Mercer at a glance
- Population: roughly 259 people; 603rd of 937 places in Missouri (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 264 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: a decline of roughly 1.9% between the 2020 count and the 2023 estimate (US Census Bureau).
- Rank among Missouri places: 603rd in population of 937 places (US Census Bureau).
- Size percentile: ahead of around 36% of Missouri places in population terms (US Census Bureau).
- Coordinates: the Census Gazetteer places it at 40.5106, -93.5299.
- Nearest larger cities within 120 miles: Princeton, MO (8 mi); Cainsville, MO (14 mi); Allerton, IA (16 mi); Leon, IA (20 mi); Corydon, IA (20 mi) (US Census Bureau).
- Nearest smaller communities: South Lineville, MO (5 mi); Lineville, IA (5 mi); Clio, IA (10 mi) (Census populations).
What a personal loan costs in Mercer
Personal loans are closed-end installment debt, so the monthly payment and the payoff date are known from the start.
Because the APR includes origination and finance charges, it is the honest comparison number; the personal loan calculator turns an APR and term into a monthly payment.
Your credit, income and existing debts drive the rate a lender offers, while the term you pick sets how much interest builds on top.
Work out the payment you can comfortably carry each month first, then borrow no more than that figure supports.
Missouri lending rules that apply in Mercer
Where a figure is not published by the state, the row points to the source instead of guessing.
| Rule | Detail | Source |
|---|---|---|
| Maximum legal interest rate (usury cap) | 10% per annum, or the higher published 'market rate' (RSMo § 408.030) Source says: "a rate of interest not exceeding ten percent per annum on money due or to become due upon any contract" | Missouri Revisor of Statutes as of 2026-09-16 |
| Payday lending status | Legal and licensed — unsecured loans of $500 or less require a license from the Director of the Division of Finance (RSMo § 408.500) Source says: "in the business of making unsecured loans of five hundred dollars or less shall obtain a license from the director of the division of finance" | Missouri Revisor of Statutes as of 2026-09-16 |
| Small-loan / installment lender licensing | Consumer credit lenders licensed and regulated by the Division of Finance's consumer credit section (Chapters 367 and 408, RSMo) Source says: "The consumer credit section of the Missouri Division of Finance is responsible for licensing and regulating various types of consumer finance companies" | Missouri Division of Finance as of 2026-09-16 |
| State lending regulator | Missouri Division of Finance (Department of Commerce and Insurance) Source says: "We regulate state-chartered banks, trust companies, consumer credit facilities, mortgage brokers, and savings and loan institutions" | Missouri Division of Finance as of 2026-09-16 |
| Additional loan fee cap (30+ day loans) | Up to 10% of principal, capped at $100 (RSMo § 408.140) Source says: "a fee, not to exceed ten percent of the principal amount loaned not to exceed one hundred dollars may be charged by the lender" | Missouri Revisor of Statutes as of 2026-09-16 |
How to compare offers in Mercer
Before you commit to a personal loan in Mercer, 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 Missouri using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.