Virginia Payday Loan Laws and Regulations in (VA)

(last updated 11/13/2019)
Payday loans and cash advances are legal in Virginia. The Virginia Bureau of Financial Institutions has been regulating Payday Loans and Cash Advances since May 11th, 2002. As of 01/19/2015 there were 20 licensed lenders and 224 licensed locations in Virginia.
The maximum payday loan allowed in Virginia is $500. The maximum payday loan as a percentage of income is not specified. The number of loans that can be open at one time is 1. The maximum permissible fees allowed in Virginia is 36% APR plus a $5 verification fee and 20% of loan. The cooling off or waiting period for obtaining another loan is 1 business day after payment. 45 days after 5th loan in 180 days. The number of rollovers that are permitted is 0. The minimum loan term is 2 of the borrowers pay periods. The maximum loan term is not specified.
This information is for informational purposes only. Although care has been taken to accurately describe the laws and regulations in Virginia, no guarantees are implied or expressed about its accuracy. This is not legal advice. If you need legal advice, please consult an attorney or the Virginia Bureau of Financial Institutions.
The following classes of lending organizations may be exempt from some, all, or none of the regulations set by the state of Virginia. Federally chartered banks, state chartered banks, credit unions and some entities organized under the laws of a sovereign nation (for example) a Native American Tribe or the country of Antigua.

Virginia Payday Lending Regulator (VA)

Regulating Authority
Virginia Bureau of Financial Institutions
1300 East Main Street
Suite 800
Richmond, VA 23218

Agency for Handling Complaints
Virginia Bureau of Financial Institutions
P.O. Box 640
Richmond , VA 23218-0640


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