Spencer at a glance
- Population: roughly 1,982 people; 58th of 230 places in West Virginia (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 2,039 people counted in the 2020 Census (US Census Bureau).
- 2020 to 2023 change: population fell about 2.8% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among West Virginia places: 58th largest of 230 (US Census Bureau).
- Size percentile: about 75% of West Virginia's Census places are smaller (US Census Bureau).
- Coordinates: latitude 38.8000, longitude -81.3534 (US Census Bureau Gazetteer).
- Nearest larger cities (within 120 miles): Ripley, WV (19 mi); Ravenswood, WV (24 mi); Parkersburg, WV (33 mi); Winfield, WV (34 mi); Charleston, WV (35 mi) (US Census Bureau populations).
- Nearest smaller towns: Reedy, WV (8 mi); Grantsville, WV (16 mi); Elizabeth, WV (18 mi) (US Census Bureau).
What a personal loan costs in Spencer
Personal loans are closed-end installment debt, so the monthly payment and the payoff date are known from the start.
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.
Your credit, income and existing debts drive the rate a lender offers, while the term you pick sets how much interest builds on top.
A useful rule is to keep the new payment inside the room your budget already has, so the loan eases pressure instead of adding to it.
West Virginia lending rules that apply in Spencer
Read the table as the compliance picture for a lender serving Spencer: label, sourced figure, publisher and date.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Spencer
The steps below are worth completing first when you borrow in Spencer:
- 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.