Panama at a glance
- Population: 327, the 979th-largest community in Illinois out of 1,294 (US Census Bureau, Vintage 2023).
- 2020 Census base: 333 residents (US Census Bureau, 2020 Census).
- 2020 to 2023 change: about 1.8% lower than the 2020 Census base (US Census Bureau).
- Rank among Illinois places: 979th largest of 1,294 (US Census Bureau).
- Size percentile: it is larger than about 24% of the places in Illinois (US Census Bureau).
- Coordinates: mapped at 39.0293, -89.5244 by the US Census Bureau Gazetteer.
- Nearest larger cities: Sorento, IL (3 mi); Taylor Springs, IL (7 mi); Coffeen, IL (8 mi); New Douglas, IL (9 mi); Schram City, IL (10 mi), each a US Census place with its estimated population.
- Nearest smaller places: Donnellson, IL (3 mi); Walshville, IL (6 mi); Old Ripley, IL (10 mi) (US Census Bureau estimates).
What a personal loan costs in Panama
Personal loans are closed-end installment debt, so the monthly payment and the payoff date are known from the start.
Judge an offer by its APR, which blends the interest rate with fees, and use the personal loan calculator to see the total cost.
A longer term reduces what you owe each month and increases the total interest, which is the trade-off to weigh before choosing one.
Pre-qualification is a good first filter: it shows the rate and amount a lender may offer before you agree to a full application and a hard inquiry.
Illinois lending rules that apply in Panama
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 Panama
The steps below are worth completing first when you borrow in Panama:
- 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.