Franklin at a glance
- Population: the Census estimates 468 residents, ranking 153rd of 230 places in West Virginia (Vintage 2023).
- 2020 Census base: 487 residents (US Census Bureau, 2020 Census).
- 2020 to 2023 change: a loss of about 3.9% since the 2020 count (US Census Bureau).
- Rank among West Virginia places: 153rd largest of 230 (US Census Bureau).
- Size percentile: it is larger than about 33% of the places in West Virginia (US Census Bureau).
- Coordinates: it sits at 38.6453, -79.3333 in the US Census Bureau Gazetteer.
- Nearest larger cities: Dayton, VA (26 mi); Petersburg, WV (27 mi); Bridgewater, VA (27 mi); Harrisonburg, VA (29 mi); Broadway, VA (29 mi), each a US Census place with its estimated population.
- Nearest smaller places: Monterey, VA (21 mi); Harman, WV (22 mi); Durbin, WV (28 mi) (US Census Bureau estimates).
What a personal loan costs in Franklin
With an installment loan the payment is fixed for the life of the loan, so the schedule is predictable from the first month to the last.
Two loans can share an interest rate and still differ in APR once fees are counted, so compare APR; our personal loan calculator shows the difference over the full term.
A longer repayment period spreads the cost and increases the interest paid, so compare total cost, not just the monthly figure.
A useful rule is to keep the new payment inside the room your budget already has, so the loan eases pressure instead of adding to it.
West Virginia lending rules that apply in Franklin
The table lists the West Virginia rules that apply to a loan made in Franklin, each with the regulator that published it.
| Rule | Detail | Source |
|---|---|---|
| State lending regulator | West Virginia Division of Financial Institutions (WV DFI) Source says: The West Virginia Division of Financial Institutions is charged with the regulation and supervision of financial institutions chartered by the State of West Virginia. | West Virginia Division of Financial Institutions (WV DFI) as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | 31% per year on unsecured loans of $3,500 or less; 27% on $3,500–$15,000; 18% above $15,000 (W. Va. Code § 46A-4-107) Source says: the loan finance charge, calculated according to the actuarial method, may not exceed 31 percent per year | West Virginia Legislature (West Virginia Code) as of 2026-09-16 |
| Payday lending status | Traditional payday lending is generally prohibited; check cashers are regulated under W. Va. Code ch. 32A Source says: Traditional "Payday Lenders" are generally prohibited within this state. | West Virginia Division of Financial Institutions (WV DFI) as of 2026-09-16 |
| Small-loan / installment lender licensing | Regulated consumer lender license required from the Commissioner (W. Va. Code § 46A-4-101) Source says: Unless a person has first obtained a license from the commissioner authorizing the person to make regulated consumer loans | West Virginia Legislature (West Virginia Code) as of 2026-09-16 |
How to compare offers in Franklin
The order below is a sensible way to approach a loan in Franklin:
- 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 West Virginia using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.