Virginia Payday Loan Laws
 | Min Term of Payday Loan: | 7 days | | Max Fees and Finance Charges: | 15% | | Maximum Loan Amount: | $500 | | Number of Rollovers: | None (cannot refinance, renew, or extend) | | Outstanding loans allowed at one time: | Not specified | | Cool-off period: | Not specified | | Military Protection: | Yes | | Payment Plan: | Not specified | | Limits on collection and presentment: | Not specified | | Collection fees: | One $20 NSF fee + $20 collection costs; Court costs. | | Presentment Limit: | Not specified | | Penalties: | Civil Fines, Suspension or revocations of license; Cease and Desist Order; Criminal | | Private right of action: | Yes |
Virginia Payday Loan Laws:
In Virginia payday lenders must be licensed when making loans to Virginia residents whether or not they have a business in Virginia. Payday lenders cannot: - Make more than one loan to a borrower at any time;
- Renew or extend any loan;
- Lend to military personnel located in certain locations declared ‘off-limits’ by a military base commander;
- Garnish military wages or conduct collection activities when the borrower is deployed to a combat or a combat support post.
| Payday Loan Laws: |
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