Covington at a glance
- Population: roughly 11,618 people; 28th of 302 places in Louisiana (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 11,559 people at the 2020 Census, the baseline for the trend below (US Census Bureau).
- 2020 to 2023 change: an increase of about 0.5% since the 2020 count (US Census Bureau).
- Rank among Louisiana places: 28th out of 302 Census places (US Census Bureau).
- Size percentile: larger than about 91% of the Census places in Louisiana (US Census Bureau).
- Coordinates: latitude 30.4802, longitude -90.1118 (US Census Bureau Gazetteer).
- Nearest larger cities: Mandeville, LA (7 mi); Hammond, LA (21 mi); Slidell, LA (24 mi); Picayune, MS (26 mi); New Orleans, LA (31 mi) — straight-line distances, US Census Bureau populations.
- Nearest smaller communities: Abita Springs, LA (5 mi); Madisonville, LA (7 mi); Folsom, LA (12 mi) (Census populations).
What a personal loan costs in Covington
With an installment loan the payment is fixed for the life of the loan, so the schedule is predictable from the first month to the last.
Judge an offer by its APR, which blends the interest rate with fees, and use the personal loan calculator to see the total cost.
Lenders weigh your credit history, income and debts when they set the rate, and the term you choose then determines how that rate compounds into total cost.
Work out the payment you can comfortably carry each month first, then borrow no more than that figure supports.
Louisiana lending rules that apply in Covington
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.
| Rule | Detail | Source |
|---|---|---|
| State lending regulator | Louisiana Office of Financial Institutions (OFI), Non-Depository Division Source says: "OFI is responsible for the supervision of various entities which provide financial services to the citizens of the State of Louisiana." | Louisiana Office of Financial Institutions as of 2026-09-16 |
| Licensed-lender consumer loan finance charge caps | 36% first $1,400; 27% to $4,000; 24% to $7,000; 21% above (R.S. 9:3519(A)) Source says: "Thirty-six percent per year for that portion of the unpaid principal amount of the loan not exceeding one thousand four hundred dollars" | Louisiana State Legislature as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | 12% per annum maximum conventional interest (La. R.S. 9:3500(C)(1)) Source says: "The amount of the conventional interest cannot exceed twelve percent per annum." | Louisiana State Legislature as of 2026-09-16 |
| Payday lending status | Legal and licensed — deferred presentment and small loans ($350 or less, 60 days or less) under OFI-issued licenses Source says: "Persons who make loans of $350 or less for a term of 60 days or less." | Louisiana Office of Financial Institutions as of 2026-09-16 |
| Small-loan / installment lender licensing | Consumer loan license required from OFI before making consumer loans Source says: "Persons who wish to engage in the business of making consumer loans must hold a consumer loan license issued by this Office" | Louisiana Office of Financial Institutions as of 2026-09-16 |
How to compare offers in Covington
A few practical steps will make the process in Covington 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 Louisiana using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.