Patoka at a glance
- Population: 707 people, the 354th-largest place among Indiana's 565 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 703 residents at the 2020 Census (US Census Bureau, 2020 count).
- 2020 to 2023 change: about 0.6% more residents than the 2020 Census base (US Census Bureau).
- Rank among Indiana places: 354th of the state's 565 Census places (US Census Bureau).
- Size percentile: roughly 37% of places in Indiana rank below it by population (US Census Bureau).
- Coordinates: the Census Gazetteer places it at 38.3963, -87.5942.
- Nearest larger cities: Princeton, IN (3 mi); Mount Carmel, IL (10 mi); Owensville, IN (10 mi); Fort Branch, IN (10 mi); Haubstadt, IN (13 mi); each population is a US Census Bureau estimate.
- Nearest smaller towns: Hazleton, IN (7 mi); Francisco, IN (9 mi); Decker, IN (9 mi) — US Census Bureau populations.
What a personal loan costs in Patoka
A personal loan is an installment loan: you receive a lump sum and repay it in fixed monthly payments over a set term, usually two to seven years.
The APR is the comparable price of a loan since it folds in fees; model any offer with the personal loan calculator first.
Your credit, income and existing debts drive the rate a lender offers, while the term you pick sets how much interest builds on top.
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 Patoka
The sourced rows below are the rules a licensed lender must follow when lending in Indiana, and therefore in Patoka.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Patoka
Before you share your details with a lender in Patoka:
- 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.