Farmington at a glance
- Population: 2,015 residents, the 97th-largest of 299 places in Mississippi (US Census Bureau, Vintage 2023).
- 2020 Census base: 2,058 people (US Census Bureau, 2020 Census count).
- 2020 to 2023 change: a loss of about 2.1% since the 2020 count (US Census Bureau).
- Rank among Mississippi places: 97th largest of 299 (US Census Bureau).
- Size percentile: larger than about 68% of the Census places in Mississippi (US Census Bureau).
- Coordinates: 34.9226, -88.4461 (Census Gazetteer, US Census Bureau).
- Nearest larger cities (within 120 miles): Corinth, MS (4 mi); Iuka, MS (16 mi); Selmer, TN (19 mi); Booneville, MS (19 mi); Adamsville, TN (22 mi) (US Census Bureau populations).
- Smaller towns nearby: Glen, MS (5 mi); Guys, TN (8 mi); Burnsville, MS (10 mi) (US Census Bureau).
What a personal loan costs in Farmington
Most personal loans are unsecured, meaning no collateral is pledged, and they are repaid in equal installments over a fixed term.
The APR is the comparable price of a loan since it folds in fees; model any offer with the personal loan calculator first.
Because interest accrues for longer, a longer term means a lower installment and a higher total cost — decide which matters more to you.
If you are consolidating debt, the loan only helps if you stop adding to the balances it clears; otherwise the total debt grows.
Mississippi lending rules that apply in Farmington
Where a figure is not published by the state, the row points to the source instead of guessing.
| Rule | Detail | Source |
|---|---|---|
| Delayed-deposit (payday) fee caps | $20 per $100 advanced on checks ≤$250; $21.95 per $100 on checks over $250 (DBCF rule) Source says: "Delayed deposit transaction: $20.00 per $100.00 advanced for checks $250.00 and under" | Mississippi Secretary of State (DBCF administrative regulations) as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | See the latest published figure value_text left null: the maximum finance charge for licensed small-loan lenders is set by Miss. Code § 75-17-21, which § 75-67-119 references as the limit; no retrievable official page published the current figure for direct verification. | Mississippi Department of Banking and Consumer Finance as of 2026-09-16 |
| Payday lending status | Legal and licensed — check cashers (delayed-deposit/payday transactions) are licensed consumer-finance industries regulated by DBCF (Miss. Code § 75-67-501 et seq.) Source says: "These industries include Money Transmitter, Small Loan, Check Cashers, Pawnbroker, Title Pledge, Consumer Loan Broker" | Mississippi Department of Banking and Consumer Finance as of 2026-09-16 |
| Small-loan / installment lender licensing | Small loan license required (Small Loan Regulatory Law; Miss. Code § 75-67-105) Source says: "No person shall engage in the business of lending money ... without being the holder of a valid and subsisting license" | Mississippi Department of Banking and Consumer Finance as of 2026-09-16 |
| State lending regulator | Mississippi Department of Banking and Consumer Finance (DBCF) Source says: "The Mississippi Department of Banking and Consumer Finance's (DBCF) mission is to regulate, supervise and safeguard financial institutions chartered and licensed in Mississippi" | Mississippi Department of Banking and Consumer Finance as of 2026-09-16 |
How to compare offers in Farmington
Before you share your details with a lender in Farmington:
- 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 Mississippi using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.