Covington at a glance
- Population: about 294, 1,090th by size in Texas of 1,224 places (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 261 people at the 2020 Census, the baseline for the trend below (US Census Bureau).
- 2020 to 2023 change: roughly 12.6% higher than at the 2020 Census (US Census Bureau).
- Rank among Texas places: 1,090th by size among 1,224 communities (US Census Bureau).
- Size percentile: ahead of around 11% of Texas places in population terms (US Census Bureau).
- Coordinates: 32.1791, -97.2609 (Census Gazetteer, US Census Bureau).
- Nearest larger cities (within 120 miles): Itasca, TX (7 mi); Rio Vista, TX (8 mi); Grandview, TX (8 mi); Blum, TX (8 mi); Hillsboro, TX (15 mi) (US Census Bureau populations).
- Nearest smaller towns: Coyote Flats, TX (12 mi); Carl's Corner, TX (14 mi); Bynum, TX (21 mi) (US Census Bureau).
What a personal loan costs in Covington
Most personal loans are unsecured, meaning no collateral is pledged, and they are repaid in equal installments over a fixed term.
APR is the figure that lets you compare like with like, since it wraps fees into the rate; run your own numbers with the personal loan calculator.
Stretching the term lowers the monthly payment but raises the total interest you pay, so the smallest payment is not automatically the cheapest loan.
Most lenders offer pre-qualification with a soft credit pull, so you can see an estimated rate and amount without affecting your credit score.
Texas lending rules that apply in Covington
Read the table as the compliance picture for a lender serving Covington: label, sourced figure, publisher and date.
| Rule | Detail | Source |
|---|---|---|
| Maximum legal interest rate (usury cap) | 10% per year maximum; a greater rate is usurious unless otherwise provided by law (Tex. Fin. Code § 302.001) Source says: The maximum rate or amount of interest is 10 percent a year except as otherwise provided by law. | Texas Legislature (Texas Constitution and Statutes) as of 2026-09-16 |
| Payday lending status | Legal via licensed credit access businesses (payday/title-loan brokers); the third-party lender itself is not licensed (Tex. Fin. Code ch. 393) Source says: the credit access business that serves as the broker is the licensee in this regulated industry | Texas Office of Consumer Credit Commissioner (OCCC) as of 2026-09-16 |
| Small-loan / installment lender licensing | License required for non-depository lenders charging more than 10% interest; Chapter 342 governs consumer loans (Tex. Fin. Code § 342.051) Source says: Non-depository lenders who engage in making, transacting, or collecting loans with a rate of interest greater than 10% must be licensed by the OCCC. | Texas Office of Consumer Credit Commissioner (OCCC) as of 2026-09-16 |
| State lending regulator | Texas Office of Consumer Credit Commissioner (OCCC) Source says: The OCCC licenses and regulates non-depository lenders in the state of Texas. | Texas Office of Consumer Credit Commissioner (OCCC) as of 2026-09-16 |
How to compare offers in Covington
Run through this list before signing anything in Covington:
- 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 Texas using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.