Spring Grove at a glance
- Population: 331 residents, the 455th-largest of 565 places in Indiana (US Census Bureau, Vintage 2023).
- 2020 Census base: 333 residents at the 2020 Census (US Census Bureau, 2020 count).
- 2020 to 2023 change: down roughly 0.6% across the 2020-to-2023 comparison (US Census Bureau).
- Rank among Indiana places: 455th by size among 565 communities (US Census Bureau).
- Size percentile: it exceeds roughly 19% of Indiana's Census places by population (US Census Bureau).
- Coordinates: latitude 39.8472, longitude -84.8912 (US Census Bureau Gazetteer).
- Nearest larger cities within 120 miles: Richmond, IN (1 mi); New Paris, OH (5 mi); Centerville, IN (6 mi); Fountain City, IN (8 mi); Eldorado, OH (12 mi) (US Census Bureau).
- Smaller towns nearby: Whitewater, IN (7 mi); Boston, IN (8 mi); Greens Fork, IN (8 mi) (US Census Bureau).
What a personal loan costs in Spring Grove
A personal loan is structured as an installment plan, with a set number of monthly payments and a fixed amount due each time.
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.
Stretching the term lowers the monthly payment but raises the total interest you pay, so the smallest payment is not automatically the cheapest loan.
A useful rule is to keep the new payment inside the room your budget already has, so the loan eases pressure instead of adding to it.
Indiana lending rules that apply in Spring Grove
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 |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Spring Grove
The order below is a sensible way to approach a loan in Spring Grove:
- 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.