Sherman at a glance
- Population: about 47,473 residents, ranking 76th of 1,224 Census places in Texas (US Census Bureau, Vintage 2023 subcounty estimate).
- 2020 Census base: 43,671 people counted in the 2020 Census (US Census Bureau).
- 2020 to 2023 change: population rose about 8.7% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Texas places: 76th of the state's 1,224 Census places (US Census Bureau).
- Size percentile: about 94% of Texas's Census places are smaller (US Census Bureau).
- Coordinates: 33.6286, -96.6267 (US Census Bureau Gazetteer).
- Nearest larger cities: McKinney, TX (30 mi); Little Elm, TX (35 mi); Frisco, TX (35 mi); Allen, TX (36 mi); Plano, TX (41 mi) — straight-line distances, US Census Bureau populations.
- Smaller towns nearby: Knollwood, TX (4 mi); Southmayd, TX (5 mi); Dorchester, TX (8 mi) (US Census Bureau).
What a personal loan costs in Sherman
Most personal loans are unsecured, meaning no collateral is pledged, and they are repaid in equal installments over a fixed term.
APR is the figure that lets you compare like with like, since it wraps fees into the rate; run your own numbers with the personal loan calculator.
Your credit, income and existing debts drive the rate a lender offers, while the term you pick sets how much interest builds on top.
Work out the payment you can comfortably carry each month first, then borrow no more than that figure supports.
Texas lending rules that apply in Sherman
The table lists the Texas rules that apply to a loan made in Sherman, each with the regulator that published it.
| Rule | Detail | Source |
|---|---|---|
| Payday lending status | Legal via licensed credit access businesses (payday/title-loan brokers); the third-party lender itself is not licensed (Tex. Fin. Code ch. 393) Source says: the credit access business that serves as the broker is the licensee in this regulated industry | Texas Office of Consumer Credit Commissioner (OCCC) as of 2026-09-16 |
| Small-loan / installment lender licensing | License required for non-depository lenders charging more than 10% interest; Chapter 342 governs consumer loans (Tex. Fin. Code § 342.051) Source says: Non-depository lenders who engage in making, transacting, or collecting loans with a rate of interest greater than 10% must be licensed by the OCCC. | Texas Office of Consumer Credit Commissioner (OCCC) as of 2026-09-16 |
| State lending regulator | Texas Office of Consumer Credit Commissioner (OCCC) Source says: The OCCC licenses and regulates non-depository lenders in the state of Texas. | Texas Office of Consumer Credit Commissioner (OCCC) as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | 10% per year maximum; a greater rate is usurious unless otherwise provided by law (Tex. Fin. Code § 302.001) Source says: The maximum rate or amount of interest is 10 percent a year except as otherwise provided by law. | Texas Legislature (Texas Constitution and Statutes) as of 2026-09-16 |
How to compare offers in Sherman
Before you commit to a personal loan in Sherman, work through these steps:
- 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 Texas using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.