2023 subcounty estimate).
- 2020 Census base: 8,703 residents (US Census Bureau, 2020 Census).
- 2020 to 2023 change: a decline of roughly 2.2% between the 2020 count and the 2023 estimate (US Census Bureau).
- Rank among Illinois places: the 250th-largest of 1,294 (US Census Bureau, 2023 estimate).
- Size percentile: larger than about 81% of the Census places in Illinois (US Census Bureau).
- Coordinates: 38.7281, -88.0842 (US Census Bureau Gazetteer).
- Nearest larger cities within 120 miles: Vincennes, IN (31 mi); Effingham, IL (37 mi); Washington, IN (50 mi); Charleston, IL (53 mi); Mount Vernon, IL (53 mi) (US Census Bureau).
- Smaller places nearby: Calhoun, IL (6 mi); Claremont, IL (6 mi); Noble, IL (8 mi), per US Census Bureau estimates.
What a personal loan costs in Olney
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.
The APR is the comparable price of a loan since it folds in fees; model any offer with the personal loan calculator first.
The term is the lever: extend it and the payment falls while total interest climbs; shorten it and the reverse happens.
If you are consolidating debt, the loan only helps if you stop adding to the balances it clears; otherwise the total debt grows.
Illinois lending rules that apply in Olney
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 Olney
Here is a short checklist for comparing personal loans in Olney:
- 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.