VIRGINIA PERSONAL LOAN RATES AND TERMS:

Personal Loans in Virginia:

Virginia Payday Loan Laws and Virginia Loan Regulations

Legal Status: Legal

Citation: Va. Code Ann. §§ 6.2-1800 et seq.


Maximum Loan Amount: $500
Loan Term: Min: 2 pay periods
Maximum Finance Rate and Fees: 36% annual interest + $5 verification fee + 20% of loan
Finance Charge for 14-day $100 loan: $26.38
APR for 14-day $100 loan: 687.76%


Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot refinance, renew, or extend)
Cooling-off Period:1 day after payment; 45 days after 5th loan within 180 day period; 90 days after payment plan
Repayment Plan: Yes; once per year


Collection Limits:
Collection Fees: $25 NSF fee; Court Costs; Reasonable Attorney's Fees (not to exceed $250)
Criminal Action: Prohibited


State Regulatory Agencies for Payday Loans:

Regulator: Virginia Bureau of Financial Institutions
Address: Tyler Building, 8th floor, 1300 East Main Street, Suite 800 Post Office Box 640 Richmond VA 23218
Phone:(804)371-9657
Fax:(804)371-9416
Regulatory Contact:
Virginia Bureau of Financial Institutions
Regulated Institutions
File a Complaint
Online Resources:
Deferred Deposit Agreements
Predatory Lending

The cost of a personal loan:

The cost of a personal loan

Personal Installment Loan Basic Terms:

  • Loan Amount: $1,000 - $10,000
  • Interest Rate: 25% - 95%
  • Lending Period: 12 Months-36 Months
  • Payment Frequency: Bi-Weekly or Monthly
  • The actual APR will be applied based on credit score and repayment history
  • No prepayment penalties or additional charges for early payments
  • The option to pay the loan in full before the due date and only pay the interest rate for the period the loan was outstanding

Installment Loan Examples:

The table below will display a representation of different loans with an annual interest rate of 35%*. Interest rates are set after assessing each customer's credit worthiness through traditional credit checks.

Borrowed Amount Loan Period Monthly Payments Total Payable Amount
$2,000 12 Months $199.93 $2,399.16
$4,000 24 Months $234.07 $5,617.68
$6,000 36 Months $271.41 $9,771.12
$8,000 36 Months $361.89 $13,028.04

* The interest rate displayed in the examples table above is only representative. Not all customers will be eligible for a loan with the lowest interest rate. The APR and loan amount is determined by several factors such as: credit history, employment history, even state law.



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