Rake at a glance
- Population: about 182 residents, ranking 685th of 940 Census places in Iowa (US Census Bureau, Vintage 2023 subcounty estimate).
- 2020 Census base: 186 people (US Census Bureau, 2020 Census count).
- 2020 to 2023 change: about 2.2% below the 2020 Census base (US Census Bureau).
- Rank among Iowa places: 685th in population of 940 places (US Census Bureau).
- Size percentile: roughly 27% of places in Iowa rank below it by population (US Census Bureau).
- Coordinates: latitude 43.4806, longitude -93.9197 (US Census Bureau Gazetteer).
- Nearest larger cities: Buffalo Center, IA (6 mi); Frost, MN (7 mi); Bricelyn, MN (8 mi); Elmore, MN (9 mi); Thompson, IA (11 mi); each population is a US Census Bureau estimate.
- Smaller places nearby: Ledyard, IA (13 mi); Walters, MN (15 mi); Scarville, IA (15 mi), per US Census Bureau estimates.
What a personal loan costs in Rake
Most personal loans are unsecured, meaning no collateral is pledged, and they are repaid in equal installments over a fixed 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.
Because interest accrues for longer, a longer term means a lower installment and a higher total cost — decide which matters more to you.
A payment that strains the budget is a warning sign; a smaller loan or a little more saving time is the safer route.
Iowa lending rules that apply in Rake
Each row below is a Iowa rule with its publisher and the date it was retrieved.
| Rule | Detail | Source |
|---|---|---|
| Small-loan / installment lender licensing | Regulated Loan Act license required (superintendent of banking) Source says: "shall not engage in the business of making loans ... without first obtaining a license from the superintendent of banking". | Iowa Legislature (Iowa Code) as of 2026-09-16 |
| State lending regulator | Iowa Division of Banking (IDOB), Iowa Department of Insurance and Financial Services Source says: "As part of the 2023 state government realignment, the IDOB became part of a new Department of Insurance and Financial Services". | Iowa Division of Banking as of 2026-09-16 |
| Delayed deposit fee cap | Fee cap: $15 on first $100 of check face amount; $10 on subsequent $100 increments Source says: "fifteen dollars on the first one hundred dollars ... or more than ten dollars on subsequent one hundred dollar increments". | Iowa Legislature (Iowa Code) as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | 2 percentage points above the monthly average 10-year U.S. Treasury constant maturity rate (written agreements) Source says: "The maximum lawful rate of interest ... in any written agreement ... shall be two percentage points above the monthly average ten-year constant maturity interest rate". | Iowa Legislature (Iowa Code) as of 2026-09-16 |
| Payday lending status | Permitted under license (delayed deposit services; must be physically located in Iowa) Source says: "A person shall not operate a delayed deposit services business in this state unless the person is physically located in this state and licensed by the superintendent". | Iowa Legislature (Iowa Code) as of 2026-09-16 |
How to compare offers in Rake
Run through this list before signing anything in Rake:
- 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 Iowa using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.