Wakefield at a glance
- Population: 748 residents, the 150th-largest of 227 places in Virginia (US Census Bureau, Vintage 2023).
- 2020 Census base: 757 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: down about 1.2% from the 2020 Census base to the 2023 estimate (US Census Bureau).
- Rank among Virginia places: 150th of 227 by population (US Census Bureau, Vintage 2023).
- Size percentile: roughly 34% of places in Virginia rank below it by population (US Census Bureau).
- Coordinates: latitude 36.9691, longitude -76.9881 (US Census Bureau Gazetteer).
- Nearest larger cities: Waverly, VA (7 mi); Windsor, VA (18 mi); Courtland, VA (18 mi); Franklin, VA (20 mi); Smithfield, VA (21 mi), each a US Census place with its estimated population.
- Nearest smaller communities: Dendron, VA (6 mi); Ivor, VA (7 mi); Surry, VA (14 mi) (Census populations).
What a personal loan costs in Wakefield
A personal loan hands you a single sum and a repayment schedule of equal monthly installments over an agreed term.
The number to compare is the APR, not the interest rate, because the APR folds in origination fees and other charges; our personal loan calculator will show what a given amount and term would cost.
A longer repayment period spreads the cost and increases the interest paid, so compare total cost, not just the monthly figure.
Shop with more than one lender and treat pre-qualification as an estimate, since the final terms follow a full application.
Virginia lending rules that apply in Wakefield
The table lists the Virginia rules that apply to a loan made in Wakefield, each with the regulator that published it.
| 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 Wakefield
The steps below are worth completing first when you borrow in Wakefield:
- 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.