Spencer at a glance
- Population: about 1,539, 202nd by size in Tennessee of 344 places (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 1,461 people (US Census Bureau, 2020 Census count).
- 2020 to 2023 change: up about 5.3% from the 2020 Census base to the 2023 estimate (US Census Bureau).
- Rank among Tennessee places: 202nd out of 344 Census places (US Census Bureau).
- Size percentile: about 41% of places in Tennessee are smaller (US Census Bureau).
- Coordinates: 35.7392 latitude, -85.4561 longitude (US Census Bureau Gazetteer).
- Nearest larger cities: Sparta, TN (14 mi); Pikeville, TN (17 mi); McMinnville, TN (19 mi); Smithville, TN (25 mi); Dunlap, TN (26 mi); US Census Bureau population estimates.
- Nearest smaller communities: Doyle, TN (9 mi); Pleasant Hill, TN (22 mi); Beersheba Springs, TN (23 mi) (Census populations).
What a personal loan costs in Spencer
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.
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 Spencer
The sourced rows below are the rules a licensed lender must follow when lending in Tennessee, and therefore in Spencer.
| 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 Spencer
The steps below are worth completing first when you borrow in Spencer:
- 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.