Personal loans in Melrose, IA

A lender serving Melrose holds a Iowa license and answers to a Iowa regulator, not to any city office. About 111 people live in Melrose, placing it 804th of 940 Census places in Iowa. Census figures show Melrose holding steady across 2020 to 2023. Lenders active in Iowa report to a state supervisor, identified in the sourced rows below. If debt is already a strain, a nonprofit credit counsellor can help before you take on more. The nearest larger metro is Russell, IA about 8 miles away.

By the Personalloaner Editorial Team · Last updated 2026-09-16

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Borrowing in Melrose: the local picture

Here is the sourced Census picture for Melrose, plus the Iowa lending rules that apply to a loan taken out here.

Population: about 111, ranked 804th of 940 places in Iowa (Census Vintage 2023 subcounty estimate).
Population trend: The 2020-to-2023 change is under a tenth of a percent.
Size percentile: roughly 14% of Iowa's places have fewer residents.
Location: 40.9791, -93.0508 (Census Gazetteer coordinates).
Nearest larger cities: Russell (8 mi); Lovilia (13 mi); Williamson (13 mi); Albia (13 mi); Moravia (13 mi). Living near a larger metro rarely changes what is available in Melrose.
Smaller places nearby: Marysville (15 mi); Rathbun (15 mi); Plano (15 mi).

What Iowa law requires in Melrose

Below are the Iowa rules that reach a loan made in Melrose, each with the regulator that issued it.

Rule	Detail	Source
Maximum legal interest rate (usury cap)	2 percentage points above the monthly average 10-year U.S. Treasury constant maturity rate (written agreements) Source says: "The maximum lawful rate of interest ... in any written agreement ... shall be two percentage points above the monthly average ten-year constant maturity interest rate".	Iowa Legislature (Iowa Code) as of 2026-09-16
Payday lending status	Permitted under license (delayed deposit services; must be physically located in Iowa) Source says: "A person shall not operate a delayed deposit services business in this state unless the person is physically located in this state and licensed by the superintendent".	Iowa Legislature (Iowa Code) as of 2026-09-16
Small-loan / installment lender licensing	Regulated Loan Act license required (superintendent of banking) Source says: "shall not engage in the business of making loans ... without first obtaining a license from the superintendent of banking".	Iowa Legislature (Iowa Code) as of 2026-09-16
State lending regulator	Iowa Division of Banking (IDOB), Iowa Department of Insurance and Financial Services Source says: "As part of the 2023 state government realignment, the IDOB became part of a new Department of Insurance and Financial Services".	Iowa Division of Banking as of 2026-09-16
Delayed deposit fee cap	Fee cap: $15 on first $100 of check face amount; $10 on subsequent $100 increments Source says: "fifteen dollars on the first one hundred dollars ... or more than ten dollars on subsequent one hundred dollar increments".	Iowa Legislature (Iowa Code) as of 2026-09-16

What a Melrose personal loan looks like

Because a personal loan payment is fixed, the total cost is knowable in advance — the main difference from a credit card, where the balance revolves. Only when you accept an offer and finish a full application does the lender run a hard inquiry, which may cost a few points for a short time. Borrowing is a decision to make calmly, not one to rush.

A pre-application checklist for Melrose

Complete these steps first when you borrow in Melrose:

Order your free credit reports and dispute anything inaccurate — it is the cheapest way to move the rate you are offered.
Price the payment first with our personal loan calculator before any lender quotes you.
Pre-qualify with three or more lenders, then compare the APR rather than the interest rate.
Confirm the lender holds a Iowa licence by checking the regulator named above.
Write down the purpose of the loan and your repayment plan before you apply.

Compare personal loan offers Run the numbers first

Common questions

What are my options in Melrose if my credit is poor?

Borrowing is still possible, but expect a higher APR and a smaller approved amount. Lenders that accept lower scores hold statewide licences, so what is open to you in Melrose is the same as anywhere in Iowa.

What loan size can I expect in Melrose?

Most personal loans sit somewhere between $1,000 and $50,000, though the figure you are approved for turns on the lender, your income and your credit. Model the monthly payment first with our personal loan calculator.

Do I have to pledge anything to borrow in Melrose?

For an unsecured personal loan, no — there is nothing to pledge. A secured loan, such as home equity or one secured by a vehicle, does require collateral, and default puts that asset at risk.

Does comparing loans in Melrose cost me credit score points?

Not during pre-qualification, which normally uses a soft pull and leaves your score alone. Submitting a full application triggers a hard inquiry, which can trim a few points briefly.

Nearby places

Russell, IA — population 474
Lovilia, IA — population 460
Plano, IA — population 58
Marysville, IA — population 47
Mystic, IA — population 321
Williamson, IA — population 125
Rathbun, IA — population 39
Hamilton, IA — population 127