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Virginia Loan Regulations
Are you a resident of Virginia? Are you short on a small amount of cash to get by? There are various avenues of obtaining cash, including payday loans, credit unions, installment loans, and Virginia personal loans.
Payday lending is legal in Virginia as long as the lending company obtains a license from the Virginia State Corporation Commission.
The same law applies to out-of-state lenders who wish to provide online Virginia payday loans. Here is what you need to know about payday lending in Virginia before you apply.
As an alternative, you can also consider VA personal loans for bad credit.
The Advantages of Online Virginia Loans
Virginia Cash Advance Limits
- You can’t borrow more than $2,500.
- A cooling period of 24 hours is enforced before you can get another loan.
- If you take five payday loans within 180 days, there is a cooling period of 45 days.
- If you repay a loan through a repayment plan, a cooling period of 90 days is enforced.
In addition to these laws, a loan maintenance fee can’t exceed 8% of the amount advanced.
The maximum finance charge for payday loans in Virginia can't be more than 50% and the maximum late fee is $20. If a Virginia borrower defaults on payment, collection fees should not exceed $25.
Rollover and renewals are not allowed for online Virginia cash advances, hence the reason why such fees don’t apply.
Virginia Payday Loan Regulations
| Legal Status | Legal |
| Interest Rate (APR) | 36% |
| Max. Loan Amount | $2,500 |
| Min. Loan Term | 4 months |
| Max. Loan Term | 24 months |
| Number of Rollovers | 0 |
| Finance Charges | Up to 8% of $25 monthly |
| Statute of Limitations | 5 years |
Payday loans are legal in Virginia.
Virginia's laws have changed in 2020, as a result of HB 789, which renamed payday loans as "short-term loans."
The maximum loan limit was raised to $2,500. These loans have minimum and maximum terms of 4 months and 24 months, respectively.
The maximum APR is set at 36% and criminal activity is forbidden.
Each loan application must be run through a certain database to determine the borrower's eligibility.
Get the Loan You Need
An online personal loan can help when you need cash for large purchases or unplanned expenses.
How Much Interest Can Creditors Charge in Virginia?
We all like the idea of taking out a loan to pay for a few things. Yet, high-interest rates on loans and credit cards can land you in financial trouble.
Luckily, the state of Virginia has set some consumer safeguards when it comes to interest rates of Virginia installment loans. The state’s limit is 8% unless a greater amount is specified in a contract.
In reality, though, these statutory interest rate limits seldom apply since the law exempts revolving credit accounts.
That means credit cards, student loans, banks, credit unions, national banks, and mortgages can present a contract that specifies a greater interest rate than the limit.
Personal Loans from Credit Unions
Personal loans from credit unions can be used to make home repairs, consolidate bills from other lenders and pay for dental expenses.
APRs of Virginia personal loans start from as low as 8.49%. You can use your credit union savings as collateral.
Credit unions that offer loans in Virginia include Consumers Credit Union, PenFed, and Amplify.
Why Compare Personal Loans at Financer.com
Car Loans in Virginia
If you are looking for a car loan in Virginia there are many lenders you can compare to find the best offer online.
Some lenders that allow for online car loan applications include:
Home Loans in Virginia
Some of the best lenders for home loans in Virginia include:
Compare Virginia Loans at Financer.com
Financer.com helps you compare the best personal loans in Virginia and get the best loan rates from leading lenders.
We look for lenders that offer full transparency and have a long track record of successful lending and satisfied customers. We are always improving our comparisons, but are confident in what we can bring to market, and we know you will be as well.
Use our free loan comparison tool to find the right personal loan in Virginia and take the guesswork out of doing all the legwork yourself.
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Virginia Loans - FAQs
Can a personal loan improve my credit score?
How much can I borrow with a Virginia payday loan?
You can borrow up to $2,500 with a maximum loan period of 24 months.
Are payday loans legal in Virginia?
Yes, payday loans are allowed in Virginia. You can borrow up to $2,500 and the APR is capped at 36%.
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