Damascus at a glance
- Population: roughly 787 people; 147th of 227 places in Virginia (Census Vintage 2023 subcounty estimate).
- 2020 Census base: the 2020 Census recorded 790 residents here (US Census Bureau).
- 2020 to 2023 change: down roughly 0.4% across the 2020-to-2023 comparison (US Census Bureau).
- Rank among Virginia places: 147th of 227 by population (US Census Bureau, Vintage 2023).
- Size percentile: it is larger than about 35% of the places in Virginia (US Census Bureau).
- Coordinates: 36.6327 latitude, -81.7894 longitude (US Census Bureau Gazetteer).
- Nearest larger cities within 120 miles: Glade Spring, VA (11 mi); Mountain City, TN (11 mi); Abingdon, VA (11 mi); Chilhowie, VA (13 mi); Saltville, VA (17 mi) (US Census Bureau).
- Nearest smaller towns: Lansing, NC (18 mi); Troutdale, VA (20 mi); Cleveland, VA (29 mi) — US Census Bureau populations.
What a personal loan costs in Damascus
A personal loan is structured as an installment plan, with a set number of monthly payments and a fixed amount due each time.
The number to compare is the APR, not the interest rate, because the APR folds in origination fees and other charges; our personal loan calculator will show what a given amount and term would cost.
Lenders weigh your credit history, income and debts when they set the rate, and the term you choose then determines how that rate compounds into total cost.
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 Damascus
The sourced rows below are the rules a licensed lender must follow when lending in Virginia, and therefore in Damascus.
| 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 Damascus
Run through this list before signing anything in Damascus:
- 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.