Virginia

Agreement: By Virginia law, a payday loan lender is required to provide their customers with a notice that states “a payday loan is not intended to meet long-term financial needs.” Also the agreement form must disclose all fees and annual percentage rates conspicuously. In Virginia, the agreement has to be signed by the lender and borrower. You must be given a duplicate copy of the agreement.

Limitations: In Virginia a payday loan lender cannot require that you provide more than one check as collateral. Also, under Virginia law you are prohibited using your payday loan money to purchase any other product or service sold at the payday loan lender’s business.

Loan Amounts: The most amount of money that payday loan lenders can lend at any one time in the state of Virginia is $500.

Loan Terms: By Virginia law, the specified due date on a loan agreement must be within 7 days of the transaction.

Fees: A lender in Virginia is permitted to charge interest in the form of a fee not exceeding 15% of the face amount of the payday loan. This rate cap applies to all payday loans regardless of loan terms.

Partial Payments: As a payday loan borrower in the state of Virginia, you have the right to make partial payments in increments of no less than $5 on your balance. You also have the right to receive signed and dated receipts showing your remaining balance.

Rollovers: In the state of Virginia payday loan rollovers are prohibited.