Smithfield at a glance
- Population: about 8,989 residents, ranking 40th of 227 Census places in Virginia (US Census Bureau, Vintage 2023 subcounty estimate).
- 2020 Census base: 8,537 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: an increase of about 5.3% since the 2020 count (US Census Bureau).
- Rank among Virginia places: 40th largest of 227 (US Census Bureau).
- Size percentile: roughly 82% of places in Virginia rank below it by population (US Census Bureau).
- Coordinates: latitude 36.9724, longitude -76.6142 (US Census Bureau Gazetteer).
- Nearest larger cities: Newport News, VA (9 mi); Portsmouth, VA (16 mi); Hampton, VA (18 mi); Suffolk, VA (19 mi); Poquoson, VA (20 mi) — straight-line distances, US Census Bureau populations.
- Nearest smaller towns: Windsor, VA (13 mi); Ivor, VA (16 mi); Surry, VA (17 mi) (US Census Bureau).
What a personal loan costs in Smithfield
Most personal loans are unsecured, meaning no collateral is pledged, and they are repaid in equal installments over a fixed term.
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.
A lender weighs your credit profile, income and debts when setting the rate, and a longer term lowers the payment at the cost of more interest overall.
Most lenders offer pre-qualification with a soft credit pull, so you can see an estimated rate and amount without affecting your credit score.
Virginia lending rules that apply in Smithfield
The Virginia rate caps and licensing rules that reach Smithfield are listed below, each with its source and retrieval date.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Smithfield
Before you share your details with a lender in Smithfield:
- 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.