Legal Status: Legal

Citation:
Va. Code Ann. 6.1-459 et seq.

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 pay, 45 days after 5th loan, 90 days after pay plan
Repayment Plan: Yes, once per year

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

Where to Complain, Get Information:
Regulator: Virginia Bureau of Financial Institutions
Address: State Corporation Commission, 1300 East Main Street, Suite 800 Post Office Box 640 Richmond VA 23218
Phone: (804) 371-9657
Fax: (804) 371-9416
Regulatory Contact: Susan E. Hancock,, Deputy Commissioner, Consumer Finance
Regulator Website

Licensee Database

Complaint Instructions

Complaint Form Link

Online Resources:
Brochure: Consumer Guide to Payday Lending