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%
Collection Fees: $25 NSF fee; Court Costs; Reasonable Attorney's Fees (not to exceed $250)
Criminal Action: Prohibited
Regulator: Virginia Bureau of Financial Institutions
Address: Tyler Building, 8th floor, 1300 East Main Street, Suite 800 Post Office Box 640 Richmond VA 23218
Virginia Bureau of Financial Institutions
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Deferred Deposit Agreements
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|
* 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.