Waterman at a glance
- Population: 1,421 — 553rd in Illinois, which has 1,294 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 1,436 people (US Census Bureau, 2020 Census count).
- 2020 to 2023 change: down about 1.0% from the 2020 Census base to the 2023 estimate (US Census Bureau).
- Rank among Illinois places: 553rd of the state's 1,294 Census places (US Census Bureau).
- Size percentile: roughly 57% of places in Illinois rank below it by population (US Census Bureau).
- Coordinates: the Census Gazetteer places it at 41.7656, -88.7631.
- Nearest larger cities (within 120 miles): Hinckley, IL (6 mi); Somonauk, IL (10 mi); Sandwich, IL (11 mi); DeKalb, IL (11 mi); Cortland, IL (12 mi) (US Census Bureau populations).
- Smaller towns nearby: Shabbona, IL (6 mi); Lee, IL (9 mi); Leland, IL (10 mi) (US Census Bureau).
What a personal loan costs in Waterman
Unlike a revolving credit card, a personal loan is closed-end: the balance falls on a fixed schedule and the payment does not change.
Two loans can share an interest rate and still differ in APR once fees are counted, so compare APR; our personal loan calculator shows the difference over the full term.
A longer term reduces what you owe each month and increases the total interest, which is the trade-off to weigh before choosing one.
A payment that strains the budget is a warning sign; a smaller loan or a little more saving time is the safer route.
Illinois lending rules that apply in Waterman
Where a figure is not published by the state, the row points to the source instead of guessing.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Waterman
The steps below are worth completing first when you borrow in Waterman:
- 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.