Troy at a glance
- Population: 1,417 — 207th in Tennessee, which has 344 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 1,419 people at the 2020 Census, the baseline for the trend below (US Census Bureau).
- 2020 to 2023 change: about 0.1% below the 2020 Census base (US Census Bureau).
- Rank among Tennessee places: 207th out of 344 Census places (US Census Bureau).
- Size percentile: about 40% of Tennessee's Census places are smaller (US Census Bureau).
- Coordinates: 36.3418 / -89.1584, per the US Census Bureau Gazetteer.
- Nearest larger cities: Union City, TN (9 mi); Hickman, KY (16 mi); Newbern, TN (17 mi); Martin, TN (17 mi); Tiptonville, TN (18 mi); each population is a US Census Bureau estimate.
- Smaller towns nearby: Obion, TN (6 mi); Rives, TN (6 mi); Hornbeak, TN (8 mi) (US Census Bureau).
What a personal loan costs in Troy
The defining feature of a personal loan is the fixed installment: the same payment every month until the term ends.
Compare offers on APR rather than the headline rate — the APR includes most fees, and you can model the total with our personal loan calculator.
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.
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 Troy
Each row below is a Tennessee rule with its publisher and the date it was retrieved.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Troy
The order below is a sensible way to approach a loan in Troy:
- 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.