McKenzie at a glance
- Population: 5,586 people, the 97th-largest place among Tennessee's 344 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 5,541 residents (US Census Bureau, 2020 Census).
- 2020 to 2023 change: up roughly 0.8% across the 2020-to-2023 comparison (US Census Bureau).
- Rank among Tennessee places: the 97th-largest of 344 (US Census Bureau, 2023 estimate).
- Size percentile: roughly 72% of places in Tennessee rank below it by population (US Census Bureau).
- Coordinates: the Census Gazetteer places it at 36.1366, -88.5071.
- Nearest larger cities (120-mile radius): Paris, TN (15 mi); Milan, TN (21 mi); Martin, TN (24 mi); Humboldt, TN (31 mi); Murray, KY (35 mi) (US Census Bureau).
- Nearest smaller communities: Henry, TN (7 mi); Gleason, TN (8 mi); Huntingdon, TN (10 mi), each a US Census place.
What a personal loan costs in McKenzie
A personal loan is an installment loan: you receive a lump sum and repay it in fixed monthly payments over a set term, usually two to seven years.
APR is the figure that lets you compare like with like, since it wraps fees into the rate; run your own numbers with the personal loan calculator.
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 McKenzie
The Tennessee rate caps and licensing rules that reach McKenzie are listed below, each with its source and retrieval date.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in McKenzie
The steps below are worth completing first when you borrow in McKenzie:
- 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.