Midway at a glance
- Population: the Census estimates 4,948 residents, ranking 146th of 549 places in North Carolina (Vintage 2023).
- 2020 Census base: 4,743 people (US Census Bureau, 2020 Census count).
- 2020 to 2023 change: about 4.3% growth over the 2020 Census base (US Census Bureau).
- Rank among North Carolina places: the 146th-largest of 549 (US Census Bureau, 2023 estimate).
- Size percentile: it is larger than about 73% of the places in North Carolina (US Census Bureau).
- Coordinates: mapped at 35.9751, -80.2204 by the US Census Bureau Gazetteer.
- Nearest larger cities (120-mile radius): Winston-Salem, NC (9 mi); Thomasville, NC (10 mi); Clemmons, NC (10 mi); Kernersville, NC (12 mi); Walkertown, NC (12 mi) (US Census Bureau).
- Smaller places close by: Wallburg, NC (4 mi); Bermuda Run, NC (12 mi); Bethania, NC (16 mi) (US Census Bureau).
What a personal loan costs in Midway
Unlike a revolving credit card, a personal loan is closed-end: the balance falls on a fixed schedule and the payment does not change.
Two loans can share an interest rate and still differ in APR once fees are counted, so compare APR; our personal loan calculator shows the difference over the full term.
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.
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.
North Carolina lending rules that apply in Midway
The table lists the North Carolina rules that apply to a loan made in Midway, each with the regulator that published it.
| Rule | Detail | Source |
|---|---|---|
| Consumer Finance Act installment loan rates (G.S. 53-176) | 33% per annum on unpaid balance up to $4,000; 24% on $4,000-$8,000; 18% on the remainder (loans up to $12,000); 18% for loans above $12,000 Source says: "thirty-three percent (33%) per annum on that part of the unpaid principal balance not exceeding four thousand dollars ($4,000)" | North Carolina General Assembly as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | For loans of $25,000 or less: greater of the 6-month U.S. Treasury bill rate + 6% or 16% (G.S. 24-1.1(c)); any agreed rate above $25,000 Source says: "plus six percent (6%), rounded upward or downward ... or sixteen percent (16%), whichever is greater" | North Carolina General Assembly as of 2026-09-16 |
| Payday lending status | Payday lenders shut down in North Carolina; online payday lending remains an enforcement target Source says: "Payday Lenders: Shut Down In NC, But Still Victimizing Borrowers Online" | North Carolina Department of Justice (Office of the Attorney General) as of 2026-09-16 |
| Small-loan / installment lender licensing | Consumer Finance Act license from the Commissioner of Banks required for loans of $25,000 or less charging more than Chapter 24 rates Source says: "Direct lenders seeking to charge rates higher than allowed under Chapter 24 on consumer term loans of twenty-five thousand dollars ($25,000) or less" | North Carolina Office of the Commissioner of Banks as of 2026-09-16 |
| State lending regulator | North Carolina Office of the Commissioner of Banks (NCCOB) Source says: "Lenders operating under the CFA must be licensed by and are subject to regulation by the NCCOB." | North Carolina Office of the Commissioner of Banks as of 2026-09-16 |
How to compare offers in Midway
Run through this list before signing anything in Midway:
- 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 North Carolina using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.