Virginia Payday Loans

Va. Code Ann. §§ 6.2-1800 et seq.
Status: Legal

Payday loans are legal in the state of Virginia pursuant to Va. Code Ann. §§ 6.2-1800 et seq.  The number of companies offering payday loans in Virginia currently stands at 402, with the initial loan term standing at two pay periods and a loan amount of up to $500.

Payday Loan Lending Laws in Virginia

Payday lenders in Virginia can charge borrowers 36% annual interest, a $5 fee for verification, and 20% of the loan.  A borrower can only have one outstanding loan at a time and rollovers are not permitted.  The cooling-off period between loans varies depending on the number of loans taken out by a borrower:  only one day for the first five loans, 45 days after the fifth within a 180-day period, and 90 days after a payment plan, which a delinquent borrower can make use of once a year.  As in most states, a lender cannot file criminal charges such as jail time and garnished wages against a delinquent lender, but they can charge a $25 nonsufficient funds charges for bounced repayment checks and can turn a delinquent account over to a collections agency, which can damage a delinquent borrower’s credit rating.

Potential borrowers may find some assurance with these lending regulations, particularly since they can only take out one loan at a time.  But such enthusiasm should be tempered by the one-day cooling off period for smaller loans, which can still result in a potential borrower falling into a debt cycle where they experience difficulties paying the funds back.  As a repayment plan option can only be used once a year, the borrower needs to research the loan terms and the lending company before pursuing the loan.  The Consumer Financial Protection Bureau, a federal organization charged with overseeing financial laws that protect consumers, has been working to strengthen regulations on payday lenders throughout the country, but the primary responsibility for understanding and using the loans correctly will always rest with the potential borrower.


To apply for a payday loan in Virginia, a potential borrower must meet these requirements:

  • Be at least 18 years old
  • Be employed for at least one month.
  • Have an active checking account
  • Be a U.S. citizen or permanent resident.

Lending Rules*

Lenders in the state of Virginia are legally required to comply by the following limitations according to Va. Code Ann. §§ 6.2-1800 et seq.:

Maximum Loan Amount:
Minimum Length of Loan:
2 pay periods
Maximum Finance Rate & Fees:
36% annual interest + $5 verification fee + 20% of loan
Finance Charge for 14-day $100 Loan:
APR for 14-day $100 Loan:
Max # Outstanding Loans at One Time:
Rollovers Permitted:
None (cannot refinance, renew, or extend)
Repayment Plan:
Yes; once per year
Collection Fees:
$25 NSF fee; Court Costs; Reasonable Attorney's Fees (not to exceed $250)
Criminal Action:
*The information displayed may not be current. For the most recent information, please visit

Regulatory Information

If you have a complaint against a Virginia Cash Advance location you can contact your state regulator below:

Virginia Bureau of Financial Institutions
Tyler Building, 8th floor, 1300 East Main Street, Suite 800 Post Office Box 640 Richmond VA 23218
(804) 371-9657
(804) 371-9416

The Virginia Bureau of Financial Institutions website also provides a list of companies licensed to conduct payday lending business in the state, including companies that make use of trade names.

Virginia Lenders

Below you can find Virginia payday loan lenders in the following cities:

Virginia Statistics**

The following information is key demographic data for the state of Virginia from the Census bureau.

Total Population:
Median Household Income:
Poverty Rate:
Median Gross Rent:
High School Graduate or Higher:
Bachelor's Degree or Higher:
**The information displayed may not be current. For the most recent information, please visit

Borrow Responsibly

While cash advance loans can be an effective way to address short-term financial emergencies, the responsibility of understanding the loan terms and repaying the loan rests with the borrower.  Potential users should understand the loan terms including applicable fees and repayment schedules before applying.  Borrowers should also contact the Virginia Bureau of Financial Institutions with any concerns or questions. is an independent comparison service provider. Reasonable efforts have been made to maintain accurate information throughout our website; however, all information is presented without warranty or guarantee. may receive compensation from our partners, including, but not limited to, clicking on links and lead generation.