Wallace at a glance
- Population: about 79 residents, ranking 552nd of 565 Census places in Indiana (US Census Bureau, Vintage 2023 subcounty estimate).
- 2020 Census base: 79 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: no meaningful change since the 2020 count (US Census Bureau).
- Rank among Indiana places: 552nd in population of 565 places (US Census Bureau).
- Size percentile: roughly 2% of places in Indiana rank below it by population (US Census Bureau).
- Coordinates: 39.9871 latitude, -87.1471 longitude (US Census Bureau Gazetteer).
- Nearest larger cities: Kingman, IN (7 mi); Waynetown, IN (8 mi); Hillsboro, IN (8 mi); Waveland, IN (9 mi); Marshall, IN (10 mi), each a US Census place with its estimated population.
- Smaller places nearby: Alamo, IN (5 mi); Crows Nest, IN (53 mi); North Crows Nest, IN (53 mi), per US Census Bureau estimates.
What a personal loan costs in Wallace
Most personal loans are unsecured, meaning no collateral is pledged, and they are repaid in equal installments over a fixed term.
APR, not the simple interest rate, reflects what the loan actually costs once fees are included; the personal loan calculator puts a figure on it.
Because interest accrues for longer, a longer term means a lower installment and a higher total cost — decide which matters more to you.
Pre-qualification is a good first filter: it shows the rate and amount a lender may offer before you agree to a full application and a hard inquiry.
Indiana lending rules that apply in Wallace
The table lists the Indiana rules that apply to a loan made in Wallace, each with the regulator that published it.
| 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 Wallace
A few practical steps will make the process in Wallace 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 Indiana using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.