Cleveland at a glance
- Population: roughly 136 people; 218th of 227 places in Virginia (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 139 people at the 2020 Census, the baseline for the trend below (US Census Bureau).
- 2020 to 2023 change: down roughly 2.2% across the 2020-to-2023 comparison (US Census Bureau).
- Rank among Virginia places: 218th out of 227 Census places (US Census Bureau).
- Size percentile: it exceeds roughly 4% of Virginia's Census places by population (US Census Bureau).
- Coordinates: latitude 36.9437, longitude -82.1526 (US Census Bureau Gazetteer).
- Nearest larger cities (120-mile radius): Lebanon, VA (5 mi); St. Paul, VA (9 mi); Honaker, VA (11 mi); Coeburn, VA (18 mi); Clinchco, VA (18 mi) (US Census Bureau).
- Smaller towns nearby: Clinchport, VA (37 mi); Duffield, VA (39 mi); Lansing, NC (47 mi) (US Census Bureau).
What a personal loan costs in Cleveland
A personal loan is structured as an installment plan, with a set number of monthly payments and a fixed amount due each time.
Judge an offer by its APR, which blends the interest rate with fees, and use the personal loan calculator to see the total cost.
A lender weighs your credit profile, income and debts when setting the rate, and a longer term lowers the payment at the cost of more interest overall.
If you are consolidating debt, the loan only helps if you stop adding to the balances it clears; otherwise the total debt grows.
Virginia lending rules that apply in Cleveland
The table lists the Virginia rules that apply to a loan made in Cleveland, each with the regulator that published it.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Cleveland
A few practical steps will make the process in Cleveland less costly:
- 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.