Payday Loan Laws - VA
The rules and regulations issuers of payday loans must abide by in the state of Virginia.
Legal Status:
Legal
Loan Terms:
Maximum Loan Amount: $500
Loan Term: Min: 7 days
Maximum Finance Rate and Fees: 15%
Finance Charge for 14-day $100 loan: $15
APR for 14-day $100 loan: 390%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: None (cannot refinance, renew, or extend)
Collection Limits:
Collection Fees: $25 NSF fee; Court Costs; Reasonable Attorney's Fees (not to exceed $250)
Criminal Action: Prohibited
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