Boones Mill at a glance
- Population: about 261 residents, ranking 198th of 227 Census places in Virginia (US Census Bureau, Vintage 2023 subcounty estimate).
- 2020 Census base: 257 residents at the 2020 Census (US Census Bureau, 2020 count).
- 2020 to 2023 change: population rose about 1.6% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Virginia places: the 198th-largest of 227 (US Census Bureau, 2023 estimate).
- Size percentile: ahead of around 13% of Virginia places in population terms (US Census Bureau).
- Coordinates: 37.1156, -79.9514 (US Census Bureau Gazetteer).
- Nearest larger cities (within 120 miles): Rocky Mount, VA (9 mi); Roanoke, VA (11 mi); Vinton, VA (12 mi); Salem, VA (13 mi); Troutville, VA (21 mi) (US Census Bureau populations).
- Smaller towns nearby: New Castle, VA (28 mi); Danbury, NC (51 mi); Glen Lyn, VA (53 mi) (US Census Bureau).
What a personal loan costs in Boones Mill
Personal loans are installment credit — one lump sum, repaid in equal monthly installments across a fixed term you agree to up front.
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.
A longer repayment period spreads the cost and increases the interest paid, so compare total cost, not just the monthly figure.
Pre-qualification is a good first filter: it shows the rate and amount a lender may offer before you agree to a full application and a hard inquiry.
Virginia lending rules that apply in Boones Mill
The Virginia rate caps and licensing rules that reach Boones Mill are listed below, each with its source and retrieval date.
| Rule | Detail | Source |
|---|---|---|
| State lending regulator | Virginia State Corporation Commission, Bureau of Financial Institutions (BFI) Source says: The Bureau of Financial Institutions (BFI) is a regulatory division of the Virginia State Corporation Commission (SCC.) | Virginia State Corporation Commission (SCC) as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | 12% per year maximum contract rate, except as otherwise permitted by law (Va. Code § 6.2-303) Source says: no contract shall be made for the payment of interest on a loan at a rate that exceeds 12 percent per year | Virginia General Assembly (Code of Virginia) as of 2026-09-16 |
| Payday lending status | Legal via licensed short-term lenders; interest capped at a 36% simple annual rate plus limited fees (Va. Code § 6.2-1817) Source says: Interest at a simple annual rate not to exceed 36 percent | Virginia General Assembly (Code of Virginia) as of 2026-09-16 |
| Small-loan / installment lender licensing | Consumer finance license required from the State Corporation Commission (Va. Code § 6.2-1501) Source says: No person shall engage in the business of making loans to individuals for personal, family, household, or other nonbusiness purposes | Virginia General Assembly (Code of Virginia) as of 2026-09-16 |
How to compare offers in Boones Mill
Here is a short checklist for comparing personal loans in Boones Mill:
- 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 Virginia using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.