Socorro at a glance
- Population: about 38,238 residents, ranking 95th of 1,224 Census places in Texas (US Census Bureau, Vintage 2023 subcounty estimate).
- 2020 Census base: 34,306 residents at the 2020 Census (US Census Bureau, 2020 count).
- 2020 to 2023 change: an increase of about 11.5% since the 2020 count (US Census Bureau).
- Rank among Texas places: 95th out of 1,224 Census places (US Census Bureau).
- Size percentile: roughly 92% of Texas's places have fewer residents (US Census Bureau).
- Coordinates: 31.6385 / -106.2574, per the US Census Bureau Gazetteer.
- Nearest larger cities: El Paso, TX (18 mi); Las Cruces, NM (57 mi) — straight-line distances, US Census Bureau populations.
- Nearest smaller towns: Clint, TX (4 mi); San Elizario, TX (4 mi); Horizon City, TX (5 mi) (US Census Bureau).
What a personal loan costs in Socorro
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.
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.
Shop with more than one lender and treat pre-qualification as an estimate, since the final terms follow a full application.
Texas lending rules that apply in Socorro
Read the table as the compliance picture for a lender serving Socorro: label, sourced figure, publisher and date.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Socorro
Run through this list before signing anything in Socorro:
- 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.