Midland City at a glance
- Population: about 2,296, 164th by size in Alabama of 462 places (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 2,252 residents at the 2020 Census (US Census Bureau, 2020 count).
- 2020 to 2023 change: an increase of about 2.0% since the 2020 count (US Census Bureau).
- Rank among Alabama places: 164th largest of 462 (US Census Bureau).
- Size percentile: it is larger than about 65% of the places in Alabama (US Census Bureau).
- Coordinates: it sits at 31.3157, -85.4937 in the US Census Bureau Gazetteer.
- Nearest larger cities (120-mile radius): Dothan, AL (8 mi); Headland, AL (9 mi); Taylor, AL (10 mi); Ozark, AL (13 mi); Daleville, AL (13 mi) (US Census Bureau).
- Smaller towns nearby: Napier Field, AL (2 mi); Pinckard, AL (3 mi); Grimes, AL (3 mi) (US Census Bureau).
What a personal loan costs in Midland City
Personal loans are closed-end installment debt, so the monthly payment and the payoff date are known from the start.
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.
The term is the lever: extend it and the payment falls while total interest climbs; shorten it and the reverse happens.
A payment that strains the budget is a warning sign; a smaller loan or a little more saving time is the safer route.
Alabama lending rules that apply in Midland City
The table carries the Alabama rate and licensing rules that apply to consumer loans made in Midland City.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Midland City
A few practical steps will make the process in Midland City 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.