Somerville at a glance
- Population: 249 residents, the 482nd-largest of 565 places in Indiana (US Census Bureau, Vintage 2023).
- 2020 Census base: 250 residents at the 2020 Census (US Census Bureau, 2020 count).
- 2020 to 2023 change: population fell about 0.4% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Indiana places: 482nd in population of 565 places (US Census Bureau).
- Size percentile: ahead of around 15% of Indiana places in population terms (US Census Bureau).
- Coordinates: mapped at 38.2797, -87.3757 by the US Census Bureau Gazetteer.
- Nearest larger cities (within 120 miles): Oakland City, IN (4 mi); Francisco, IN (5 mi); Lynnville, IN (6 mi); Elberfeld, IN (9 mi); Fort Branch, IN (11 mi) (US Census Bureau populations).
- Nearest smaller places: Mackey, IN (2 mi); Spurgeon, IN (7 mi); Hazleton, IN (17 mi) (US Census Bureau estimates).
What a personal loan costs in Somerville
The defining feature of a personal loan is the fixed installment: the same payment every month until the term ends.
Because the APR includes origination and finance charges, it is the honest comparison number; the personal loan calculator turns an APR and term into a monthly payment.
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 Somerville
Where a figure is not published by the state, the row points to the source instead of guessing.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Somerville
The order below is a sensible way to approach a loan in Somerville:
- 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.