The Best Loans in Virginia 2024: Compare Loan Rates

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.

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.

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.

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:

• Upstart 
• 5KFunds
• PersonalLoans.com
• Caribou

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.