Somerset at a glance
- Population: roughly 1,806 people; 639th of 1,224 places in Texas (Census Vintage 2023 subcounty estimate).
- 2020 Census base: the 2020 count put the population at 1,751 (US Census Bureau).
- 2020 to 2023 change: a gain of roughly 3.1% between the 2020 count and the 2023 estimate (US Census Bureau).
- Rank among Texas places: the 639th-largest of 1,224 (US Census Bureau, 2023 estimate).
- Size percentile: roughly 48% of places in Texas rank below it by population (US Census Bureau).
- Coordinates: it sits at 29.2286, -98.6569 in the US Census Bureau Gazetteer.
- Nearest larger cities within 120 miles: Lytle, TX (8 mi); Poteet, TX (14 mi); Castroville, TX (15 mi); Sandy Oaks, TX (15 mi); Devine, TX (16 mi) (US Census Bureau).
- Nearest smaller towns: Von Ormy, TX (3 mi); LaCoste, TX (11 mi); Natalia, TX (12 mi) — US Census Bureau populations.
What a personal loan costs in Somerset
A personal loan gives you the full amount at once and spreads repayment over a set number of months at a fixed payment.
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 term reduces what you owe each month and increases the total interest, which is the trade-off to weigh before choosing one.
A payment that strains the budget is a warning sign; a smaller loan or a little more saving time is the safer route.
Texas lending rules that apply in Somerset
Read the table as the compliance picture for a lender serving Somerset: label, sourced figure, publisher and date.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Somerset
These steps are the ones that most affect the offer you receive in Somerset:
- 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.