Lexington at a glance
- Population: 7,988, the 72nd-largest community in Tennessee out of 344 (US Census Bureau, Vintage 2023).
- 2020 Census base: 7,955 residents at the 2020 Census (US Census Bureau, 2020 count).
- 2020 to 2023 change: up about 0.4% from the 2020 Census base to the 2023 estimate (US Census Bureau).
- Rank among Tennessee places: 72nd of 344 by population (US Census Bureau, Vintage 2023).
- Size percentile: it is larger than about 79% of the places in Tennessee (US Census Bureau).
- Coordinates: 35.6421 latitude, -88.3753 longitude (US Census Bureau Gazetteer).
- Nearest larger cities: Jackson, TN (26 mi); Milan, TN (28 mi); Paris, TN (45 mi); Corinth, MS (49 mi); Brownsville, TN (50 mi), each a US Census place with its estimated population.
- Smaller places nearby: Parker's Crossroads, TN (10 mi); Scotts Hill, TN (11 mi); Parsons, TN (14 mi), per US Census Bureau estimates.
What a personal loan costs in Lexington
Unlike a revolving credit card, a personal loan is closed-end: the balance falls on a fixed schedule and the payment does not change.
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.
A lender weighs your credit profile, income and debts when setting the rate, and a longer term lowers the payment at the cost of more interest overall.
Before you borrow, decide what the loan is for and whether the monthly payment fits a budget you can already meet without taking on new debt.
Tennessee lending rules that apply in Lexington
The sourced rows below are the rules a licensed lender must follow when lending in Tennessee, and therefore in Lexington.
| Rule | Detail | Source |
|---|---|---|
| Small-loan / installment lender licensing | TDFI Compliance Division licenses industrial loan & thrift companies, deferred presentment companies, flexible credit companies, and other consumer lenders Source says: The Compliance Division is responsible for the licensing and regulatory supervision of the following types of financial institutions operating in Tennessee | Tennessee Department of Financial Institutions (TDFI) as of 2026-09-16 |
| State lending regulator | Tennessee Department of Financial Institutions (TDFI) Source says: The Department regulates banks, credit unions, trust companies, business and industrial development corporations, industrial loan and thrift companies | Tennessee Department of Financial Institutions (TDFI) as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | 10.75% per annum (maximum effective formula rate for written contracts, announced September 15, 2026) Source says: the maximum effective formula rate of interest in Tennessee is 10.75 percent per annum | Tennessee Department of Financial Institutions (TDFI) as of 2026-09-16 |
| Payday lending status | Licensed; deferred presentment services (payday) lenders must obtain a TDFI license, including internet lenders (Tenn. Code Ann. § 45-17-103) Source says: deferred presentment services in this state through the use of the internet, facsimile, telephone, or other means without having first obtained a license | Tennessee Department of Financial Institutions (TDFI) as of 2026-09-16 |
How to compare offers in Lexington
A few practical steps will make the process in Lexington 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 Tennessee using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.