Lafayette at a glance
- Population: 5,839 people, the 93rd-largest place among Tennessee's 344 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 5,603 people counted in the 2020 Census (US Census Bureau).
- 2020 to 2023 change: a gain of roughly 4.2% between the 2020 count and the 2023 estimate (US Census Bureau).
- Rank among Tennessee places: 93rd by size among 344 communities (US Census Bureau).
- Size percentile: about 73% of places in Tennessee are smaller (US Census Bureau).
- Coordinates: mapped at 36.5240, -86.0306 by the US Census Bureau Gazetteer.
- Nearest larger cities: Hartsville/Trousdale, TN (11 mi); Gallatin, TN (26 mi); Portland, TN (28 mi); Lebanon, TN (28 mi); Franklin, KY (32 mi); US Census Bureau population estimates.
- Nearest smaller places: Red Boiling Springs, TN (10 mi); Westmoreland, TN (12 mi); Fountain Run, KY (15 mi) (US Census Bureau estimates).
What a personal loan costs in Lafayette
Personal loans are closed-end installment debt, so the monthly payment and the payoff date are known from the start.
The number to compare is the APR, not the interest rate, because the APR folds in origination fees and other charges; our personal loan calculator will show what a given amount and term would cost.
Stretching the term lowers the monthly payment but raises the total interest you pay, so the smallest payment is not automatically the cheapest loan.
Before you borrow, decide what the loan is for and whether the monthly payment fits a budget you can already meet without taking on new debt.
Tennessee lending rules that apply in Lafayette
The Tennessee rate caps and licensing rules that reach Lafayette are listed below, each with its source and retrieval date.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Lafayette
Here is a short checklist for comparing personal loans in Lafayette:
- 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.