Roanoke at a glance
- Population: about 1,934, 482nd by size in Illinois of 1,294 places (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 1,958 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: about 1.2% lower than the 2020 Census base (US Census Bureau).
- Rank among Illinois places: the 482nd-largest of 1,294 (US Census Bureau, 2023 estimate).
- Size percentile: it is larger than about 63% of the places in Illinois (US Census Bureau).
- Coordinates: mapped at 40.7985, -89.2013 by the US Census Bureau Gazetteer.
- Nearest larger cities (120-mile radius): Eureka, IL (7 mi); Metamora, IL (9 mi); El Paso, IL (10 mi); Washington, IL (14 mi); Germantown Hills, IL (14 mi) (US Census Bureau).
- Smaller places nearby: Secor, IL (5 mi); Benson, IL (6 mi); Panola, IL (10 mi), per US Census Bureau estimates.
What a personal loan costs in Roanoke
Unlike a revolving credit card, a personal loan is closed-end: the balance falls on a fixed schedule and the payment does not change.
The APR is the comparable price of a loan since it folds in fees; model any offer with the personal loan calculator first.
A lender weighs your credit profile, income and debts when setting the rate, and a longer term lowers the payment at the cost of more interest overall.
Work out the payment you can comfortably carry each month first, then borrow no more than that figure supports.
Illinois lending rules that apply in Roanoke
The sourced rows below are the rules a licensed lender must follow when lending in Illinois, and therefore in Roanoke.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Roanoke
These steps are the ones that most affect the offer you receive in Roanoke:
- 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.