Somerville at a glance
- Population: 3,525 (US Census Bureau, Vintage 2023 subcounty estimate), the 129th-largest of 344 places in Tennessee.
- 2020 Census base: 3,425 people at the 2020 Census, the baseline for the trend below (US Census Bureau).
- 2020 to 2023 change: an increase of about 2.9% since the 2020 count (US Census Bureau).
- Rank among Tennessee places: 129th-largest of 344 (US Census Bureau, Vintage 2023 estimate).
- Size percentile: ahead of around 62% of Tennessee places in population terms (US Census Bureau).
- Coordinates: the Census Gazetteer places it at 35.2322, -89.3754.
- Nearest larger cities: Oakland, TN (9 mi); Whiteville, TN (14 mi); Arlington, TN (16 mi); Lakeland, TN (20 mi); Bolivar, TN (21 mi); each population is a US Census Bureau estimate.
- Nearest smaller communities: Williston, TN (5 mi); Moscow, TN (12 mi); Gallaway, TN (15 mi) (Census populations).
What a personal loan costs in Somerville
A personal loan is an installment loan: you receive a lump sum and repay it in fixed monthly payments over a set term, usually two to seven years.
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.
The offer you receive reflects the lender's read of your credit, income and debts, and the term controls the balance between payment size and total interest.
Pre-qualifying with several lenders takes minutes, uses a soft pull, and gives you real numbers to compare before any hard inquiry.
Tennessee lending rules that apply in Somerville
Every figure in the table below is sourced to a publisher with a date; where a state does not publish a number, we say so rather than estimate.
| Rule | Detail | Source |
|---|---|---|
| State lending regulator | Tennessee Department of Financial Institutions (TDFI) Source says: The Department regulates banks, credit unions, trust companies, business and industrial development corporations, industrial loan and thrift companies | Tennessee Department of Financial Institutions (TDFI) as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | 10.75% per annum (maximum effective formula rate for written contracts, announced September 15, 2026) Source says: the maximum effective formula rate of interest in Tennessee is 10.75 percent per annum | Tennessee Department of Financial Institutions (TDFI) as of 2026-09-16 |
| Payday lending status | Licensed; deferred presentment services (payday) lenders must obtain a TDFI license, including internet lenders (Tenn. Code Ann. § 45-17-103) Source says: deferred presentment services in this state through the use of the internet, facsimile, telephone, or other means without having first obtained a license | Tennessee Department of Financial Institutions (TDFI) as of 2026-09-16 |
| Small-loan / installment lender licensing | TDFI Compliance Division licenses industrial loan & thrift companies, deferred presentment companies, flexible credit companies, and other consumer lenders Source says: The Compliance Division is responsible for the licensing and regulatory supervision of the following types of financial institutions operating in Tennessee | Tennessee Department of Financial Institutions (TDFI) as of 2026-09-16 |
How to compare offers in Somerville
Before you commit to a personal loan in Somerville, 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 Tennessee using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.