Carbon Hill at a glance
- Population: 1,731 (US Census Bureau, Vintage 2023 subcounty estimate), the 211th-largest of 462 places in Alabama.
- 2020 Census base: the 2020 count put the population at 1,762 (US Census Bureau).
- 2020 to 2023 change: a decline of roughly 1.8% between the 2020 count and the 2023 estimate (US Census Bureau).
- Rank among Alabama places: 211th by size among 462 communities (US Census Bureau).
- Size percentile: about 54% of places in Alabama are smaller (US Census Bureau).
- Coordinates: 33.8950, -87.5221 (Census Gazetteer, US Census Bureau).
- Nearest larger cities (within 120 miles): Jasper, AL (15 mi); Winfield, AL (16 mi); Fayette, AL (23 mi); Guin, AL (23 mi); Haleyville, AL (24 mi) (US Census Bureau populations).
- Smaller towns nearby: Kansas, AL (2 mi); Eldridge, AL (6 mi); Nauvoo, AL (7 mi) (US Census Bureau).
What a personal loan costs in Carbon Hill
A personal loan is structured as an installment plan, with a set number of monthly payments and a fixed amount due each time.
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 term is the lever: extend it and the payment falls while total interest climbs; shorten it and the reverse happens.
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.
Alabama lending rules that apply in Carbon Hill
The table lists the Alabama rules that apply to a loan made in Carbon Hill, each with the regulator that published it.
| Rule | Detail | Source |
|---|---|---|
| State lending regulator | Alabama State Banking Department — Bureau of Loans (BOL) Source says: "The Bureau of Loans (hereinafter “the BOL”) was established in 1945". The BOL administers the Small Loan Act, Consumer Credit Act, Pawn Shop Act, Mortgage Brokers Licensing Act, Deferred Presentment Services Act and SAFE Act. | Alabama State Banking Department as of 2026-09-16 |
| Parity lending rate provision (§ 8-8-1.1) | Any lender may charge the same rates as any federally or state-chartered or licensed lending institution in Alabama Source says: "may, on any loans or extensions of credit made by them, charge or impose the same rate of interest or finance charge". | Alabama Legislature — Code of Alabama 1975, § 8-8-1.1 as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | 6% per annum without a written contract; 8% per annum by written contract Source says: "except by written contract is $6 upon $100 for one year"; "the rate of interest by written contract is not to exceed $8 upon $100 for one year". (Code text retrieved from the Alabama Legislature's official Code of Alabama service.) | Alabama Legislature — Code of Alabama 1975, § 8-8-1 as of 2026-09-16 |
| Payday lending status | Permitted — deferred presentment services licensed by the supervisor; maximum advance $500; maximum fee 17.5% of amount advanced Source says: "a maximum fee on any deferred presentment transaction not to exceed 17.5 percent of the amount advanced"; "The maximum amount that may be advanced in any deferred presentment transaction is five hundred dollars ($500)". | Alabama State Banking Department — Deferred Presentment Services Act (Code of Alabama §§ 5-18A-1 et seq.) as of 2026-09-16 |
| Small-loan / installment lender licensing | Alabama Small Loan Act license required from the supervisor for loans under $1,500; interest capped at 3% per month on the first $200 and 2% per month on $200–$1,500 Source says: "No person shall engage in the business of lending in amounts of less than one thousand five hundred dollars ($1,500)"; "without first having obtained a license from the supervisor"; "not exceeding three percent a month on that part of the unpaid principal balance not in excess of two hundred dollars". | Alabama State Banking Department — Alabama Small Loan Act (Code of Alabama §§ 5-18-1 et seq.) as of 2026-09-16 |
How to compare offers in Carbon Hill
A few practical steps will make the process in Carbon Hill less costly:
- 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 Alabama using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.