Memphis at a glance
- Population: 618,639 people, the 1st-largest place among Tennessee's 344 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 635,425 residents (US Census Bureau, 2020 Census).
- 2020 to 2023 change: population fell about 2.6% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Tennessee places: 1st in population of 344 places (US Census Bureau).
- Size percentile: about 99% of Tennessee's Census places are smaller (US Census Bureau).
- Coordinates: it sits at 35.1092, -89.9685 in the US Census Bureau Gazetteer.
- Nearest larger cities: none within 120 miles — the next larger place is further out.
- Smaller towns nearby: Germantown, TN (11 mi); Southaven, MS (11 mi); Horn Lake, MS (12 mi) (US Census Bureau).
What a personal loan costs in Memphis
A personal loan is structured as an installment plan, with a set number of monthly payments and a fixed amount due each time.
Compare every quote on APR because it includes the fees the interest rate hides, and check the payment with our personal loan calculator.
Choosing a longer term eases the monthly budget but adds interest over the life of the loan; a shorter term costs more per month and less 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 Memphis
The table carries the Tennessee rate and licensing rules that apply to consumer loans made in Memphis.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Memphis
Run through this list before signing anything in Memphis:
- 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.