Permitted Regulated Verified 2026-09-06 · ver. 0.2.3 How we verify these rules

Payday Loans in Virginia

Virginia replaced its former payday model with a regulated Short-Term Loan product. Loans may be up to $2,500, generally run four to 24 months, are repaid in substantially equal installments, and are subject to a 36% simple-interest ceiling plus a capped monthly maintenance fee and overall charge caps.

Virginia legal category: Short-Term Loan · Virginia Code, Title 6.2, Chapter 18 — Short-Term Loans

Virginia payday loans at a glance

Legal status
Permitted Regulated
Legal category
Short-Term Loan
Maximum amount in this regime
$2,500
Term
The normal contracted term is at least four months and no more than 24 months. A term shorter than four months is permitted only when the total monthly payment does not exceed the greater of 5% of verified gross monthly income or 6% of verified net monthly income.
Regulator
Virginia State Corporation Commission — Bureau of Financial Institutions
Verified
2026-09-06

Choose a loan type by amount

PLS Cash Advance currently presents request amounts from $200 to $5,000. The ranges below are navigation guidance between our state loan guides — not statutory limits, eligibility rules, or a promise of approval.

$200–$2,500 Current guide

Payday Loans in Virginia

Preferred routing for Virginia Short-Term Loan requests. Virginia replaced the old single-payment payday model with a regulated multi-payment Short-Term Loan framework capped at $2,500.

$2,500–$5,000

Installment Loans in Virginia

Preferred routing for larger consumer-finance requests within the current PLS Cash Advance selector. Virginia Consumer Finance Companies may make covered installment loans from $300 through $35,000.

See Installment Loans

Amount and term limits

A Virginia licensed short-term lender may not make a Short-Term Loan with principal above $2,500, and a borrower may not be obligated to a short-term lender for more than $2,500 in principal at one time.

The normal contracted term is at least four months and no more than 24 months. A term shorter than four months is permitted only when the total monthly payment does not exceed the greater of 5% of verified gross monthly income or 6% of verified net monthly income.

Interest, fees and repayment

Virginia’s post-2020 Short-Term Loan is a precomputed, multi-payment product rather than the former single-payment payday model. The contract must disclose the APR, and the APR definition includes the maintenance fee as well as interest.

Interest may not exceed 36% simple annual interest. A monthly maintenance fee may not exceed the lesser of 8% of the originally contracted loan amount or $25, and it is not added to the balance on which interest is charged. Excluding authorized returned-item and late charges, total fees and charges are capped at 50% of original principal for loans of $1,500 or less and 60% for loans above $1,500.

The loan must be precomputed and repaid in substantially equal installments of principal, fees, and interest combined. Partial payments of at least $5 must be accepted without charge before maturity.

Rollovers, refinancing and early payment

Rollover allowed?
Not reduced to a yes/no rule
Virginia does not use the old payday rollover model here. A Short-Term Loan may be refinanced only into another compliant Short-Term Loan, and early refinancing triggers a prorated refund of fees and charges under § 6.2-1818.2.
Prepayment penalty allowed?
No
A borrower may prepay in full before maturity without penalty. If the loan is prepaid or refinanced early, the lender must refund the prorated unearned portion of fees and charges, excluding authorized returned-item and late charges.

Virginia borrower protections

  • A Short-Term Loan may not exceed $2,500 in principal.
  • The normal term is four to 24 months; a shorter term requires an income-based payment test.
  • The borrower may rescind or cancel the loan by 5 p.m. on the third business day after the transaction by returning the proceeds as required by law.
  • The borrower may make partial payments of at least $5 before maturity without charge.
  • Prepayment in full is allowed without penalty and requires a prorated refund of unearned fees and charges.
  • The lender may not take vehicle title, real estate, or other property as collateral for a Chapter 18 Short-Term Loan, apart from the limited check security authorized by the statute.

Virginia loan cost calculator

Why there is no single statutory calculator: Virginia Short-Term Loans combine precomputed interest, a monthly maintenance fee, term-dependent payment schedules, borrower income tests for very short terms, and total-charge percentage caps. The regulator publishes representative examples, but one generic calculator would not safely determine compliance for every contract.

How to verify a lender in Virginia

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

Short-Term Lender license under Chapter 18

Verify a lender license

Official sources

  1. Virginia Code § 6.2-1816.1 — Short-Term Loan terms and conditions · primary
  2. Virginia Code § 6.2-1817 — Authorized fees and charges · primary
  3. Virginia Code § 6.2-1818.2 — Repayment, prepayment and refunds · primary
  4. Virginia Code § 6.2-1818.3 — Total fee and charge caps · primary
  5. Virginia SCC — Bureau of Financial Institutions · primary
  6. 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.