Parowan at a glance
- Population: about 3,181, 106th by size in Utah of 255 places (Census Vintage 2023 subcounty estimate).
- 2020 Census base: the 2020 Census recorded 2,998 residents here (US Census Bureau).
- 2020 to 2023 change: up roughly 6.1% across the 2020-to-2023 comparison (US Census Bureau).
- Rank among Utah places: 106th-largest of 255 (US Census Bureau, Vintage 2023 estimate).
- Size percentile: roughly 58% of places in Utah rank below it by population (US Census Bureau).
- Coordinates: 37.8326 latitude, -112.8296 longitude (US Census Bureau Gazetteer).
- Nearest larger cities within 120 miles: Enoch, UT (13 mi); Cedar City, UT (18 mi); Beaver, UT (32 mi); La Verkin, UT (48 mi); Hurricane, UT (55 mi) (US Census Bureau).
- Nearest smaller towns: Paragonah, UT (5 mi); Brian Head, UT (9 mi); Panguitch, UT (22 mi) — US Census Bureau populations.
What a personal loan costs in Parowan
A personal loan is structured as an installment plan, with a set number of monthly payments and a fixed amount due each time.
APR, not the simple interest rate, reflects what the loan actually costs once fees are included; the personal loan calculator puts a figure on it.
A longer repayment period spreads the cost and increases the interest paid, so compare total cost, not just the monthly figure.
Shop with more than one lender and treat pre-qualification as an estimate, since the final terms follow a full application.
Utah lending rules that apply in Parowan
The table carries the Utah rate and licensing rules that apply to consumer loans made in Parowan.
| Rule | Detail | Source |
|---|---|---|
| State lending regulator | Utah Department of Financial Institutions (DFI) Source says: The Department of Financial Institutions regulates 19 banks, 22 credit unions, 17 industrial banks and 1 trust company. | Utah Department of Financial Institutions (DFI) as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | No general cap — parties may agree to any rate; 10% per annum legal rate if no rate is specified (Utah Code § 15-1-1) Source says: The parties to a lawful written, verbal, or implied contract may agree upon any rate of interest for the contract | Utah State Legislature as of 2026-09-16 |
| Payday lending status | Legal; deferred deposit lenders must register with the Utah DFI (Utah Code Title 7, ch. 23) Source says: It is unlawful for a person to engage in the business of cashing checks or the business of deferred deposit lending in Utah | Utah State Legislature as of 2026-09-16 |
| Small-loan / installment lender licensing | Consumer lenders under the Utah Consumer Credit Code (Title 70C) must file a Consumer Credit Notification via NMLS Source says: Entities subject to the UCCC's notification requirement must file a Consumer Credit Notification (CCN) through the Nationwide Multistate Licensing System (NMLS). | Utah Department of Financial Institutions (DFI) as of 2026-09-16 |
How to compare offers in Parowan
The steps below are worth completing first when you borrow in Parowan:
- 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 Utah using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.