Salem at a glance
- Population: 10,725 residents, the 64th-largest of 255 places in Utah (US Census Bureau, Vintage 2023).
- 2020 Census base: the 2020 count put the population at 9,321 (US Census Bureau).
- 2020 to 2023 change: an increase of about 15.1% since the 2020 count (US Census Bureau).
- Rank among Utah places: the 64th-largest of 255 (US Census Bureau, 2023 estimate).
- Size percentile: ahead of around 75% of Utah places in population terms (US Census Bureau).
- Coordinates: the Census Gazetteer places it at 40.0553, -111.6674.
- Nearest larger cities within 120 miles: Payson, UT (4 mi); Spanish Fork, UT (4 mi); Mapleton, UT (7 mi); Springville, UT (8 mi); Santaquin, UT (9 mi) (US Census Bureau).
- Nearest smaller towns: Woodland Hills, UT (3 mi); Elk Ridge, UT (3 mi); Genola, UT (10 mi) (US Census Bureau).
What a personal loan costs in Salem
A personal loan is structured as an installment plan, with a set number of monthly payments and a fixed amount due each time.
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.
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.
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.
Utah lending rules that apply in Salem
The sourced rows below are the rules a licensed lender must follow when lending in Utah, and therefore in Salem.
| Rule | Detail | Source |
|---|---|---|
| Small-loan / installment lender licensing | Consumer lenders under the Utah Consumer Credit Code (Title 70C) must file a Consumer Credit Notification via NMLS Source says: Entities subject to the UCCC's notification requirement must file a Consumer Credit Notification (CCN) through the Nationwide Multistate Licensing System (NMLS). | Utah Department of Financial Institutions (DFI) as of 2026-09-16 |
| State lending regulator | Utah Department of Financial Institutions (DFI) Source says: The Department of Financial Institutions regulates 19 banks, 22 credit unions, 17 industrial banks and 1 trust company. | Utah Department of Financial Institutions (DFI) as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | No general cap — parties may agree to any rate; 10% per annum legal rate if no rate is specified (Utah Code § 15-1-1) Source says: The parties to a lawful written, verbal, or implied contract may agree upon any rate of interest for the contract | Utah State Legislature as of 2026-09-16 |
| Payday lending status | Legal; deferred deposit lenders must register with the Utah DFI (Utah Code Title 7, ch. 23) Source says: It is unlawful for a person to engage in the business of cashing checks or the business of deferred deposit lending in Utah | Utah State Legislature as of 2026-09-16 |
How to compare offers in Salem
Before you commit to a personal loan in Salem, 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 Utah using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.