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Personal loans in Virginia

Personal loans for bad credit in Virginia

Personal loans are allowed in Virginia from state-licensed lenders (Consumer finance company license under Code of Virginia Title 6.2, chapter 15). 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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Part of the Virginia guide

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What people use personal loans for

A personal loan is a lump sum repaid in fixed monthly payments. People use one for a larger cost they want to spread out, such as a car repair, a move, medical bills or several higher-rate debts rolled into one payment. The examples below show what larger and smaller amounts can cost within Virginia limits.

What personal 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
$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
$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
$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

Personal 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 under Code of Virginia Title 6.2, chapter 15 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.

Money snapshot for Virginia

Virginia household data
MeasureValueYear
Fair market rent, 2 bedroom (monthly)[5]$1,735FY2026
Population[6]8,811,1952024
Unemployment rate[7]3.6%2026-08

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.
  • Payday 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.

See every loan type Virginia law allows.

Personal 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. Census Bureau, Population Division. Vintage 2024 National and State Population Estimates. Retrieved September 23, 2026.
  7. U.S. Bureau of Labor Statistics. Local Area Unemployment Statistics (LAUS), All States, Seasonally Adjusted. Retrieved September 23, 2026.

Important disclosures

Illustrative range for installment loans in Virginia: APRs from 5.99% to 35.99%, where the state APR cap is 36%. This range is not a quote; each lender sets its own rates. Your APR depends on your credit, income, state and the lender.

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  • 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.