Elkton at a glance
- Population: a Census-estimated 3,036, placing it 80th among Virginia's 227 places (Vintage 2023 subcounty estimate).
- 2020 Census base: 2,943 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: roughly 3.2% higher than at the 2020 Census (US Census Bureau).
- Rank among Virginia places: 80th largest of 227 (US Census Bureau).
- Size percentile: roughly 65% of places in Virginia rank below it by population (US Census Bureau).
- Coordinates: latitude 38.4107, longitude -78.6161 (US Census Bureau Gazetteer).
- Nearest larger cities (120-mile radius): Harrisonburg, VA (14 mi); Broadway, VA (17 mi); Timberville, VA (18 mi); Bridgewater, VA (19 mi); Luray, VA (20 mi) (US Census Bureau).
- Smaller towns nearby: Shenandoah, VA (5 mi); Stanardsville, VA (12 mi); Stanley, VA (13 mi) (US Census Bureau).
What a personal loan costs in Elkton
A personal loan gives you the full amount at once and spreads repayment over a set number of months at a fixed payment.
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.
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.
Set the loan amount from the expense itself rather than the maximum you are approved for, and keep the payment within your existing budget.
Virginia lending rules that apply in Elkton
The Virginia rate caps and licensing rules that reach Elkton 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 Elkton
The order below is a sensible way to approach a loan in Elkton:
- 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.