Elkton at a glance
- Population: 533 residents, the 283rd-largest of 344 places in Tennessee (US Census Bureau, Vintage 2023).
- 2020 Census base: 543 people at the 2020 Census, the baseline for the trend below (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 Tennessee places: 283rd-largest of 344 (US Census Bureau, Vintage 2023 estimate).
- Size percentile: about 18% of places in Tennessee are smaller (US Census Bureau).
- Coordinates: 35.0628 latitude, -86.8958 longitude (US Census Bureau Gazetteer).
- Nearest larger cities: Ardmore, TN (5 mi); Ardmore, AL (6 mi); Pulaski, TN (12 mi); Fayetteville, TN (20 mi); Athens, AL (20 mi); US Census Bureau population estimates.
- Nearest smaller communities: Elkmont, AL (10 mi); Minor Hill, TN (15 mi); Lester, AL (16 mi), each a US Census place.
What a personal loan costs in Elkton
Most personal loans are unsecured, meaning no collateral is pledged, and they are repaid in equal installments over a fixed term.
Two loans can share an interest rate and still differ in APR once fees are counted, so compare APR; our personal loan calculator shows the difference over the full term.
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.
Tennessee lending rules that apply in Elkton
The table lists the Tennessee rules that apply to a loan made in Elkton, each with the regulator that published it.
| Rule | Detail | Source |
|---|---|---|
| Maximum legal interest rate (usury cap) | 10.75% per annum (maximum effective formula rate for written contracts, announced September 15, 2026) Source says: the maximum effective formula rate of interest in Tennessee is 10.75 percent per annum | Tennessee Department of Financial Institutions (TDFI) as of 2026-09-16 |
| Payday lending status | Licensed; deferred presentment services (payday) lenders must obtain a TDFI license, including internet lenders (Tenn. Code Ann. § 45-17-103) Source says: deferred presentment services in this state through the use of the internet, facsimile, telephone, or other means without having first obtained a license | Tennessee Department of Financial Institutions (TDFI) as of 2026-09-16 |
| Small-loan / installment lender licensing | TDFI Compliance Division licenses industrial loan & thrift companies, deferred presentment companies, flexible credit companies, and other consumer lenders Source says: The Compliance Division is responsible for the licensing and regulatory supervision of the following types of financial institutions operating in Tennessee | Tennessee Department of Financial Institutions (TDFI) as of 2026-09-16 |
| State lending regulator | Tennessee Department of Financial Institutions (TDFI) Source says: The Department regulates banks, credit unions, trust companies, business and industrial development corporations, industrial loan and thrift companies | Tennessee Department of Financial Institutions (TDFI) as of 2026-09-16 |
How to compare offers in Elkton
The steps below are worth completing first when you borrow in Elkton:
- 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 Tennessee using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.