Madison at a glance
- Population: 2,742 people, the 46th-largest place among West Virginia's 230 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 2,913 people at the 2020 Census, the baseline for the trend below (US Census Bureau).
- 2020 to 2023 change: down about 5.9% from the 2020 Census base to the 2023 estimate (US Census Bureau).
- Rank among West Virginia places: 46th of the state's 230 Census places (US Census Bureau).
- Size percentile: about 80% of West Virginia's Census places are smaller (US Census Bureau).
- Coordinates: latitude 38.0651, longitude -81.8022 (US Census Bureau Gazetteer).
- Nearest larger cities: South Charleston, WV (20 mi); Dunbar, WV (21 mi); St. Albans, WV (22 mi); Charleston, WV (22 mi); Nitro, WV (24 mi); US Census Bureau population estimates.
- Nearest smaller towns: Danville, WV (2 mi); Chapmanville, WV (14 mi); Sylvester, WV (14 mi) (US Census Bureau).
What a personal loan costs in Madison
Personal loans are installment credit — one lump sum, repaid in equal monthly installments across a fixed term you agree to up front.
The advertised interest rate leaves out fees that the APR captures, which is why APR is the number to weigh; try the personal loan calculator before you apply.
Stretching the term lowers the monthly payment but raises the total interest you pay, so the smallest payment is not automatically the cheapest loan.
Work out the payment you can comfortably carry each month first, then borrow no more than that figure supports.
West Virginia lending rules that apply in Madison
Where a figure is not published by the state, the row points to the source instead of guessing.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Madison
Before you share your details with a lender in Madison:
- 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.