Virginia Personal Loan Laws and Regulations in (VA)

(last updated 11/13/2019)
§ 6.2-1520. Rate of interest; late charges; processing fees.

A. A licensee may charge and receive interest on loans of:

1. Not more than $2,500, at a single annual rate not to exceed 36 percent; and

2. More than $2,500, at such single annual rate as shall be stated in the loan contract.

The annual rate of interest shall be charged only upon principal balances outstanding from time to time. Interest shall not be charged on an add-on basis and shall not be compounded or paid, deducted or received in advance. For the purpose of calculating interest under this section, a year may be any period of time consisting of 360 or 365 days.

B. A licensee may impose a late charge for failure to make timely payment of any installment due on a debt, which late charge shall not exceed five percent of the amount of such installment payment. The late charge shall be specified in the loan contract between the lender and the borrower. For purposes of this section, "timely payment" means a payment made by the date fixed for payment or within a period of seven calendar days after such fixed date.

C. A licensee may charge and receive a processing fee, charged on the principal amount of the loan, for processing the loan contract. The processing fee shall be stated in the loan contract. Such processing fee shall be deemed to constitute interest charged on the principal amount of the loan for purposes of determining whether the interest charged on a loan of not more than $2,500 exceeds the 36 percent annual interest rate limitation imposed by subdivision A 1.

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 Personal Loan Lending Regulator (VA)

Regulating Authority
Virginia Bureau of Financial Institutions
1300 East Main Street
Suite 800
Richmond, VA 23218
(804) 371-9657

Agency for Handling Complaints
Virginia Bureau of Financial Institutions
P.O. Box 640
Richmond , VA 23218-0640
(804) 371-9657


Personal Loan Request

Start by tailoring your loan amount
Your Preferred Amount
Your Preferred Term
Your Preferred Interest Rate
Based on your entries above...

Total of

Monthly Payment


Related Virginia Loan Programs

Personal Loans for Bad Credit in VA
$500 to $5,000 - Credit Score Less Than 650
Small Business Loans in VA
For Bad to Excellent Credit. Flexible Terms.
Flag of the State of Virginia Money: many times that’s what it takes to turn your dreams into reality. Whether you want to open a farm stand in Markham or take a vacation at Virginia Beach, or you aspire to be a gymnast like Gabby Douglas, or go into acting like Rob Lowe, a personal loan could help get you on your way to making it happen.

Sometimes life takes unexpected turns and you go off course. If you finally have time to finish your degree, a personal loan could pay for the courses you need at the University of Virginia. Or maybe you’ve been putting off resealing your driveway in Deerfield. When you’ve had enough of waiting for the right time to take that trip into the Blue Ridge Mountains – a personal loan can get you on your way.

Have you always dreamed of doing a historical tour of Virginia: visiting Monticello, Mount Vernon, Colonial Williamsburg, and the Jamestown Settlement? Or maybe you’re more into modern day attractions and want to hit the Smithsonian National Air and Space Museum, the Virginia Safari Park, and the Adventure Park at Sandy River Retreat. If you’re a nature lover, a week on the shores of Chincoteague could be something you’ve been saving for – but just never managed to get enough money together to do it. A personal loan could put an end to your waiting.

Personal loans can also help you get the home improvements you need. Everyone wants to feel good about where they live. So many people wait until it’s time to sell to finally take care of those repairs. No one wants to look at old, dull hardwood floors. With a personal loan, you could find a floor refinisher in Fairfax and enjoy the shine. A new refrigerator in Reston could give your kitchen just the facelift it needs. How nice would it be to pull into your driveway and see a gorgeous green lawn in Leesburg?

Whatever it is you are working toward or hoping for, we can help. We Give Loans has access to 12,778 signature loan sources to help get you the cash to make it happen! Whether you need $1,000 or up to $40,000 to accomplish your goals, we have access to sources that offer a variety of personal loan options. Even if you want to go complete a few classes to qualify for a promotion or career change, or you want to fix up a bathroom in your home, take that vacation you have been dreaming about or consolidate your debt into one easy low payment, a signature loan can bridge the gap between you and your goals!

All it takes is a few moments to complete our short, simple, secure form and we can get started. We Give Loans offers a no cost, no obligation pairing process to ensure that you are paired with the right loan source to get the right loan for your needs. Since we began pairing customers with loan sources in 2006, we have helped millions get the cash they needed and fast- most approvals only take a few minutes. If approved, you could have cash in your hand in 1 to 72 business hours. Our loan sources offer flexible repayment options with repayment periods from 6 to 72 months for unsecured loans. Don’t wait any longer! Make those dreams come true today with the help of We Give Loans!

Life’s too short to wait. A personal loan could make all these things happen for you today.


Virginia Personal Lenders (VA) by City

Virginia Debt Relief, Financial Counseling, and Consumer Credit Information

If you would like to look into the possible benefits of these services, National Debt Relief - Whom Offers a Free Savings Estimate is a leading provider of financial counseling services in Virginia.