Raleigh at a glance
- Population: about 278, 1,026th by size in Illinois of 1,294 places (Census Vintage 2023 subcounty estimate).
- 2020 Census base: the 2020 Census recorded 289 residents here (US Census Bureau).
- 2020 to 2023 change: a decline of roughly 3.8% between the 2020 count and the 2023 estimate (US Census Bureau).
- Rank among Illinois places: 1,026th largest of 1,294 (US Census Bureau).
- Size percentile: it exceeds roughly 21% of Illinois's Census places by population (US Census Bureau).
- Coordinates: 37.8244, -88.5312 (US Census Bureau Gazetteer).
- Nearest larger cities: Galatia, IL (5 mi); Eldorado, IL (5 mi); Harrisburg, IL (6 mi); Carrier Mills, IL (11 mi); Equality, IL (12 mi) — straight-line distances, US Census Bureau populations.
- Nearest smaller communities: Muddy, IL (4 mi); Broughton, IL (8 mi); Omaha, IL (13 mi), each a US Census place.
What a personal loan costs in Raleigh
The defining feature of a personal loan is the fixed installment: the same payment every month until the term ends.
The advertised interest rate leaves out fees that the APR captures, which is why APR is the number to weigh; try the personal loan calculator before you apply.
The offer you receive reflects the lender's read of your credit, income and debts, and the term controls the balance between payment size and total interest.
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 Raleigh
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 |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Raleigh
A few practical steps will make the process in Raleigh 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.