Virginia Payday Loans Law

Virginia Payday Loans Law

Virginia State Information

Legal Status: Legal

Loan Terms:

    - Maximum Loan Amount: $500
    - Loan Term: Min: 2 pay periods
    - Maximum Finance Rate and Fees: 36% annual interest + $5 verification fee + 20% of loan
    - Finance Charge for 14-day $100 loan: $26.38
    - APR for 14-day $100 loan: 687.76%

Debt Limits:

    - Maximum Number of Outstanding Loans at One Time: One
    - Rollovers Permitted: None (cannot refinance, renew, or extend)
    - Cooling-off Period: 1 day after payment; 45 days after 5th loan within 180 day period; 90 days after payment plan
    - Repayment Plan: Yes (Once per 12 month period; at least four equal installments, at least 60 days, no extra fees.)

Collection Limits:

    - Collection Fees: $25 NSF fee; Court Costs; Reasonable Attorney's Fees (not to exceed $250)
    - Criminal Action: Prohibited

Where to Complain, Get Information:

    - Regulator: Virginia Bureau of Financial Institutions
    - Address: Tyler Building, 8th floor, 1300 East Main Street, Suite 800, Richmond VA 23219
    - Phone: 1-800-552-7945
    - Fax: (804) 371-9416

These Virginia payday loans law are basic information to assist your decision to borrow money. This information may be added or modified or canceled by Virginia government without prior notice.