Installment Loans in Virginia

Amount and term limits

A Virginia Consumer Finance Company licensee may make covered installment loans from $300 through $35,000. PLS Cash Advance currently routes only the $2,500–$5,000 portion of that range to this guide.

A Chapter 15 installment loan must run for at least six months and no more than 120 months and be repayable in at least six substantially equal consecutive payments.

Interest, fees and repayment

The 36% rate is a legal ceiling for Chapter 15 licensees, not a typical market price. Virginia separately authorizes a processing fee and limited other charges, so nominal interest alone does not describe total borrower cost.

Interest may not exceed 36% at a single annual rate and must be calculated on the unpaid principal balance without add-on interest or compounding. A processing fee may not exceed the greater of $50 or 6% of principal and may never exceed $150; a late payment fee is capped at $20 when statutory conditions are met.

The written loan contract must provide for repayment in substantially equal monthly installments of principal and interest, with at least six installments. An odd first payment period of up to 45 days may be used under the statute.

Rollovers, refinancing and early payment

Rollover allowed?

Not reduced to a yes/no rule
Chapter 15 addresses renewal and refinancing through its own contract and fee rules rather than a payday-style rollover concept. A new processing fee on a refinance or renewal may be assessed no more than once in any 12-month period.

Prepayment penalty allowed?

Not reduced to a yes/no rule
A licensee must permit payment in advance in whole or in part equal to one or more full installments. The chapter has specific treatment for processing-fee rebates when a loan is paid in full within the first 30 days, so this dataset does not reduce all early-payment treatment to a single penalty flag.

Virginia borrower protections

• Covered loans must run at least six months and no more than 120 months and have at least six substantially equal consecutive payments.
• Interest may not exceed 36% at a single annual rate and may not be charged on an add-on basis or compounded.
• The processing fee is capped at the greater of $50 or 6% of principal, with an absolute maximum of $150.
• The lender must permit advance payments in whole or in full-installment increments.
• The lender may not take a lien on real estate as security for a Chapter 15 consumer finance loan, except a judgment lien.
• Internet loans to Virginia residents are subject to the Chapter 15 licensing requirements when the chapter applies.

Virginia loan cost calculator

How to verify a lender in Virginia

Regulator: Virginia State Corporation Commission — Bureau of Financial Institutions.

Consumer Finance Company license under Chapter 15 when required

Verify a lender license

Official sources

1. Virginia Code § 6.2-1520 — Consumer finance installment loan rates and fees · primary
2. Virginia Code § 6.2-1524 — Consumer finance required and prohibited conduct · primary
3. Virginia Code § 6.2-1523 — Additional charges prohibited; exceptions · primary
4. Virginia SCC — Bureau of Financial Institutions · primary
5. Virginia SCC — Regulated Financial Institutions / Verify a License · primary

Last regulatory verification: 2026-09-06. Laws can change; verify current terms and lender status before borrowing. Read our research methodology.