Personalloaned Compare rates

KY · city page

Personal loans in Mayfield, KY

A personal loan in Mayfield is repaid in equal monthly installments over a fixed term, with the rate set from your credit history, income and debts. With roughly 9,713 people, Mayfield ranks 42nd of 416 Census places in Kentucky. Every lender serving Kentucky must observe the state's rate caps and licensing rules, shown with their sources below.

By the Personalloaned Editorial Team · Last updated 2026-09-16

Compare rates Run the numbers first

Advertising disclosure: Personalloaned may receive a referral fee if you apply through a link on this page. That fee does not change the rate you are offered, and it does not change our content. We are not a lender. The lowest rates are only available to the most qualified applicants. Read the full disclosure.

Mayfield at a glance

  • Population: 9,713 people, the 42nd-largest place among Kentucky's 416 Census places (US Census Bureau, Vintage 2023).
  • 2020 Census base: the 2020 count put the population at 10,022 (US Census Bureau).
  • 2020 to 2023 change: a loss of about 3.1% since the 2020 count (US Census Bureau).
  • Rank among Kentucky places: 42nd-largest of 416 (US Census Bureau, Vintage 2023 estimate).
  • Size percentile: it exceeds roughly 90% of Kentucky's Census places by population (US Census Bureau).
  • Coordinates: 36.7375, -88.6445 (US Census Bureau Gazetteer).
  • Nearest larger cities (within 120 miles): Murray, KY (20 mi); Paducah, KY (23 mi); Martin, TN (30 mi); Union City, TN (31 mi); Paris, TN (36 mi) (US Census Bureau populations).
  • Nearest smaller communities: Wingo, KY (9 mi); Benton, KY (17 mi); Hardin, KY (19 mi) (Census populations).

What a personal loan costs in Mayfield

Most personal loans are unsecured, meaning no collateral is pledged, and they are repaid in equal installments over a fixed term.

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.

Your credit, income and existing debts drive the rate a lender offers, while the term you pick sets how much interest builds on top.

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.

Kentucky lending rules that apply in Mayfield

The table carries the Kentucky rate and licensing rules that apply to consumer loans made in Mayfield.

RuleDetailSource
Maximum legal interest rate (usury cap)Up to 19% per annum, or 4% over the 90-day commercial-paper discount rate, whichever is less (by written agreement)
Source says: "At a per annum rate not to exceed four percent (4%) in excess of the discount rate on ninety (90) day commercial paper ... or nineteen percent (19%), whichever is less".		Kentucky Legislative Research Commission (Kentucky Revised Statutes)
as of 2026-09-16
Payday lending statusPermitted under license (deferred deposit service business; payday loans)
Source says: "The Kentucky Department of Financial Institutions (DFI) has secured the services of Veritec Solutions, LLC to provide a common database with real-time access for deferred deposit transactions".		Kentucky Department of Financial Institutions
as of 2026-09-16
Small-loan / installment lender licensingConsumer Loan Company license required (KRS Chapter 286.4)
Source says: "How to License a Consumer Loan Company: 1. Read KRS 286.4 and the applicable administrative regulations under KAR 808, Chapter 6".		Kentucky Department of Financial Institutions
as of 2026-09-16
State lending regulatorKentucky Department of Financial Institutions (DFI)
Source says: "The Department of Financial Institutions' mission is to serve Kentucky residents by promoting access to a stable financial industry, implementing effective and efficient regulatory oversight".		Kentucky Department of Financial Institutions
as of 2026-09-16
Consumer Loan Company license — statutory basisLicense required from the commissioner to make loans at a greater rate of interest than otherwise permitted by law
Source says: "No person shall, without first obtaining a license from the commissioner, engage in the business of making loans ... at a greater rate of interest".		Kentucky Legislative Research Commission (Kentucky Revised Statutes)
as of 2026-09-16

How to compare offers in Mayfield

Before you commit to a personal loan in Mayfield, work through these steps:

  1. Pull your free credit reports and dispute any error — it is the cheapest way to improve the rate you are offered.
  2. Run your figures through the personal loan calculator on this site so you know the payment before a lender quotes one.
  3. Pre-qualify with at least three lenders and compare the APR, not the interest rate.
  4. Check that the lender is licensed in Kentucky using the regulator named above.
  5. Read the disclosure for origination fees and any prepayment penalty before you sign.

Common questions

Frequently asked questions

Can I get a personal loan with bad credit in Mayfield?
Yes, but expect a higher APR and possibly a smaller amount. Lenders that serve borrowers with lower scores are licensed statewide, so your options in Mayfield are the same as elsewhere in Kentucky.
How much can I borrow with a personal loan in Mayfield?
Loan amounts are set by each lender and depend on your income, credit and existing debts, so we do not quote a range we cannot source. The Consumer Financial Protection Bureau explains how lenders assess an application, and our personal loan calculator will model the payment for any amount before you apply.
Does a personal loan in Mayfield require collateral?
Unsecured personal loans do not require collateral. A secured loan, such as a home-equity or auto-secured loan, does — and it puts the pledged asset at risk if you default.
Will shopping for a loan in Mayfield hurt my credit?
Pre-qualification usually uses a soft credit pull that does not affect your score. A full application triggers a hard inquiry, which may lower your score by a few points temporarily.

Nearby places

Where these figures come from

Related