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
  • File complaint: http://www.scc.virginia.gov/
    bfi/complain.aspx



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