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Personal loans in Parsons, TN

For residents of Parsons, a personal loan is a lump sum with a fixed repayment schedule, and its cost reflects your credit, income and debt-to-income picture. The Census counts about 2,112 residents in Parsons, ranking it 166th among the 344 places in Tennessee. Tennessee sets the rate caps and licensing rules a lender must follow here, and the sourced table below lists them.

By the Personalloaned Editorial Team · Last updated 2026-09-16

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Parsons at a glance

  • Population: a Census-estimated 2,112, placing it 166th among Tennessee's 344 places (Vintage 2023 subcounty estimate).
  • 2020 Census base: 2,101 people at the 2020 Census, the baseline for the trend below (US Census Bureau).
  • 2020 to 2023 change: an increase of about 0.5% since the 2020 count (US Census Bureau).
  • Rank among Tennessee places: 166th of 344 by population (US Census Bureau, Vintage 2023).
  • Size percentile: about 52% of Tennessee's Census places are smaller (US Census Bureau).
  • Coordinates: 35.6512 latitude, -88.1231 longitude (US Census Bureau Gazetteer).
  • Nearest larger cities: Lexington, TN (14 mi); Clifton, TN (20 mi); Camden, TN (29 mi); Huntingdon, TN (30 mi); Savannah, TN (30 mi) (Census populations, approximate straight-line distance).
  • Smaller towns nearby: Decaturville, TN (5 mi); Scotts Hill, TN (12 mi); Linden, TN (16 mi) (US Census Bureau).

What a personal loan costs in Parsons

A personal loan is structured as an installment plan, with a set number of monthly payments and a fixed amount due each time.

Compare offers on APR rather than the headline rate — the APR includes most fees, and you can model the total with our personal loan calculator.

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.

Tennessee lending rules that apply in Parsons

Where a figure is not published by the state, the row points to the source instead of guessing.

RuleDetailSource
State lending regulatorTennessee Department of Financial Institutions (TDFI)
Source says: The Department regulates banks, credit unions, trust companies, business and industrial development corporations, industrial loan and thrift companies		Tennessee Department of Financial Institutions (TDFI)
as of 2026-09-16
Maximum legal interest rate (usury cap)10.75% per annum (maximum effective formula rate for written contracts, announced September 15, 2026)
Source says: the maximum effective formula rate of interest in Tennessee is 10.75 percent per annum		Tennessee Department of Financial Institutions (TDFI)
as of 2026-09-16
Payday lending statusLicensed; deferred presentment services (payday) lenders must obtain a TDFI license, including internet lenders (Tenn. Code Ann. § 45-17-103)
Source says: deferred presentment services in this state through the use of the internet, facsimile, telephone, or other means without having first obtained a license		Tennessee Department of Financial Institutions (TDFI)
as of 2026-09-16
Small-loan / installment lender licensingTDFI Compliance Division licenses industrial loan & thrift companies, deferred presentment companies, flexible credit companies, and other consumer lenders
Source says: The Compliance Division is responsible for the licensing and regulatory supervision of the following types of financial institutions operating in Tennessee		Tennessee Department of Financial Institutions (TDFI)
as of 2026-09-16

How to compare offers in Parsons

A few practical steps will make the process in Parsons less costly:

  1. Pull your free credit reports and dispute any error — it is the cheapest way to improve the rate you are offered.
  2. Run your figures through the personal loan calculator on this site so you know the payment before a lender quotes one.
  3. Pre-qualify with at least three lenders and compare the APR, not the interest rate.
  4. Check that the lender is licensed in Tennessee using the regulator named above.
  5. Read the disclosure for origination fees and any prepayment penalty before you sign.

Common questions

Frequently asked questions

Can I get a personal loan with bad credit in Parsons?
Yes, but expect a higher APR and possibly a smaller amount. Lenders that serve borrowers with lower scores are licensed statewide, so your options in Parsons are the same as elsewhere in Tennessee.
How much can I borrow with a personal loan in Parsons?
Loan amounts are set by each lender and depend on your income, credit and existing debts, so we do not quote a range we cannot source. The Consumer Financial Protection Bureau explains how lenders assess an application, and our personal loan calculator will model the payment for any amount before you apply.
Does a personal loan in Parsons require collateral?
Unsecured personal loans do not require collateral. A secured loan, such as a home-equity or auto-secured loan, does — and it puts the pledged asset at risk if you default.
Will shopping for a loan in Parsons hurt my credit?
Pre-qualification usually uses a soft credit pull that does not affect your score. A full application triggers a hard inquiry, which may lower your score by a few points temporarily.

Nearby places

Where these figures come from

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