Monterey at a glance
- Population: about 172 residents, ranking 212th of 227 Census places in Virginia (US Census Bureau, Vintage 2023 subcounty estimate).
- 2020 Census base: the 2020 count put the population at 165 (US Census Bureau).
- 2020 to 2023 change: up about 4.2% from the 2020 Census base to the 2023 estimate (US Census Bureau).
- Rank among Virginia places: 212th of 227 by population (US Census Bureau, Vintage 2023).
- Size percentile: it exceeds roughly 7% of Virginia's Census places by population (US Census Bureau).
- Coordinates: 38.4116 / -79.5809, per the US Census Bureau Gazetteer.
- Nearest larger cities (within 120 miles): Durbin, WV (16 mi); Franklin, WV (21 mi); Craigsville, VA (25 mi); Goshen, VA (29 mi); Marlinton, WV (30 mi) (US Census Bureau populations).
- Smaller places close by: Huttonsville, WV (30 mi); Harman, WV (35 mi); Montrose, WV (47 mi) (US Census Bureau).
What a personal loan costs in Monterey
Personal loans are installment credit — one lump sum, repaid in equal monthly installments across a fixed term you agree to up front.
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.
Choosing a longer term eases the monthly budget but adds interest over the life of the loan; a shorter term costs more per month and less overall.
Pre-qualifying with several lenders takes minutes, uses a soft pull, and gives you real numbers to compare before any hard inquiry.
Virginia lending rules that apply in Monterey
Where a figure is not published by the state, the row points to the source instead of guessing.
| 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 Monterey
The steps below are worth completing first when you borrow in Monterey:
- 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.