Drakesboro at a glance
- Population: the Census estimates 472 residents, ranking 300th of 416 places in Kentucky (Vintage 2023).
- 2020 Census base: the 2020 count put the population at 479 (US Census Bureau).
- 2020 to 2023 change: a loss of about 1.5% since the 2020 count (US Census Bureau).
- Rank among Kentucky places: 300th-largest of 416 (US Census Bureau, Vintage 2023 estimate).
- Size percentile: it exceeds roughly 28% of Kentucky's Census places by population (US Census Bureau).
- Coordinates: it sits at 37.2173, -87.0499 in the US Census Bureau Gazetteer.
- Nearest larger cities (120-mile radius): Powderly, KY (6 mi); Central City, KY (7 mi); Greenville, KY (7 mi); Beaver Dam, KY (16 mi); Lewisburg, KY (17 mi) (US Census Bureau).
- Nearest smaller towns: Rochester, KY (9 mi); Rockport, KY (9 mi); South Carrollton, KY (10 mi) (US Census Bureau).
What a personal loan costs in Drakesboro
Personal loans are closed-end installment debt, so the monthly payment and the payoff date are known from the start.
The APR is the comparable price of a loan since it folds in fees; model any offer with the personal loan calculator first.
Your credit, income and existing debts drive the rate a lender offers, while the term you pick sets how much interest builds on top.
Shop with more than one lender and treat pre-qualification as an estimate, since the final terms follow a full application.
Kentucky lending rules that apply in Drakesboro
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 |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Drakesboro
Before you commit to a personal loan in Drakesboro, work through these steps:
- 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.