Electra at a glance
- Population: roughly 2,272 people; 568th of 1,224 places in Texas (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 2,293 people at the 2020 Census, the baseline for the trend below (US Census Bureau).
- 2020 to 2023 change: down roughly 0.9% across the 2020-to-2023 comparison (US Census Bureau).
- Rank among Texas places: 568th in population of 1,224 places (US Census Bureau).
- Size percentile: roughly 54% of Texas's places have fewer residents (US Census Bureau).
- Coordinates: 34.0323, -98.9202 (US Census Bureau Gazetteer).
- Nearest larger cities: Iowa Park, TX (15 mi); Burkburnett, TX (20 mi); Frederick, OK (22 mi); Vernon, TX (23 mi); Wichita Falls, TX (24 mi) — straight-line distances, US Census Bureau populations.
- Smaller places close by: Davidson, OK (17 mi); Grandfield, OK (19 mi); Pleasant Valley, TX (20 mi) (US Census Bureau).
What a personal loan costs in Electra
Personal loans are installment credit — one lump sum, repaid in equal monthly installments across a fixed term you agree to up front.
The number to compare is the APR, not the interest rate, because the APR folds in origination fees and other charges; our personal loan calculator will show what a given amount and term would cost.
The offer you receive reflects the lender's read of your credit, income and debts, and the term controls the balance between payment size and total interest.
If you are consolidating debt, the loan only helps if you stop adding to the balances it clears; otherwise the total debt grows.
Texas lending rules that apply in Electra
Where a figure is not published by the state, the row points to the source instead of guessing.
| Rule | Detail | Source |
|---|---|---|
| Small-loan / installment lender licensing | License required for non-depository lenders charging more than 10% interest; Chapter 342 governs consumer loans (Tex. Fin. Code § 342.051) Source says: Non-depository lenders who engage in making, transacting, or collecting loans with a rate of interest greater than 10% must be licensed by the OCCC. | Texas Office of Consumer Credit Commissioner (OCCC) as of 2026-09-16 |
| State lending regulator | Texas Office of Consumer Credit Commissioner (OCCC) Source says: The OCCC licenses and regulates non-depository lenders in the state of Texas. | Texas Office of Consumer Credit Commissioner (OCCC) as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | 10% per year maximum; a greater rate is usurious unless otherwise provided by law (Tex. Fin. Code § 302.001) Source says: The maximum rate or amount of interest is 10 percent a year except as otherwise provided by law. | Texas Legislature (Texas Constitution and Statutes) as of 2026-09-16 |
| Payday lending status | Legal via licensed credit access businesses (payday/title-loan brokers); the third-party lender itself is not licensed (Tex. Fin. Code ch. 393) Source says: the credit access business that serves as the broker is the licensee in this regulated industry | Texas Office of Consumer Credit Commissioner (OCCC) as of 2026-09-16 |
How to compare offers in Electra
The order below is a sensible way to approach a loan in Electra:
- 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 Texas using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.