Virginia State - Payday Loans Information

Payday loans are made by payday loan stores, check cashers, and pawn shops. Some rent-to-own companies also make payday loans. Loans are also marketed via toll-free telephone numbers and over the Internet. All a consumer needs to get a payday loan is an open bank account in relatively good standing, a steady source of income, and identification. Lenders do not conduct a full credit check or ask questions to determine if a borrower can afford to repay the loan.

Legal Status: Legal

Loan Terms:

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 12 month period; at least four equal installments, at least 60 days, no extra fees.)

Collection Limits:

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

Criminal Action: Prohibited

Call for Cash: +1 (855) 462-5019

State Rate & Fee Regulations

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