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Personal loans in Berea, KY

In Berea, a personal loan turns a one-time expense into predictable monthly payments, and the rate you get depends on your credit, income and debts. About 15,998 people live in Berea, which ranks 27th of 416 Census places in Kentucky. The table below carries the Kentucky rate caps and licensing rules that apply to a personal loan taken out here.

By the Personalloaned Editorial Team · Last updated 2026-09-16

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Berea at a glance

  • Population: a Census-estimated 15,998, placing it 27th among Kentucky's 416 places (Vintage 2023 subcounty estimate).
  • 2020 Census base: the 2020 count put the population at 15,547 (US Census Bureau).
  • 2020 to 2023 change: an increase of about 2.9% since the 2020 count (US Census Bureau).
  • Rank among Kentucky places: the 27th-largest of 416 (US Census Bureau, 2023 estimate).
  • Size percentile: roughly 94% of Kentucky's places have fewer residents (US Census Bureau).
  • Coordinates: mapped at 37.5893, -84.2945 by the US Census Bureau Gazetteer.
  • Nearest larger cities: Richmond, KY (10 mi); Nicholasville, KY (26 mi); Danville, KY (27 mi); Winchester, KY (29 mi); Lexington-Fayette, KY (32 mi) — straight-line distances, US Census Bureau populations.
  • Nearest smaller communities: Brodhead, KY (14 mi); Crab Orchard, KY (15 mi); Lancaster, KY (16 mi) (Census populations).

What a personal loan costs in Berea

Unlike a revolving credit card, a personal loan is closed-end: the balance falls on a fixed schedule and the payment does not change.

Compare every quote on APR because it includes the fees the interest rate hides, and check the payment with our personal loan calculator.

Your credit, income and existing debts drive the rate a lender offers, while the term you pick sets how much interest builds on top.

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.

Kentucky lending rules that apply in Berea

Every figure in the table below is sourced to a publisher with a date; where a state does not publish a number, we say so rather than estimate.

RuleDetailSource
Small-loan / installment lender licensingConsumer 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 regulatorKentucky 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 basisLicense 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 statusPermitted 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 Berea

Before you share your details with a lender in Berea:

  1. Pull your free credit reports and dispute any error — it is the cheapest way to improve the rate you are offered.
  2. Run your figures through the personal loan calculator on this site so you know the payment before a lender quotes one.
  3. Pre-qualify with at least three lenders and compare the APR, not the interest rate.
  4. Check that the lender is licensed in Kentucky using the regulator named above.
  5. Read the disclosure for origination fees and any prepayment penalty before you sign.

Common questions

Frequently asked questions

Can I get a personal loan with bad credit in Berea?
Yes, but expect a higher APR and possibly a smaller amount. Lenders that serve borrowers with lower scores are licensed statewide, so your options in Berea are the same as elsewhere in Kentucky.
How much can I borrow with a personal loan in Berea?
Loan amounts are set by each lender and depend on your income, credit and existing debts, so we do not quote a range we cannot source. The Consumer Financial Protection Bureau explains how lenders assess an application, and our personal loan calculator will model the payment for any amount before you apply.
Does a personal loan in Berea require collateral?
Unsecured personal loans do not require collateral. A secured loan, such as a home-equity or auto-secured loan, does — and it puts the pledged asset at risk if you default.
Will shopping for a loan in Berea hurt my credit?
Pre-qualification usually uses a soft credit pull that does not affect your score. A full application triggers a hard inquiry, which may lower your score by a few points temporarily.

Nearby places

Where these figures come from

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