Sherman at a glance
- Population: about 626, 182nd by size in Mississippi of 299 places (Census Vintage 2023 subcounty estimate).
- 2020 Census base: the 2020 Census recorded 602 residents here (US Census Bureau).
- 2020 to 2023 change: a gain of roughly 4.0% between the 2020 count and the 2023 estimate (US Census Bureau).
- Rank among Mississippi places: 182nd of 299 by population (US Census Bureau, Vintage 2023).
- Size percentile: larger than about 39% of the Census places in Mississippi (US Census Bureau).
- Coordinates: 34.3612, -88.8387 (Census Gazetteer, US Census Bureau).
- Nearest larger cities: Saltillo, MS (8 mi); Tupelo, MS (9 mi); Ecru, MS (11 mi); Guntown, MS (11 mi); Pontotoc, MS (12 mi); US Census Bureau population estimates.
- Smaller towns nearby: Blue Springs, MS (3 mi); Dumas, MS (19 mi); Myrtle, MS (21 mi) (US Census Bureau).
What a personal loan costs in Sherman
With an installment loan the payment is fixed for the life of the loan, so the schedule is predictable from the first month to the last.
The number to compare is the APR, not the interest rate, because the APR folds in origination fees and other charges; our personal loan calculator will show what a given amount and term would cost.
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.
Mississippi lending rules that apply in Sherman
Each row below is a Mississippi rule with its publisher and the date it was retrieved.
| Rule | Detail | Source |
|---|---|---|
| Delayed-deposit (payday) fee caps | $20 per $100 advanced on checks ≤$250; $21.95 per $100 on checks over $250 (DBCF rule) Source says: "Delayed deposit transaction: $20.00 per $100.00 advanced for checks $250.00 and under" | Mississippi Secretary of State (DBCF administrative regulations) as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | See the latest published figure value_text left null: the maximum finance charge for licensed small-loan lenders is set by Miss. Code § 75-17-21, which § 75-67-119 references as the limit; no retrievable official page published the current figure for direct verification. | Mississippi Department of Banking and Consumer Finance as of 2026-09-16 |
| Payday lending status | Legal and licensed — check cashers (delayed-deposit/payday transactions) are licensed consumer-finance industries regulated by DBCF (Miss. Code § 75-67-501 et seq.) Source says: "These industries include Money Transmitter, Small Loan, Check Cashers, Pawnbroker, Title Pledge, Consumer Loan Broker" | Mississippi Department of Banking and Consumer Finance as of 2026-09-16 |
| Small-loan / installment lender licensing | Small loan license required (Small Loan Regulatory Law; Miss. Code § 75-67-105) Source says: "No person shall engage in the business of lending money ... without being the holder of a valid and subsisting license" | Mississippi Department of Banking and Consumer Finance as of 2026-09-16 |
| State lending regulator | Mississippi Department of Banking and Consumer Finance (DBCF) Source says: "The Mississippi Department of Banking and Consumer Finance's (DBCF) mission is to regulate, supervise and safeguard financial institutions chartered and licensed in Mississippi" | Mississippi Department of Banking and Consumer Finance as of 2026-09-16 |
How to compare offers in Sherman
These steps are the ones that most affect the offer you receive in Sherman:
- 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 Mississippi using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.