Melbourne at a glance
- Population: 1,883, the 140th-largest community in Arkansas out of 500 (US Census Bureau, Vintage 2023).
- 2020 Census base: 1,831 residents (US Census Bureau, 2020 Census).
- 2020 to 2023 change: up about 2.8% from the 2020 Census base to the 2023 estimate (US Census Bureau).
- Rank among Arkansas places: 140th in population of 500 places (US Census Bureau).
- Size percentile: it exceeds roughly 72% of Arkansas's Census places by population (US Census Bureau).
- Coordinates: 36.0640, -91.8815 (Census Gazetteer, US Census Bureau).
- Nearest larger cities: Horseshoe Bend, AR (13 mi); Calico Rock, AR (14 mi); Mountain View, AR (19 mi); Cave City, AR (20 mi); Cherokee Village, AR (23 mi); each population is a US Census Bureau estimate.
- Smaller towns nearby: Mount Pleasant, AR (8 mi); Franklin, AR (10 mi); Guion, AR (10 mi) (US Census Bureau).
What a personal loan costs in Melbourne
The defining feature of a personal loan is the fixed installment: the same payment every month until the term ends.
The advertised interest rate leaves out fees that the APR captures, which is why APR is the number to weigh; try the personal loan calculator before you apply.
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.
Arkansas lending rules that apply in Melbourne
The table carries the Arkansas rate and licensing rules that apply to consumer loans made in Melbourne.
| Rule | Detail | Source |
|---|---|---|
| Payday lending status | Not permitted — all storefront payday lending eliminated; the Attorney General has worked to eliminate all forms of payday lending since 2008 Source says: "the Attorney General's office has worked to eliminate all forms of payday lending in Arkansas"; "all storefront payday loan operations in Arkansas have been shut down". | Arkansas Attorney General — Consumer Protection Division as of 2026-09-16 |
| Small-loan / installment lender licensing | See the latest published figure value_text left null: the State Bank Department does not publish a consumer small-loan license rate schedule that could be verified; storefront payday lending has been eliminated (see Payday lending status). See the linked regulator page for the licensee categories it supervises. | Arkansas State Bank Department as of 2026-09-16 |
| State lending regulator | Arkansas State Bank Department Source says: "The Department is charged with regulating state-chartered commercial banks with main offices in Arkansas". | Arkansas State Bank Department as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | 17% per annum for loans not made by or to governmental units or by federally insured depository institutions (Amendment 89, effective January 1, 2011) Source says: "shall not exceed seventeen percent (17%) per annum". | Arkansas Legislature — Arkansas Constitution, Amendment 89, § 3 (proposed by H.J.R. 1004 of 2009) as of 2026-09-16 |
How to compare offers in Melbourne
A few practical steps will make the process in Melbourne 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 Arkansas using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.