Fayette at a glance
- Population: the Census estimates 2,805 residents, ranking 192nd of 937 places in Missouri (Vintage 2023).
- 2020 Census base: 2,797 residents (US Census Bureau, 2020 Census).
- 2020 to 2023 change: population rose about 0.3% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Missouri places: 192nd of the state's 937 Census places (US Census Bureau).
- Size percentile: about 80% of places in Missouri are smaller (US Census Bureau).
- Coordinates: 39.1473 latitude, -92.6857 longitude (US Census Bureau Gazetteer).
- Nearest larger cities: Boonville, MO (13 mi); Moberly, MO (23 mi); Columbia, MO (24 mi); Marshall, MO (28 mi); Centralia, MO (30 mi) (Census populations, approximate straight-line distance).
- Smaller places close by: Armstrong, MO (8 mi); New Franklin, MO (10 mi); Glasgow, MO (10 mi) (US Census Bureau).
What a personal loan costs in Fayette
The defining feature of a personal loan is the fixed installment: the same payment every month until the term ends.
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.
A longer term reduces what you owe each month and increases the total interest, which is the trade-off to weigh before choosing one.
Most lenders offer pre-qualification with a soft credit pull, so you can see an estimated rate and amount without affecting your credit score.
Missouri lending rules that apply in Fayette
The table carries the Missouri rate and licensing rules that apply to consumer loans made in Fayette.
| Rule | Detail | Source |
|---|---|---|
| Payday lending status | Legal and licensed — unsecured loans of $500 or less require a license from the Director of the Division of Finance (RSMo § 408.500) Source says: "in the business of making unsecured loans of five hundred dollars or less shall obtain a license from the director of the division of finance" | Missouri Revisor of Statutes as of 2026-09-16 |
| Small-loan / installment lender licensing | Consumer credit lenders licensed and regulated by the Division of Finance's consumer credit section (Chapters 367 and 408, RSMo) Source says: "The consumer credit section of the Missouri Division of Finance is responsible for licensing and regulating various types of consumer finance companies" | Missouri Division of Finance as of 2026-09-16 |
| State lending regulator | Missouri Division of Finance (Department of Commerce and Insurance) Source says: "We regulate state-chartered banks, trust companies, consumer credit facilities, mortgage brokers, and savings and loan institutions" | Missouri Division of Finance as of 2026-09-16 |
| Additional loan fee cap (30+ day loans) | Up to 10% of principal, capped at $100 (RSMo § 408.140) Source says: "a fee, not to exceed ten percent of the principal amount loaned not to exceed one hundred dollars may be charged by the lender" | Missouri Revisor of Statutes as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | 10% per annum, or the higher published 'market rate' (RSMo § 408.030) Source says: "a rate of interest not exceeding ten percent per annum on money due or to become due upon any contract" | Missouri Revisor of Statutes as of 2026-09-16 |
How to compare offers in Fayette
A few practical steps will make the process in Fayette 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 Missouri using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.