Melissa at a glance
- Population: the Census estimates 23,571 residents, ranking 138th of 1,224 places in Texas (Vintage 2023).
- 2020 Census base: 13,902 people (US Census Bureau, 2020 Census count).
- 2020 to 2023 change: a gain of roughly 69.6% between the 2020 count and the 2023 estimate (US Census Bureau).
- Rank among Texas places: 138th largest of 1,224 (US Census Bureau).
- Size percentile: about 89% of places in Texas are smaller (US Census Bureau).
- Coordinates: the Census Gazetteer places it at 33.2885, -96.5576.
- Nearest larger cities within 120 miles: Anna, TX (4 mi); Princeton, TX (8 mi); McKinney, TX (9 mi); Allen, TX (14 mi); Celina, TX (14 mi) (US Census Bureau).
- Nearest smaller communities: New Hope, TX (5 mi); Weston, TX (7 mi); Lowry Crossing, TX (8 mi), each a US Census place.
What a personal loan costs in Melissa
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.
Because interest accrues for longer, a longer term means a lower installment and a higher total cost — decide which matters more to you.
Set the loan amount from the expense itself rather than the maximum you are approved for, and keep the payment within your existing budget.
Texas lending rules that apply in Melissa
The Texas rate caps and licensing rules that reach Melissa are listed below, each with its source and retrieval date.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Melissa
Before you commit to a personal loan in Melissa, work through these steps:
- 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.