Virginia

Legal Status

Legal

Citation

Va. Code Ann. §§ 6.2-1800 et seq.

Loan Terms

Maximum Loan Amount: $2,500

Loan Term: 4-24 months

Maximum Finance Rate and Fees: 36% APR + monthly maintenance fee that doesn't exceed the lesser of eight percent on principal or $25, not added to interest bearing amount

Finance Charge for 14-day $100 Loan: No 14-day loans permitted.

APR for 14-day $100 Loan: No 14-day loans permitted.

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