Virginia payday loan laws

Legal Status: Legal

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

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

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