Lexington at a glance
- Population: 7,528 residents, the 49th-largest of 227 places in Virginia (US Census Bureau, Vintage 2023).
- 2020 Census base: 7,321 people counted in the 2020 Census (US Census Bureau).
- 2020 to 2023 change: population rose about 2.8% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Virginia places: 49th largest of 227 (US Census Bureau).
- Size percentile: roughly 78% of Virginia's places have fewer residents (US Census Bureau).
- Coordinates: the Census Gazetteer places it at 37.7823, -79.4443.
- Nearest larger cities: Lynchburg, VA (30 mi); Staunton, VA (33 mi); Waynesboro, VA (36 mi); Vinton, VA (43 mi); Roanoke, VA (45 mi); each population is a US Census Bureau estimate.
- Nearest smaller communities: Buena Vista, VA (6 mi); Glasgow, VA (10 mi); Goshen, VA (15 mi), each a US Census place.
What a personal loan costs in Lexington
The defining feature of a personal loan is the fixed installment: the same payment every month until the term ends.
The APR is the comparable price of a loan since it folds in fees; model any offer with the personal loan calculator first.
A longer term reduces what you owe each month and increases the total interest, which is the trade-off to weigh before choosing one.
Pre-qualification is a good first filter: it shows the rate and amount a lender may offer before you agree to a full application and a hard inquiry.
Virginia lending rules that apply in Lexington
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 Lexington
Run through this list before signing anything in Lexington:
- 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.