Locust at a glance
- Population: about 5,854 residents, ranking 131st of 549 Census places in North Carolina (US Census Bureau, Vintage 2023 subcounty estimate).
- 2020 Census base: 4,543 residents at the 2020 Census (US Census Bureau, 2020 count).
- 2020 to 2023 change: up about 28.9% from the 2020 Census base to the 2023 estimate (US Census Bureau).
- Rank among North Carolina places: 131st by size among 549 communities (US Census Bureau).
- Size percentile: roughly 76% of places in North Carolina rank below it by population (US Census Bureau).
- Coordinates: latitude 35.2686, longitude -80.4367 (US Census Bureau Gazetteer).
- Nearest larger cities within 120 miles: Harrisburg, NC (12 mi); Mint Hill, NC (14 mi); Unionville, NC (14 mi); Concord, NC (14 mi); Albemarle, NC (15 mi) (US Census Bureau).
- Nearest smaller communities: Stanfield, NC (2 mi); Red Cross, NC (4 mi); Midland, NC (5 mi), each a US Census place.
What a personal loan costs in Locust
Personal loans are installment credit — one lump sum, repaid in equal monthly installments across a fixed term you agree to up front.
Compare offers on APR rather than the headline rate — the APR includes most fees, and you can model the total with our personal loan calculator.
The offer you receive reflects the lender's read of your credit, income and debts, and the term controls the balance between payment size and total interest.
Pre-qualification is a good first filter: it shows the rate and amount a lender may offer before you agree to a full application and a hard inquiry.
North Carolina lending rules that apply in Locust
Read the table as the compliance picture for a lender serving Locust: label, sourced figure, publisher and date.
| Rule | Detail | Source |
|---|---|---|
| State lending regulator | North Carolina Office of the Commissioner of Banks (NCCOB) Source says: "Lenders operating under the CFA must be licensed by and are subject to regulation by the NCCOB." | North Carolina Office of the Commissioner of Banks as of 2026-09-16 |
| Consumer Finance Act installment loan rates (G.S. 53-176) | 33% per annum on unpaid balance up to $4,000; 24% on $4,000-$8,000; 18% on the remainder (loans up to $12,000); 18% for loans above $12,000 Source says: "thirty-three percent (33%) per annum on that part of the unpaid principal balance not exceeding four thousand dollars ($4,000)" | North Carolina General Assembly as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | For loans of $25,000 or less: greater of the 6-month U.S. Treasury bill rate + 6% or 16% (G.S. 24-1.1(c)); any agreed rate above $25,000 Source says: "plus six percent (6%), rounded upward or downward ... or sixteen percent (16%), whichever is greater" | North Carolina General Assembly as of 2026-09-16 |
| Payday lending status | Payday lenders shut down in North Carolina; online payday lending remains an enforcement target Source says: "Payday Lenders: Shut Down In NC, But Still Victimizing Borrowers Online" | North Carolina Department of Justice (Office of the Attorney General) as of 2026-09-16 |
| Small-loan / installment lender licensing | Consumer Finance Act license from the Commissioner of Banks required for loans of $25,000 or less charging more than Chapter 24 rates Source says: "Direct lenders seeking to charge rates higher than allowed under Chapter 24 on consumer term loans of twenty-five thousand dollars ($25,000) or less" | North Carolina Office of the Commissioner of Banks as of 2026-09-16 |
How to compare offers in Locust
The steps below are worth completing first when you borrow in Locust:
- 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 North Carolina using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.