Richmond at a glance
- Population: about 229,247 residents, ranking 4th of 227 Census places in Virginia (US Census Bureau, Vintage 2023 subcounty estimate).
- 2020 Census base: 226,548 people (US Census Bureau, 2020 Census count).
- 2020 to 2023 change: population rose about 1.2% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Virginia places: 4th in population of 227 places (US Census Bureau).
- Size percentile: it is larger than about 98% of the places in Virginia (US Census Bureau).
- Coordinates: the Census Gazetteer places it at 37.5314, -77.4760.
- Nearest larger cities (120-mile radius): Norfolk, VA (80 mi); Chesapeake, VA (87 mi); Virginia Beach, VA (95 mi); Washington, DC (98 mi) (US Census Bureau).
- Nearest smaller towns: Ashland, VA (16 mi); Colonial Heights, VA (19 mi); Hopewell, VA (19 mi) (US Census Bureau).
What a personal loan costs in Richmond
A personal loan is structured as an installment plan, with a set number of monthly payments and a fixed amount due each time.
Compare every quote on APR because it includes the fees the interest rate hides, and check the payment with our personal loan calculator.
A longer repayment period spreads the cost and increases the interest paid, so compare total cost, not just the monthly figure.
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 Richmond
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 Richmond
Run through this list before signing anything in Richmond:
- 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.