Salem at a glance
- Population: 1,609 people, the 152nd-largest place among Arkansas's 500 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 1,571 residents at the 2020 Census (US Census Bureau, 2020 count).
- 2020 to 2023 change: about 2.4% more residents than the 2020 Census base (US Census Bureau).
- Rank among Arkansas places: 152nd in population of 500 places (US Census Bureau).
- Size percentile: it exceeds roughly 70% of Arkansas's Census places by population (US Census Bureau).
- Coordinates: 36.3704 / -91.8217, per the US Census Bureau Gazetteer.
- Nearest larger cities: Horseshoe Bend, AR (11 mi); Cherokee Village, AR (15 mi); Thayer, MO (19 mi); Melbourne, AR (21 mi); Calico Rock, AR (24 mi); US Census Bureau population estimates.
- Nearest smaller towns: Viola, AR (9 mi); Oxford, AR (12 mi); Franklin, AR (14 mi) (US Census Bureau).
What a personal loan costs in Salem
A personal loan hands you a single sum and a repayment schedule of equal monthly installments over an agreed term.
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.
The offer you receive reflects the lender's read of your credit, income and debts, and the term controls the balance between payment size and total interest.
Most lenders offer pre-qualification with a soft credit pull, so you can see an estimated rate and amount without affecting your credit score.
Arkansas lending rules that apply in Salem
The Arkansas rate caps and licensing rules that reach Salem are listed below, each with its source and retrieval date.
| Rule | Detail | Source |
|---|---|---|
| State lending regulator | Arkansas State Bank Department Source says: "The Department is charged with regulating state-chartered commercial banks with main offices in Arkansas". | Arkansas State Bank Department as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | 17% per annum for loans not made by or to governmental units or by federally insured depository institutions (Amendment 89, effective January 1, 2011) Source says: "shall not exceed seventeen percent (17%) per annum". | Arkansas Legislature — Arkansas Constitution, Amendment 89, § 3 (proposed by H.J.R. 1004 of 2009) as of 2026-09-16 |
| Payday lending status | Not permitted — all storefront payday lending eliminated; the Attorney General has worked to eliminate all forms of payday lending since 2008 Source says: "the Attorney General's office has worked to eliminate all forms of payday lending in Arkansas"; "all storefront payday loan operations in Arkansas have been shut down". | Arkansas Attorney General — Consumer Protection Division as of 2026-09-16 |
| Small-loan / installment lender licensing | See the latest published figure value_text left null: the State Bank Department does not publish a consumer small-loan license rate schedule that could be verified; storefront payday lending has been eliminated (see Payday lending status). See the linked regulator page for the licensee categories it supervises. | Arkansas State Bank Department as of 2026-09-16 |
How to compare offers in Salem
The order below is a sensible way to approach a loan in Salem:
- 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 Arkansas using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.