Sparta at a glance
- Population: about 4,915 residents, ranking 104th of 344 Census places in Tennessee (US Census Bureau, Vintage 2023 subcounty estimate).
- 2020 Census base: the 2020 count put the population at 4,994 (US Census Bureau).
- 2020 to 2023 change: a loss of about 1.6% since the 2020 count (US Census Bureau).
- Rank among Tennessee places: 104th in population of 344 places (US Census Bureau).
- Size percentile: about 70% of places in Tennessee are smaller (US Census Bureau).
- Coordinates: the Census Gazetteer places it at 35.9347, -85.4726.
- Nearest larger cities (120-mile radius): Cookeville, TN (15 mi); Smithville, TN (20 mi); McMinnville, TN (24 mi); Crossville, TN (25 mi); Dunlap, TN (39 mi) (US Census Bureau).
- Smaller places close by: Doyle, TN (6 mi); Spencer, TN (14 mi); Pleasant Hill, TN (15 mi) (US Census Bureau).
What a personal loan costs in Sparta
Unlike a revolving credit card, a personal loan is closed-end: the balance falls on a fixed schedule and the payment does not change.
Judge an offer by its APR, which blends the interest rate with fees, and use the personal loan calculator to see the total cost.
Because interest accrues for longer, a longer term means a lower installment and a higher total cost — decide which matters more to you.
A payment that strains the budget is a warning sign; a smaller loan or a little more saving time is the safer route.
Tennessee lending rules that apply in Sparta
Where a figure is not published by the state, the row points to the source instead of guessing.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Sparta
Before you commit to a personal loan in Sparta, 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.