Salt Lick at a glance
- Population: 255 — 357th in Kentucky, which has 416 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 248 people at the 2020 Census, the baseline for the trend below (US Census Bureau).
- 2020 to 2023 change: an increase of about 2.8% since the 2020 count (US Census Bureau).
- Rank among Kentucky places: 357th-largest of 416 (US Census Bureau, Vintage 2023 estimate).
- Size percentile: larger than about 14% of the Census places in Kentucky (US Census Bureau).
- Coordinates: latitude 38.1195, longitude -83.6157 (US Census Bureau Gazetteer).
- Nearest larger cities within 120 miles: Lakeview Heights, KY (6 mi); Owingsville, KY (8 mi); Morehead, KY (10 mi); Frenchburg, KY (11 mi); Jeffersonville, KY (16 mi) (US Census Bureau).
- Nearest smaller towns: Ewing, KY (25 mi); Sardis, KY (34 mi); Rome, OH (40 mi) — US Census Bureau populations.
What a personal loan costs in Salt Lick
Personal loans are closed-end installment debt, so the monthly payment and the payoff date are known from the start.
The advertised interest rate leaves out fees that the APR captures, which is why APR is the number to weigh; try the personal loan calculator before you apply.
Stretching the term lowers the monthly payment but raises the total interest you pay, so the smallest payment is not automatically the cheapest loan.
Set the loan amount from the expense itself rather than the maximum you are approved for, and keep the payment within your existing budget.
Kentucky lending rules that apply in Salt Lick
The sourced rows below are the rules a licensed lender must follow when lending in Kentucky, and therefore in Salt Lick.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Salt Lick
The steps below are worth completing first when you borrow in Salt Lick:
- 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.