Legal Status
Legal
Citation
Va. Code Ann. §§ 6.2-1800 et seq.
Loan Terms
Maximum Loan Amount: $500 [6.2-1816).
Loan Term: 2 pay periods minimum
Maximum Finance Rate and Fees: Test 4
Finance Charge for 14-day $100 Loan: 26.38
APR for 14-day $100 Loan: 688%
Debt Limits
Maximum Number of Outstanding Loans at One Time: 1. Va. Code Ann. § 6.2-1816
Rollovers Permitted: No. Va. Code Ann. § 6.2-1816
Cooling-off Period: 1 day for normal payday loans. Va. Code Ann. § 6.2-1816 90 days for an extended payment plan payday loan. Va. Code Ann. § 6.2-1816 45 days after the fifth payday loan in 180 days. Va. Code Ann. § 6.2-1816 150 days after entering an extended payment plan payday loan. Va. Code Ann. § 6.2-1816
Repayment Plan: 1 per 12 months over at least 60 days without any additional interest or fees.
Collection Limits
Collection Fees: $25 NSF Fee and attorney's fee not to exceed $250. Va. Code Ann. § 6.2-1818.
Criminal Action: Not allowed. Va. Code Ann. § 6.2-1816