Salem at a glance
- Population: 4,713 — 143rd in Missouri, which has 937 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: the 2020 count put the population at 4,655 (US Census Bureau).
- 2020 to 2023 change: up roughly 1.2% across the 2020-to-2023 comparison (US Census Bureau).
- Rank among Missouri places: 143rd of the state's 937 Census places (US Census Bureau).
- Size percentile: about 85% of places in Missouri are smaller (US Census Bureau).
- Coordinates: 37.6396, -91.5349 (Census Gazetteer, US Census Bureau).
- Nearest larger cities (within 120 miles): Rolla, MO (25 mi); St. Robert, MO (36 mi); Waynesville, MO (39 mi); Sullivan, MO (44 mi); St. Clair, MO (57 mi) (US Census Bureau populations).
- Nearest smaller towns: Edgar Springs, MO (19 mi); Licking, MO (20 mi); Bunker, MO (22 mi) — US Census Bureau populations.
What a personal loan costs in Salem
A personal loan hands you a single sum and a repayment schedule of equal monthly installments over an agreed term.
Because the APR includes origination and finance charges, it is the honest comparison number; the personal loan calculator turns an APR and term into a monthly payment.
Your credit, income and existing debts drive the rate a lender offers, while the term you pick sets how much interest builds on top.
If you are consolidating debt, the loan only helps if you stop adding to the balances it clears; otherwise the total debt grows.
Missouri lending rules that apply in Salem
The Missouri rate caps and licensing rules that reach Salem are listed below, each with its source and retrieval date.
| Rule | Detail | Source |
|---|---|---|
| Maximum legal interest rate (usury cap) | 10% per annum, or the higher published 'market rate' (RSMo § 408.030) Source says: "a rate of interest not exceeding ten percent per annum on money due or to become due upon any contract" | Missouri Revisor of Statutes as of 2026-09-16 |
| Payday lending status | Legal and licensed — unsecured loans of $500 or less require a license from the Director of the Division of Finance (RSMo § 408.500) Source says: "in the business of making unsecured loans of five hundred dollars or less shall obtain a license from the director of the division of finance" | Missouri Revisor of Statutes as of 2026-09-16 |
| Small-loan / installment lender licensing | Consumer credit lenders licensed and regulated by the Division of Finance's consumer credit section (Chapters 367 and 408, RSMo) Source says: "The consumer credit section of the Missouri Division of Finance is responsible for licensing and regulating various types of consumer finance companies" | Missouri Division of Finance as of 2026-09-16 |
| State lending regulator | Missouri Division of Finance (Department of Commerce and Insurance) Source says: "We regulate state-chartered banks, trust companies, consumer credit facilities, mortgage brokers, and savings and loan institutions" | Missouri Division of Finance as of 2026-09-16 |
| Additional loan fee cap (30+ day loans) | Up to 10% of principal, capped at $100 (RSMo § 408.140) Source says: "a fee, not to exceed ten percent of the principal amount loaned not to exceed one hundred dollars may be charged by the lender" | Missouri Revisor of Statutes as of 2026-09-16 |
How to compare offers in Salem
The steps below are worth completing first when you borrow in Salem:
- 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 Missouri using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.