Virginia

State Payday Loan Law Information

Payday loans in Virginia are restricted to amounts equal to or less than $500.  The maximum term of any loan is a minimum of 2 pay periods.  The maximum finance rate and fees are limited to 36% annual interest plus $5 verification fee and 20% of the loan.

The maximum number of outstanding loans at one time is limited to one.  No rollovers are permitted and the loan may not be refinanced, renewed, or extended.  There is a 1 day cooling off period, 45 days after the 5th loan and 90 days after a pay plan.  A repayment plan is permitted once per year.

Collection fees are limited to $25 NSF check, court costs, and reasonable attorney’s fees but may not exceed $250.  Criminal action is prohibited.

 

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