Parsons at a glance
- Population: 1,289 — 86th in West Virginia, which has 230 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 1,326 residents at the 2020 Census (US Census Bureau, 2020 count).
- 2020 to 2023 change: about 2.8% below the 2020 Census base (US Census Bureau).
- Rank among West Virginia places: 86th of 230 by population (US Census Bureau, Vintage 2023).
- Size percentile: about 63% of West Virginia's Census places are smaller (US Census Bureau).
- Coordinates: 39.0945 latitude, -79.6785 longitude (US Census Bureau Gazetteer).
- Nearest larger cities within 120 miles: Belington, WV (15 mi); Elkins, WV (15 mi); Philippi, WV (20 mi); Grafton, WV (25 mi); Terra Alta, WV (25 mi) (US Census Bureau).
- Smaller places close by: Hambleton, WV (2 mi); Hendricks, WV (3 mi); Montrose, WV (8 mi) (US Census Bureau).
What a personal loan costs in Parsons
A personal loan is structured as an installment plan, with a set number of monthly payments and a fixed amount due each time.
APR, not the simple interest rate, reflects what the loan actually costs once fees are included; the personal loan calculator puts a figure on it.
Because interest accrues for longer, a longer term means a lower installment and a higher total cost — decide which matters more to you.
Set the loan amount from the expense itself rather than the maximum you are approved for, and keep the payment within your existing budget.
West Virginia lending rules that apply in Parsons
Read the table as the compliance picture for a lender serving Parsons: label, sourced figure, publisher and date.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Parsons
Before you share your details with a lender in Parsons:
- 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.