Tool at a glance
- Population: a Census-estimated 2,295, placing it 565th among Texas's 1,224 places (Vintage 2023 subcounty estimate).
- 2020 Census base: 2,171 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: up about 5.7% from the 2020 Census base to the 2023 estimate (US Census Bureau).
- Rank among Texas places: 565th-largest of 1,224 (US Census Bureau, Vintage 2023 estimate).
- Size percentile: about 54% of Texas's Census places are smaller (US Census Bureau).
- Coordinates: the Census Gazetteer places it at 32.2805, -96.1727.
- Nearest larger cities: Gun Barrel City, TX (4 mi); Mabank, TX (7 mi); Athens, TX (21 mi); Corsicana, TX (22 mi); Kaufman, TX (22 mi); US Census Bureau population estimates.
- Nearest smaller towns: Enchanted Oaks, TX (4 mi); Seven Points, TX (5 mi); Payne Springs, TX (6 mi) (US Census Bureau).
What a personal loan costs in Tool
Most personal loans are unsecured, meaning no collateral is pledged, and they are repaid in equal installments over a fixed term.
APR, not the simple interest rate, reflects what the loan actually costs once fees are included; the personal loan calculator puts a figure on it.
Choosing a longer term eases the monthly budget but adds interest over the life of the loan; a shorter term costs more per month and less overall.
Work out the payment you can comfortably carry each month first, then borrow no more than that figure supports.
Texas lending rules that apply in Tool
Where a figure is not published by the state, the row points to the source instead of guessing.
| 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 Tool
Before you commit to a personal loan in Tool, 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 Texas using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.