What a loan can cost in Virginia
Examples at an illustrative rate, never above Virginia's cap for the amount. They are not quotes.
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.
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.
Resources in Virginia
Free and low-cost help in Virginia, each with its official link and the date we checked it.
Lending regulator and complaints
Virginia State Corporation Commission Bureau of Financial Institutions licenses lenders in Virginia.
Check a lender's license File a complaint
scc.virginia.gov Checked September 23, 2026
Attorney general consumer protection
Takes complaints about scams and unfair debt collection.
oag.state.va.us Checked September 23, 2026
211
Help with rent, utilities, food and other urgent bills.
211virginia.org Checked September 23, 2026
Legal aid
Free civil legal help if your income is low; income limits vary.
lscv.org Checked September 23, 2026
Nonprofit credit counseling
Help with a budget or a debt management plan.
nfcc.org Checked September 23, 2026
Benefits portal
Check whether you qualify for food, cash or other benefits in Virginia.
commonhelp.virginia.gov Checked September 23, 2026 Available in Spanish
Federal complaints
Complaints about any lender, to the Consumer Financial Protection Bureau.
Submit a complaint to the CFPB
consumerfinance.gov Checked September 23, 2026 Available in Spanish
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). 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.
- 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.
- Credit-builder loans: a small loan held in savings while you pay it off, which can help build a payment history.
- Secured credit cards: a card backed by a deposit you make, which can help build credit when you pay on time.
The rules lenders follow in Virginia
Each rule links to its source. How we research state rules.
Allowed in Virginia: installment and personal loans, title loans and payday loans.
| Product | Status | APR cap | Amount | Term | License | Law |
|---|---|---|---|---|---|---|
| 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 |
| Title loans[5][6][3][7][4] | AllowedHigh-cost loan | 36% APR | Up to $2,500 | 183 days to 2 years | Motor vehicle title lender license | Code of Virginia sec. 6.2-2200 et seq., esp. sec. 6.2-2216 |
| Payday loans[8][3][9][4] | AllowedHigh-cost loan | 36% APR | Up to $2,500 | 122 days to 2 years | Short-term/payday lender license | 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.
Rate, fee and license rules in Virginia
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.
Title loans
- Rate cap
- Motor Vehicle Title Loans, chapter 22, sec. 6.2-2216: interest at a simple annual rate not to exceed 36 percent.
- Fees
- Monthly maintenance fee: lesser of 8 percent of the original loan amount or 15 dollars (not addable to principal for interest purposes). Returned check/draft fee capped at 25 dollars. Late charges capped at 20 dollars. Repossession and sale costs limited to 5 percent of the originally contracted loan amount. Civil collection damages/costs cannot exceed the original loan amount. Storage fees are prohibited, and interest generally stops accruing after repossession or 60 days of non-payment unless the borrower is concealing the vehicle.
- License
- Motor vehicle title lender license under Code of Virginia Title 6.2, chapter 22, issued by the Virginia State Corporation Commission's Bureau of Financial Institutions. Licensees that held authority before January 1, 2021 to make title loans from consumer finance offices may continue collecting on outstanding loans made before that date.
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.
Rent and jobs in Virginia
Typical rent and the jobless rate, to weigh before a loan payment.
Guides for Virginia borrowers
Check your options in Virginia
Virginia questions
Does Virginia law allow payday loans?
Virginia law allows payday loans. The cost limit is 36% APR. Source: Code of Virginia sec. 6.2-1800 et seq., esp. sec. 6.2-1817.
What is the most a lender can charge in Virginia?
By loan type in Virginia: Installment and personal loans: 36% APR. Title loans: 36% APR. Payday loans: 36% APR.
Where can I file a complaint about a lender in Virginia?
You can file a complaint with Virginia State Corporation Commission Bureau of Financial Institutions, and you can also submit one to the Consumer Financial Protection Bureau. Both links are under Resources in Virginia on this page.
How do I check a lender's license in Virginia?
Virginia State Corporation Commission Bureau of Financial Institutions licenses lenders in Virginia. Use the license link under Resources in Virginia on this page to check a lender before you share your information.
Is there free help paying bills in Virginia?
Yes. Resources in Virginia on this page lists free help, including 211, legal aid, nonprofit credit counseling and benefits portal.
Nearby states
- District of ColumbiaAllowed 24% APR
- West VirginiaAllowed 31% APR (top tier)
- North CarolinaAllowed 33% APR (top tier)
- MarylandAllowed 33% APR (top tier)
- DelawareAllowedNo rate limit in state law No rate limit
Sources
- 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.
- law.lis.virginia.gov/vacode/title6.2/chapter15/section6.2-1520. Retrieved September 23, 2026.
- scc.virginia.gov/consumers/banks-consumer-lenders/file-a-financial-complaint. Retrieved September 23, 2026.
- scc.virginia.gov. Virginia State Corporation Commission, Bureau of Financial Institutions. Retrieved September 23, 2026.
- law.lis.virginia.gov/vacode/title6.2/chapter22/section6.2-2216. Retrieved September 23, 2026.
- Justia. law.justia.com/codes/virginia/title-6-2/chapter-22. Retrieved September 23, 2026.
- law.lis.virginia.gov. Code of Virginia sec. 6.2-2200 et seq., esp. sec. 6.2-2216. Retrieved September 23, 2026.
- law.lis.virginia.gov/vacode/title6.2/chapter18/section6.2-1817. 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.
- National Low Income Housing Coalition. Out of Reach 2026: Virginia. 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.
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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.