Gallaway at a glance
- Population: the Census estimates 530 residents, ranking 284th of 344 places in Tennessee (Vintage 2023).
- 2020 Census base: 531 people counted in the 2020 Census (US Census Bureau).
- 2020 to 2023 change: about 0.2% lower than the 2020 Census base (US Census Bureau).
- Rank among Tennessee places: 284th of 344 by population (US Census Bureau, Vintage 2023).
- Size percentile: it exceeds roughly 17% of Tennessee's Census places by population (US Census Bureau).
- Coordinates: it sits at 35.3209, -89.6085 in the US Census Bureau Gazetteer.
- Nearest larger cities within 120 miles: Arlington, TN (6 mi); Mason, TN (7 mi); Oakland, TN (8 mi); Lakeland, TN (8 mi); Atoka, TN (12 mi) (US Census Bureau).
- Smaller places close by: Braden, TN (4 mi); Stanton, TN (15 mi); Williston, TN (17 mi) (US Census Bureau).
What a personal loan costs in Gallaway
Most personal loans are unsecured, meaning no collateral is pledged, and they are repaid in equal installments over a fixed term.
APR, not the simple interest rate, reflects what the loan actually costs once fees are included; the personal loan calculator puts a figure on it.
The term is the lever: extend it and the payment falls while total interest climbs; shorten it and the reverse happens.
A useful rule is to keep the new payment inside the room your budget already has, so the loan eases pressure instead of adding to it.
Tennessee lending rules that apply in Gallaway
The table carries the Tennessee rate and licensing rules that apply to consumer loans made in Gallaway.
| 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 Gallaway
Before you share your details with a lender in Gallaway:
- 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.