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What Virginia law allows
| Product | Status | APR cap | Amount | Term | License | Law |
|---|---|---|---|---|---|---|
| Payday loans[1][2][3][4] | Allowed | 36% APR | Up to $2,500 | 122 days to 2 years | Short-term/payday lender license under Code of Virginia Title 6.2, chapter 18, issued... | Code of Virginia sec. 6.2-1800 et seq., esp. sec. 6.2-1817 |
| 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
Payday loans
- Rate cap
- Reclassified since 2020 as short-term loans under chapter 18 (Payday Lenders / short-term lending, sec. 6.2-1800 et seq.). Sec. 6.2-1817 caps interest at a simple annual rate not to exceed 36 percent.
- Fees
- Monthly maintenance fee: lesser of 8 percent of the originally contracted loan amount or 25 dollars (indexed for inflation under sec. 6.2-1817.1). Deposit-item-return fee capped at 25 dollars. Late charges capped at 20 dollars per sec. 6.2-400. Collection damages/costs capped at the originally contracted loan amount.
- License
- Short-term/payday lender license under Code of Virginia Title 6.2, chapter 18, issued by the Virginia State Corporation Commission's Bureau of Financial Institutions.
Full detail for every loan type: Virginia lending laws.
Help in Virginia
Money snapshot for Virginia
Other options in Virginia
Worth checking whatever your credit: these can cost less than a high-rate loan.
- Emergency loans in Virginia: allowed under Virginia law; see its limits and license rules.
- Installment loans in Virginia: allowed under Virginia law; see its limits and license rules.
- Personal loans in Virginia: allowed under Virginia law; see its limits and license rules.
- Title loans in Virginia: allowed under Virginia law; see its limits and license rules.
- Credit union payday alternative loans (PALs). Federal credit unions may offer small loans of up to $2,000 with terms of up to 12 months and an APR no higher than 28%, under NCUA rules (12 CFR 701.21). You usually need to be a member.
- Nonprofit credit counseling. A counselor accredited by the National Foundation for Credit Counseling can help you build a budget or a debt management plan.
- Ask your creditor for a payment plan. Utilities, hospitals and many lenders offer hardship or extended payment plans if you ask before you miss a payment.
- Local assistance. Call 211, or visit 211.org, for emergency help with rent, utilities and food in Virginia.
Payday loans in nearby states
- District of ColumbiaNot allowed Not allowed
- West VirginiaNot allowed Not allowed
- North CarolinaNot allowed Not allowed
- MarylandNot allowed Not allowed
- DelawareAllowed No numeric cap
Sources
- law.lis.virginia.gov/vacode/title6.2/chapter18/section6.2-1817. Retrieved September 23, 2026.
- scc.virginia.gov/consumers/banks-consumer-lenders/file-a-financial-complaint. Retrieved September 23, 2026.
- law.lis.virginia.gov. Code of Virginia sec. 6.2-1800 et seq., esp. sec. 6.2-1817. Retrieved September 23, 2026.
- scc.virginia.gov. Virginia State Corporation Commission, Bureau of Financial Institutions. Retrieved September 23, 2026.
- National Low Income Housing Coalition. Out of Reach 2026: Virginia. Retrieved September 23, 2026.
- U.S. Census Bureau, Population Division. Vintage 2024 National and State Population Estimates. Retrieved September 23, 2026.
- U.S. Bureau of Labor Statistics. Local Area Unemployment Statistics (LAUS), All States, Seasonally Adjusted. Retrieved September 23, 2026.
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.
Representative example
- Amount borrowed
- $1,000
- Annual percentage rate (APR)
- 36%
- Repayment
- 12 monthly payments
- Payment
- $100.46
- Finance charge
- $205.52
- Total of payments
- $1,205.52
Example: a $1,000 payday loan at 36% APR repaid in 12 monthly payments of $100.46 costs $1,205.52 in total, including a finance charge of $205.52. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.
- BadCreditMD is not a lender or broker and does not make loans or credit decisions. When you submit a request, a lending network partner shares it with third-party lenders, and those lenders or the partner may pay us a fee for each referral. The lenders decide whether to offer you a loan.
- There is no fee to use BadCreditMD. Lenders or our lending network partner may pay us.
- Lenders set their own rates, fees and terms. Offers depend on your credit, income, state of residence and each lender's criteria.
- Our service is not available in all states, and not every loan type is available in every state.
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- Submitting a request does not mean you will be approved or funded, or that you will receive any particular amount or rate.
- Short-term loans are costly and are not a long-term financial solution. Borrow only what you can repay on time.
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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.