Mount Vernon at a glance
- Population: about 2,456 residents, ranking 125th of 416 Census places in Kentucky (US Census Bureau, Vintage 2023 subcounty estimate).
- 2020 Census base: 2,452 residents at the 2020 Census (US Census Bureau, 2020 count).
- 2020 to 2023 change: up about 0.2% from the 2020 Census base to the 2023 estimate (US Census Bureau).
- Rank among Kentucky places: 125th largest of 416 (US Census Bureau).
- Size percentile: it exceeds roughly 70% of Kentucky's Census places by population (US Census Bureau).
- Coordinates: mapped at 37.3571, -84.3329 by the US Census Bureau Gazetteer.
- Nearest larger cities: Berea, KY (16 mi); Stanford, KY (21 mi); London, KY (22 mi); Lancaster, KY (23 mi); Somerset, KY (24 mi), each a US Census place with its estimated population.
- Nearest smaller towns: Brodhead, KY (6 mi); Livingston, KY (8 mi); Crab Orchard, KY (12 mi) (US Census Bureau).
What a personal loan costs in Mount Vernon
Unlike a revolving credit card, a personal loan is closed-end: the balance falls on a fixed schedule and the payment does not change.
APR, not the simple interest rate, reflects what the loan actually costs once fees are included; the personal loan calculator puts a figure on it.
A longer repayment period spreads the cost and increases the interest paid, so compare total cost, not just the monthly figure.
A useful rule is to keep the new payment inside the room your budget already has, so the loan eases pressure instead of adding to it.
Kentucky lending rules that apply in Mount Vernon
The sourced rows below are the rules a licensed lender must follow when lending in Kentucky, and therefore in Mount Vernon.
| Rule | Detail | Source |
|---|---|---|
| Small-loan / installment lender licensing | Consumer Loan Company license required (KRS Chapter 286.4) Source says: "How to License a Consumer Loan Company: 1. Read KRS 286.4 and the applicable administrative regulations under KAR 808, Chapter 6". | Kentucky Department of Financial Institutions as of 2026-09-16 |
| State lending regulator | Kentucky Department of Financial Institutions (DFI) Source says: "The Department of Financial Institutions' mission is to serve Kentucky residents by promoting access to a stable financial industry, implementing effective and efficient regulatory oversight". | Kentucky Department of Financial Institutions as of 2026-09-16 |
| Consumer Loan Company license — statutory basis | License required from the commissioner to make loans at a greater rate of interest than otherwise permitted by law Source says: "No person shall, without first obtaining a license from the commissioner, engage in the business of making loans ... at a greater rate of interest". | Kentucky Legislative Research Commission (Kentucky Revised Statutes) as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | Up to 19% per annum, or 4% over the 90-day commercial-paper discount rate, whichever is less (by written agreement) Source says: "At a per annum rate not to exceed four percent (4%) in excess of the discount rate on ninety (90) day commercial paper ... or nineteen percent (19%), whichever is less". | Kentucky Legislative Research Commission (Kentucky Revised Statutes) as of 2026-09-16 |
| Payday lending status | Permitted under license (deferred deposit service business; payday loans) Source says: "The Kentucky Department of Financial Institutions (DFI) has secured the services of Veritec Solutions, LLC to provide a common database with real-time access for deferred deposit transactions". | Kentucky Department of Financial Institutions as of 2026-09-16 |
How to compare offers in Mount Vernon
These steps are the ones that most affect the offer you receive in Mount Vernon:
- 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 Kentucky using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.