Memphis at a glance
- Population: about 1,718 residents, ranking 264th of 937 Census places in Missouri (US Census Bureau, Vintage 2023 subcounty estimate).
- 2020 Census base: 1,735 people (US Census Bureau, 2020 Census count).
- 2020 to 2023 change: down roughly 1.0% across the 2020-to-2023 comparison (US Census Bureau).
- Rank among Missouri places: 264th of 937 by population (US Census Bureau, Vintage 2023).
- Size percentile: about 72% of Missouri's Census places are smaller (US Census Bureau).
- Coordinates: the Census Gazetteer places it at 40.4608, -92.1699.
- Nearest larger cities: Bloomfield, IA (24 mi); Kahoka, MO (24 mi); Kirksville, MO (28 mi); Fairfield, IA (39 mi); Keokuk, IA (41 mi); each population is a US Census Bureau estimate.
- Nearest smaller towns: Arbela, MO (8 mi); Granger, MO (10 mi); South Gorin, MO (10 mi) (US Census Bureau).
What a personal loan costs in Memphis
The defining feature of a personal loan is the fixed installment: the same payment every month until the term ends.
Judge an offer by its APR, which blends the interest rate with fees, and use the personal loan calculator to see the total cost.
A lender weighs your credit profile, income and debts when setting the rate, and a longer term lowers the payment at the cost of more interest overall.
Before you borrow, decide what the loan is for and whether the monthly payment fits a budget you can already meet without taking on new debt.
Missouri lending rules that apply in Memphis
The Missouri rate caps and licensing rules that reach Memphis are listed below, each with its source and retrieval date.
| Rule | Detail | Source |
|---|---|---|
| Small-loan / installment lender licensing | Consumer credit lenders licensed and regulated by the Division of Finance's consumer credit section (Chapters 367 and 408, RSMo) Source says: "The consumer credit section of the Missouri Division of Finance is responsible for licensing and regulating various types of consumer finance companies" | Missouri Division of Finance as of 2026-09-16 |
| State lending regulator | Missouri Division of Finance (Department of Commerce and Insurance) Source says: "We regulate state-chartered banks, trust companies, consumer credit facilities, mortgage brokers, and savings and loan institutions" | Missouri Division of Finance as of 2026-09-16 |
| Additional loan fee cap (30+ day loans) | Up to 10% of principal, capped at $100 (RSMo § 408.140) Source says: "a fee, not to exceed ten percent of the principal amount loaned not to exceed one hundred dollars may be charged by the lender" | Missouri Revisor of Statutes as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | 10% per annum, or the higher published 'market rate' (RSMo § 408.030) Source says: "a rate of interest not exceeding ten percent per annum on money due or to become due upon any contract" | Missouri Revisor of Statutes as of 2026-09-16 |
| Payday lending status | Legal and licensed — unsecured loans of $500 or less require a license from the Director of the Division of Finance (RSMo § 408.500) Source says: "in the business of making unsecured loans of five hundred dollars or less shall obtain a license from the director of the division of finance" | Missouri Revisor of Statutes as of 2026-09-16 |
How to compare offers in Memphis
The steps below are worth completing first when you borrow in Memphis:
- 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 Missouri using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.