Regulator Details

Virginia Bureau of Financial Institutions

State Corporation Commission
1300 East Main Street, Suite 800 Post Office Box 640
Richmond, VA 23218
Phone: (804) 371-9657
Fax: (804) 371-9416
Contact: Susan E. Hancock, Deputy Commissioner, Consumer Finance

Virginia Payday Loan Laws

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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
General Loan Terms

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%
Sample Loan Terms

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
Regulations on Collections
Finally, a more detailed excerpt from Virginia's statutes on finance charges is listed below. In general the tables above summarize this.

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.

Citation: Va. Code Ann. Sections 6.2-1800 et seq.