Pennington Gap at a glance
- Population: the Census estimates 1,577 residents, ranking 107th of 227 places in Virginia (Vintage 2023).
- 2020 Census base: 1,612 people at the 2020 Census, the baseline for the trend below (US Census Bureau).
- 2020 to 2023 change: down about 2.2% from the 2020 Census base to the 2023 estimate (US Census Bureau).
- Rank among Virginia places: 107th in population of 227 places (US Census Bureau).
- Size percentile: roughly 53% of Virginia's places have fewer residents (US Census Bureau).
- Coordinates: latitude 36.7577, longitude -83.0353 (US Census Bureau Gazetteer).
- Nearest larger cities: Cumberland, KY (16 mi); Big Stone Gap, VA (16 mi); Harlan, KY (17 mi); Surgoinsville, TN (22 mi); Rogersville, TN (24 mi) (Census populations, approximate straight-line distance).
- Nearest smaller towns: Jonesville, VA (7 mi); Evarts, KY (11 mi); Duffield, VA (14 mi) — US Census Bureau populations.
What a personal loan costs in Pennington Gap
A personal loan is an installment loan: you receive a lump sum and repay it in fixed monthly payments over a set term, usually two to seven years.
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.
The offer you receive reflects the lender's read of your credit, income and debts, and the term controls the balance between payment size and total interest.
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 Pennington Gap
Each row below is a Virginia rule with its publisher and the date it was retrieved.
| 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 Pennington Gap
Before you commit to a personal loan in Pennington Gap, work through these steps:
- 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.