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Installment loans in Virginia

Installment loans for bad credit in Virginia

Installment loans are allowed in Virginia from state-licensed lenders (Consumer finance company license). Here are the limits Virginia law sets, what a typical loan can cost, and where to get free help if you need it.

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Last updated .

Part of the Virginia guide

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How installment loans work

An installment loan is repaid in equal payments over months, not in one payment on your next payday; the examples below stay within Virginia limits.

What installment loans can cost

These examples show how cost adds up. They are illustrative, not a quote. Your lender sets the actual rate and terms.

Representative example

Amount borrowed
$1,000
Annual percentage rate (APR)
29.99%
Repayment
12 monthly payments
Payment
$97.48
Finance charge
$169.76
Total of payments
$1,169.76

Example: a $1,000 installment loan at 29.99% APR repaid in 12 monthly payments of $97.48 costs $1,169.76 in total, including a finance charge of $169.76. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.

Representative example

Amount borrowed
$3,000
Annual percentage rate (APR)
29.99%
Repayment
12 monthly payments
Payment
$292.45
Finance charge
$509.40
Total of payments
$3,509.40

Example: a $3,000 installment loan at 29.99% APR repaid in 12 monthly payments of $292.45 costs $3,509.40 in total, including a finance charge of $509.40. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.

Representative example

Amount borrowed
$500
Annual percentage rate (APR)
29.99%
Repayment
12 monthly payments
Payment
$48.74
Finance charge
$84.88
Total of payments
$584.88

Example: a $500 installment loan at 29.99% APR repaid in 12 monthly payments of $48.74 costs $584.88 in total, including a finance charge of $84.88. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.

What Virginia law allows

Installment loans in Virginia
ProductStatusAPR capAmountTermLicenseLaw
Installment and personal loans[1][2][3][4] Allowed 36% APR Up to $35,000 182 days to 3653 days Consumer finance company license Code of Virginia sec. 6.2-1500 et seq., esp. sec. 6.2-1501 and sec. 6.2-1520
Verified against the statute and regulator on September 23, 2026. Laws change; confirm with the regulator before you borrow.

Bars place each APR cap on a 0 to 400% scale; the pin marks the cap. A striped bar means the statute sets no numeric cap.

The rules in full

Installment and personal loans

Rate cap
Under the Consumer Finance Act, sec. 6.2-1520, licensed consumer finance companies may charge interest at a simple annual rate not to exceed 36 percent, computed only on the unpaid principal balance (no add-on, no compounding); daily calculation may use 1/360 or 1/365 of a year.
Fees
Late fee: flat 20 dollars per late payment (10+ days past due, one per scheduled payment). Loan processing/origination fee: the greater of 50 dollars or 6 percent of principal, capped at 150 dollars total, not counted as interest for the 36 percent cap; full rebate required if paid off within 30 days (minus up to 50 dollars); only one additional fee per 12-month period on a refinance. Actual filing/recording costs for security interests are also chargeable.
License
Consumer finance company license under Code of Virginia Title 6.2, chapter 15 (sec. 6.2-1501), issued by the Virginia State Corporation Commission's Bureau of Financial Institutions.

Full detail for every loan type: Virginia lending laws.

Rent and jobs in Virginia

Typical rent and the jobless rate, to weigh before a loan payment.

Rent and unemployment in Virginia
MeasureValueYear
Fair market rent, 2 bedroom (monthly)[5]$1,735FY2026
Unemployment rate[6]3.6%2026-08

Other options in Virginia

Cheaper options to try first

Worth checking whatever your credit: these can cost less than a high-rate loan.

  • Credit union payday alternative loans (PALs), capped at 28% APR under NCUA rules (12 CFR 701.21).
  • Nonprofit credit counseling through the National Foundation for Credit Counseling.
  • A payment plan from the company you owe, if you ask before you miss a payment.
  • 211 for help with rent, utilities and food: call 211 or visit 211.org.

More cheaper options in Virginia.

Other loan types allowed in Virginia

See every loan type Virginia law allows.

Installment loans in nearby states

Sources

  1. law.lis.virginia.gov. Code of Virginia sec. 6.2-1500 et seq., esp. sec. 6.2-1501 and sec. 6.2-1520. Retrieved September 23, 2026.
  2. law.lis.virginia.gov/vacode/title6.2/chapter15/section6.2-1520. Retrieved September 23, 2026.
  3. scc.virginia.gov/consumers/banks-consumer-lenders/file-a-financial-complaint. Retrieved September 23, 2026.
  4. scc.virginia.gov. Virginia State Corporation Commission, Bureau of Financial Institutions. Retrieved September 23, 2026.
  5. National Low Income Housing Coalition. Out of Reach 2026: Virginia. Retrieved September 23, 2026.
  6. U.S. Bureau of Labor Statistics. Local Area Unemployment Statistics (LAUS), All States, Seasonally Adjusted. Retrieved September 23, 2026.

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Important disclosures

APRs vary by lender and state in Virginia. Each lender sets its own rates and terms and must show you the APR before you sign.

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  • Questions about a lender licensed in Virginia? Contact the Virginia State Corporation Commission, Bureau of Financial Institutions or file a state complaint.
  • You can submit a complaint about any lender to the Consumer Financial Protection Bureau at consumerfinance.gov/complaint.