Martinsville at a glance
- Population: 13,763, the 37th-largest community in Virginia out of 227 (US Census Bureau, Vintage 2023).
- 2020 Census base: the 2020 count put the population at 13,480 (US Census Bureau).
- 2020 to 2023 change: an increase of about 2.1% since the 2020 count (US Census Bureau).
- Rank among Virginia places: 37th largest of 227 (US Census Bureau).
- Size percentile: it is larger than about 84% of the places in Virginia (US Census Bureau).
- Coordinates: 36.6835 latitude, -79.8636 longitude (US Census Bureau Gazetteer).
- Nearest larger cities (within 120 miles): Eden, NC (14 mi); Reidsville, NC (26 mi); Danville, VA (26 mi); Greensboro, NC (41 mi); Roanoke, VA (41 mi) (US Census Bureau populations).
- Nearest smaller communities: Ridgeway, VA (7 mi); Stoneville, NC (15 mi); Mayodan, NC (19 mi), each a US Census place.
What a personal loan costs in Martinsville
A personal loan gives you the full amount at once and spreads repayment over a set number of months at a fixed payment.
Two loans can share an interest rate and still differ in APR once fees are counted, so compare APR; our personal loan calculator shows the difference over the full term.
The term is the lever: extend it and the payment falls while total interest climbs; shorten it and the reverse happens.
Before you borrow, decide what the loan is for and whether the monthly payment fits a budget you can already meet without taking on new debt.
Virginia lending rules that apply in Martinsville
The table lists the Virginia rules that apply to a loan made in Martinsville, each with the regulator that published it.
| 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 Martinsville
Here is a short checklist for comparing personal loans in Martinsville:
- 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.