Melvin at a glance
- Population: about 123, 1,190th by size in Texas of 1,224 places (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 126 residents at the 2020 Census (US Census Bureau, 2020 count).
- 2020 to 2023 change: down about 2.4% from the 2020 Census base to the 2023 estimate (US Census Bureau).
- Rank among Texas places: the 1,190th-largest of 1,224 (US Census Bureau, 2023 estimate).
- Size percentile: it is larger than about 3% of the places in Texas (US Census Bureau).
- Coordinates: mapped at 31.1992, -99.5813 by the US Census Bureau Gazetteer.
- Nearest larger cities: Brady, TX (15 mi); Eden, TX (16 mi); Menard, TX (23 mi); Paint Rock, TX (30 mi); Mason, TX (38 mi); each population is a US Census Bureau estimate.
- Nearest smaller towns: Putnam, TX (84 mi); Impact, TX (90 mi); Round Mountain, TX (91 mi) — US Census Bureau populations.
What a personal loan costs in Melvin
A personal loan is structured as an installment plan, with a set number of monthly payments and a fixed amount due each time.
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.
Choosing a longer term eases the monthly budget but adds interest over the life of the loan; a shorter term costs more per month and less overall.
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.
Texas lending rules that apply in Melvin
Where a figure is not published by the state, the row points to the source instead of guessing.
| Rule | Detail | Source |
|---|---|---|
| Small-loan / installment lender licensing | License required for non-depository lenders charging more than 10% interest; Chapter 342 governs consumer loans (Tex. Fin. Code § 342.051) Source says: Non-depository lenders who engage in making, transacting, or collecting loans with a rate of interest greater than 10% must be licensed by the OCCC. | Texas Office of Consumer Credit Commissioner (OCCC) as of 2026-09-16 |
| State lending regulator | Texas Office of Consumer Credit Commissioner (OCCC) Source says: The OCCC licenses and regulates non-depository lenders in the state of Texas. | Texas Office of Consumer Credit Commissioner (OCCC) as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | 10% per year maximum; a greater rate is usurious unless otherwise provided by law (Tex. Fin. Code § 302.001) Source says: The maximum rate or amount of interest is 10 percent a year except as otherwise provided by law. | Texas Legislature (Texas Constitution and Statutes) as of 2026-09-16 |
| Payday lending status | Legal via licensed credit access businesses (payday/title-loan brokers); the third-party lender itself is not licensed (Tex. Fin. Code ch. 393) Source says: the credit access business that serves as the broker is the licensee in this regulated industry | Texas Office of Consumer Credit Commissioner (OCCC) as of 2026-09-16 |
How to compare offers in Melvin
Before you share your details with a lender in Melvin:
- 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 Texas using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.