Magnolia Springs at a glance
- Population: 844 people, the 274th-largest place among Alabama's 462 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 808 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: roughly 4.5% higher than at the 2020 Census (US Census Bureau).
- Rank among Alabama places: 274th of 462 by population (US Census Bureau, Vintage 2023).
- Size percentile: roughly 41% of places in Alabama rank below it by population (US Census Bureau).
- Coordinates: 30.4034, -87.7759 (Census Gazetteer, US Census Bureau).
- Nearest larger cities: Foley, AL (6 mi); Summerdale, AL (7 mi); Gulf Shores, AL (10 mi); Silverhill, AL (10 mi); Fairhope, AL (10 mi); US Census Bureau population estimates.
- Nearest smaller towns: Perdido Beach, AL (17 mi); Jay, FL (53 mi); Pollard, AL (56 mi) (US Census Bureau).
What a personal loan costs in Magnolia Springs
Personal loans are installment credit — one lump sum, repaid in equal monthly installments across a fixed term you agree to up front.
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.
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.
Alabama lending rules that apply in Magnolia Springs
The Alabama rate caps and licensing rules that reach Magnolia Springs are listed below, each with its source and retrieval date.
| Rule | Detail | Source |
|---|---|---|
| Parity lending rate provision (§ 8-8-1.1) | Any lender may charge the same rates as any federally or state-chartered or licensed lending institution in Alabama Source says: "may, on any loans or extensions of credit made by them, charge or impose the same rate of interest or finance charge". | Alabama Legislature — Code of Alabama 1975, § 8-8-1.1 as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | 6% per annum without a written contract; 8% per annum by written contract Source says: "except by written contract is $6 upon $100 for one year"; "the rate of interest by written contract is not to exceed $8 upon $100 for one year". (Code text retrieved from the Alabama Legislature's official Code of Alabama service.) | Alabama Legislature — Code of Alabama 1975, § 8-8-1 as of 2026-09-16 |
| Payday lending status | Permitted — deferred presentment services licensed by the supervisor; maximum advance $500; maximum fee 17.5% of amount advanced Source says: "a maximum fee on any deferred presentment transaction not to exceed 17.5 percent of the amount advanced"; "The maximum amount that may be advanced in any deferred presentment transaction is five hundred dollars ($500)". | Alabama State Banking Department — Deferred Presentment Services Act (Code of Alabama §§ 5-18A-1 et seq.) as of 2026-09-16 |
| Small-loan / installment lender licensing | Alabama Small Loan Act license required from the supervisor for loans under $1,500; interest capped at 3% per month on the first $200 and 2% per month on $200–$1,500 Source says: "No person shall engage in the business of lending in amounts of less than one thousand five hundred dollars ($1,500)"; "without first having obtained a license from the supervisor"; "not exceeding three percent a month on that part of the unpaid principal balance not in excess of two hundred dollars". | Alabama State Banking Department — Alabama Small Loan Act (Code of Alabama §§ 5-18-1 et seq.) as of 2026-09-16 |
| State lending regulator | Alabama State Banking Department — Bureau of Loans (BOL) Source says: "The Bureau of Loans (hereinafter “the BOL”) was established in 1945". The BOL administers the Small Loan Act, Consumer Credit Act, Pawn Shop Act, Mortgage Brokers Licensing Act, Deferred Presentment Services Act and SAFE Act. | Alabama State Banking Department as of 2026-09-16 |
How to compare offers in Magnolia Springs
A few practical steps will make the process in Magnolia Springs 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 Alabama using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.