Iron Gate at a glance
- Population: about 308 residents, ranking 190th of 227 Census places in Virginia (US Census Bureau, Vintage 2023 subcounty estimate).
- 2020 Census base: the 2020 count put the population at 322 (US Census Bureau).
- 2020 to 2023 change: a decline of roughly 4.3% between the 2020 count and the 2023 estimate (US Census Bureau).
- Rank among Virginia places: 190th largest of 227 (US Census Bureau).
- Size percentile: it exceeds roughly 16% of Virginia's Census places by population (US Census Bureau).
- Coordinates: it sits at 37.7989, -79.7906 in the US Census Bureau Gazetteer.
- Nearest larger cities (within 120 miles): Clifton Forge, VA (3 mi); Covington, VA (11 mi); Lexington, VA (19 mi); Buchanan, VA (20 mi); Goshen, VA (20 mi) (US Census Bureau populations).
- Nearest smaller communities: New Castle, VA (27 mi); Hillsboro, WV (33 mi); Falling Spring, WV (34 mi), each a US Census place.
What a personal loan costs in Iron Gate
A personal loan gives you the full amount at once and spreads repayment over a set number of months at a fixed payment.
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 longer repayment period spreads the cost and increases the interest paid, so compare total cost, not just the monthly figure.
A payment that strains the budget is a warning sign; a smaller loan or a little more saving time is the safer route.
Virginia lending rules that apply in Iron Gate
Every figure in the table below is sourced to a publisher with a date; where a state does not publish a number, we say so rather than estimate.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Iron Gate
Run through this list before signing anything in Iron Gate:
- 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.