Richmond at a glance
- Population: about 37,206 residents, ranking 6th of 416 Census places in Kentucky (US Census Bureau, Vintage 2023 subcounty estimate).
- 2020 Census base: 34,589 people counted in the 2020 Census (US Census Bureau).
- 2020 to 2023 change: up roughly 7.6% across the 2020-to-2023 comparison (US Census Bureau).
- Rank among Kentucky places: 6th-largest of 416 (US Census Bureau, Vintage 2023 estimate).
- Size percentile: larger than about 99% of the Census places in Kentucky (US Census Bureau).
- Coordinates: 37.7291, -84.2994 (Census Gazetteer, US Census Bureau).
- Nearest larger cities (within 120 miles): Lexington-Fayette, KY (23 mi); Georgetown, KY (39 mi); Jeffersonville, IN (87 mi); Covington, KY (91 mi); New Albany, IN (92 mi) (US Census Bureau populations).
- Smaller places close by: Berea, KY (10 mi); Lancaster, KY (17 mi); Irvine, KY (18 mi) (US Census Bureau).
What a personal loan costs in Richmond
The defining feature of a personal loan is the fixed installment: the same payment every month until the term ends.
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 longer repayment period spreads the cost and increases the interest paid, so compare total cost, not just the monthly figure.
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.
Kentucky lending rules that apply in Richmond
The Kentucky rate caps and licensing rules that reach Richmond are listed below, each with its source and retrieval date.
| Rule | Detail | Source |
|---|---|---|
| Consumer Loan Company license — statutory basis | License required from the commissioner to make loans at a greater rate of interest than otherwise permitted by law Source says: "No person shall, without first obtaining a license from the commissioner, engage in the business of making loans ... at a greater rate of interest". | Kentucky Legislative Research Commission (Kentucky Revised Statutes) as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | Up to 19% per annum, or 4% over the 90-day commercial-paper discount rate, whichever is less (by written agreement) Source says: "At a per annum rate not to exceed four percent (4%) in excess of the discount rate on ninety (90) day commercial paper ... or nineteen percent (19%), whichever is less". | Kentucky Legislative Research Commission (Kentucky Revised Statutes) as of 2026-09-16 |
| Payday lending status | Permitted under license (deferred deposit service business; payday loans) Source says: "The Kentucky Department of Financial Institutions (DFI) has secured the services of Veritec Solutions, LLC to provide a common database with real-time access for deferred deposit transactions". | Kentucky Department of Financial Institutions as of 2026-09-16 |
| Small-loan / installment lender licensing | Consumer Loan Company license required (KRS Chapter 286.4) Source says: "How to License a Consumer Loan Company: 1. Read KRS 286.4 and the applicable administrative regulations under KAR 808, Chapter 6". | Kentucky Department of Financial Institutions as of 2026-09-16 |
| State lending regulator | Kentucky Department of Financial Institutions (DFI) Source says: "The Department of Financial Institutions' mission is to serve Kentucky residents by promoting access to a stable financial industry, implementing effective and efficient regulatory oversight". | Kentucky Department of Financial Institutions as of 2026-09-16 |
How to compare offers in Richmond
Here is a short checklist for comparing personal loans in Richmond:
- 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 Kentucky using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.