Loretto at a glance
- Population: 1,802 — 186th in Tennessee, which has 344 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 1,736 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: population rose about 3.8% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Tennessee places: 186th out of 344 Census places (US Census Bureau).
- Size percentile: it exceeds roughly 46% of Tennessee's Census places by population (US Census Bureau).
- Coordinates: 35.0810, -87.4395 (Census Gazetteer, US Census Bureau).
- Nearest larger cities within 120 miles: Lawrenceburg, TN (13 mi); Florence, AL (21 mi); Pulaski, TN (24 mi); Waynesboro, TN (25 mi); Muscle Shoals, AL (26 mi) (US Census Bureau).
- Nearest smaller towns: St. Joseph, TN (5 mi); Lexington, AL (9 mi); Anderson, AL (15 mi) — US Census Bureau populations.
What a personal loan costs in Loretto
The defining feature of a personal loan is the fixed installment: the same payment every month until the term ends.
Compare offers on APR rather than the headline rate — the APR includes most fees, and you can model the total with our personal loan calculator.
Your credit, income and existing debts drive the rate a lender offers, while the term you pick sets how much interest builds on top.
Set the loan amount from the expense itself rather than the maximum you are approved for, and keep the payment within your existing budget.
Tennessee lending rules that apply in Loretto
Each row below is a Tennessee rule with its publisher and the date it was retrieved.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Loretto
These steps are the ones that most affect the offer you receive in Loretto:
- 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.