Independence at a glance
- Population: a Census-estimated 1,005, placing it 138th among Virginia's 227 places (Vintage 2023 subcounty estimate).
- 2020 Census base: 1,010 people at the 2020 Census, the baseline for the trend below (US Census Bureau).
- 2020 to 2023 change: population fell about 0.5% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Virginia places: the 138th-largest of 227 (US Census Bureau, 2023 estimate).
- Size percentile: roughly 39% of places in Virginia rank below it by population (US Census Bureau).
- Coordinates: 36.6275 / -81.1492, per the US Census Bureau Gazetteer.
- Nearest larger cities: Sparta, NC (9 mi); Galax, VA (13 mi); Rural Retreat, VA (20 mi); Jefferson, NC (23 mi); Wytheville, VA (23 mi); each population is a US Census Bureau estimate.
- Nearest smaller places: Fries, VA (11 mi); Troutdale, VA (17 mi); Lansing, NC (22 mi) (US Census Bureau estimates).
What a personal loan costs in Independence
Unlike a revolving credit card, a personal loan is closed-end: the balance falls on a fixed schedule and the payment does not change.
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.
Because interest accrues for longer, a longer term means a lower installment and a higher total cost — decide which matters more to you.
If you are consolidating debt, the loan only helps if you stop adding to the balances it clears; otherwise the total debt grows.
Virginia lending rules that apply in Independence
Every figure in the table below is sourced to a publisher with a date; where a state does not publish a number, we say so rather than estimate.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Independence
A few practical steps will make the process in Independence less costly:
- 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.