Payday loan laws in Virginia
Status: Legal (Va. Code Ann. §§ 6.2-1800 et seq.)
For Lenders
Lending specifications:
- Maximum loan amount: $500
- Loan tenure: Min: 2 pay periods
- Fees and finance charges: 36% APR + $5 for verification + 20% of loan
- Finance charge on a 14-day $100 loan: $26.38
- APR on 14-day $100 loan: 687.76%
Collection restrictions:
- Collection fees: $25 NSF fee; court costs; reasonable attorney fees (should not exceed $250)
- Criminal procedures: Prohibited
For Borrowers
Debt limits:
- Maximum no. of outstanding loans at a time: One
- Rollovers allowed: None (cannot refinance, renew, or extend)
- Cooling-off period: 1 day after repayment; 45 days after 5th loan within 180 day period; 90 days after payment plan
- Repayment Plan: Available
Complaint cell:
- Regulator: Virginia Bureau of Financial Institutions
- Address: State Corporation Commission, 1300 East Main Street, Suite 800 Post Office Box 640 Richmond VA 23218-0640
- Phone: (804) 371-9657
- Fax: (804) 371-9416
- Toll-free: 1-800-552-7945 (within Virginia)
- Regulatory contact: Susan E. Hancock, Deputy Commissioner, Consumer Finance
- Website: http://www.scc.virginia.gov/bfi/index.aspx
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File complaint: http://www.scc.virginia.gov/
bfi/complain.aspx
Updated on:
