Virginia Payday Loan Laws Details
The data provided here is for general informational purposes and should not be used as legal reference. If you have questions regarding Virginia payday loan laws contact the Virginia Bureau of Financial Institutions.
Payday loans are legal in Virginia (see Virginia Payday Loans or Virginia Installment Loans to compare fees and requirements for individual lenders).
| Feature | Specification |
|---|---|
| Amount (max) | $500 |
| Rates or Fees (max) | 36% annual interest + $5 verification fee + 20% of loan |
| Term Limitations | Min: 2 pay periods |
In Virginia, no rollovers are permitted (cannot refinance, renew, or extend). The cooling period between loans is 1 day after payment, 45 days after the 5th loan within a 180 day period, or 90 days after payment plan. Virginia once per year
For example, in Virginia the rates and fees on a 14 day, $100 loan are:
| Terms | Amount |
|---|---|
| Loan Amount | $100 |
| Fees | $26.38 |
| APR | 687.76% |
Virginia also defines regulations around collections. If available, the table below lists the fees lenders are permitted to charge if the loan is not repaid and/or whether a lender can threaten use of or use criminal action if a borrower is unable to repay a loan.
| Feature | Specification |
|---|---|
| Collection Fees | $25 NSF fee; Court Costs; Reasonable Attorney's Fees (not to exceed $250) |
| Criminal Action | Prohibited |
A licensee that has obtained the required small loan endorsement may charge interest or fees for small loans not to exceed in the aggregate 15 percent of the first $500 of principal. If the principal exceeds $500, a licensee may charge interest or fees not to exceed in the aggregate 10 percent of that portion of the principal in excess of $500. If a licensee makes more than one loan to a single borrower, and the aggregated principal of all loans made to that borrower exceeds $500 at any one time, the licensee may charge interest or fees not to exceed in the aggregate 10 percent on that portion of the aggregated principal of all loans at any one time that is in excess of $500.