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Here’s what you need to know about payday loans in Virginia

If you’re short on funds and looking to borrow a small amount of cash to get by between paychecks, you might be considering a payday loan. This guide will help you navigate payday lending in Virginia.

OppLoans Installment Loans

OppLoans Installment Loans

Get fast funding up to $5,000 at reasonable interest rates.

  • Min. Loan Amount: $500
  • Loan Term: 9 to 36 months
  • Turnaround Time: As soon as 1 business day
  • Must be 18+ years old
  • No security deposit needed
  • Confidential and secure

    What are the laws about payday loans in Virginia?

    Payday lending is legal in Virginia. Virginia Code Ann. §§ 6.2-1800 et seq., titled payday lenders, governs all aspects of payday lending in the state. No business or individual can provide payday loans to residents of this state without obtaining a license from the Virginia State Corporation Commission. A lender can’t provide a payday loan online because the application requires individuals to hand over their bank account information–so avoid any lender that claims to offer an online loan.

    Here are the basic rules surrounding payday loans:

    • Maximum loan amount: $500
    • Loan term: Two or more pay periods
    • Total loans: You can only have one outstanding loan at a time
    • Financing fees: 36% annual interest, a $5 verification fee and 20% of the principal
    • Finance charge: A 14-day $100 loan costs $26.38
    • APR: A 14-day $100 loan has an APR of 687.76%
    • Collection costs: $25 non-sufficient funds (NSF) fee, court costs and reasonable attorney’s fees ($250 or less)

    You can cancel your loan by repaying the total borrowed amount by the end of the business day after you receive your funds. This means if you borrow money on a Monday, you can cancel your loan until the lender closes on Tuesday.

    Virginia lawmakers enforcing online payday loan laws

    There are lenders online that sidestep the law and offer payday loans to residents of Virginia. Lawmakers are rallying together to stop this predatory practice, but it helps to know that online lending is banned in the state. If you’re browsing online or comparing lenders, remember that you can’t apply, even if it’s more convenient. This will help enforce the laws and prevent you from taking out a loan with huge interest rates–and giving lenders access to your checking account.

    Here are some lender options for payday loans

    Check the websites of any providers you’re interested in to confirm they operate in Virginia. Remember that online lending is illegal in Virginia so you must visit a storefront if you want to take out a payday loan.

    Rates last updated March 19th, 2019
    Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
    Name Product Product Description Max. Loan Amount Turnaround Time Requirements
    OppLoans Installment Loans
    Installment loans with competitive rates from a top-rated direct lender.
    1 business day
    Must have direct deposit and meet minimum income requirements
    HonestLoans Installment Loans
    Get a flexible installment loan with fast funding through one easy online application form.
    As soon as one business day
    Must be employed and receive regular income, earn at least $800 a month, have a checking account and be an 18+ years old legal US citizen.
    Jora Installment Loans
    Installment loans with repayment terms up to 30 months, depending on your state.
    1–2 days
    Must have an active checking account, regular source of income and email address.
    LendYou Short-term Loans
    Apply online with this loan-connection service offering unrestricted short-term loans with fast turnaround.
    1 business day
    You must be a US citizen or permanent resident, age 18+ and have a regular income.
    CashUSA Installment Loans
    A connection service for quick cash loans up to $10,000.
    As early as 1 business day
    Must have a monthly income of $1,000+ after taxes and valid checking account.
    CashNetUSA Loan
    Apply for a short-term loan with an easy online application and dedicated customer service.
    Varies by state
    1 business day
    You must be a US citizen or permanent resident, be at least 18 years old and have regular income and a bank account.
    Blue Trust Loans Installment Loans
    Get an installment loan from an online tribal lender. Perks for returning borrowers.
    As soon as next business day
    Must be at least 18 years old and have a verifiable source of income with direct deposit into your checking account.

    Compare up to 4 providers

    Here’s how Virginia residents can apply for payday loans

    Applying for payday loan is easy, but they can be very expensive. Because of this, all lenders will require that you have a regular source of income, be at least 18 years old and a citizen or permanent resident of the US.

    When you visit the lender’s storefront, you’ll need to bring proof of employment or benefits (if the lender allows it), proof of your address and a blank check. You’ll also need to know your Social Security number and be willing to fill out an application that asks for personal details.

    Once you’re finished, an employee will process your application and you’ll know within a few hours if you’ve been approved for the loan.

    What should I consider before taking out a loan?

    Payday loans can be expensive if you don’t repay them right away — and car title loans in Virginia can be even more costly. Because of this, they should be used as a last resort.

    If you have ongoing financial issues, you could apply for one of the many assistance programs in Virginia. Programs like Energy Assistance, the Supplemental Nutrition Assistance Program (SNAP) and 2-1-1 VIRGINIA can all be helpful when you’re trying to balance your budget.

    If you need quick money, here are some alternative credit options

    Bottom line

    A payday loan can be a good way to afford unexpected expenses between paychecks. Knowing the laws will help you avoid disreputable lenders. Always be sure you can repay your loan, and don’t hesistate to ask questions or report illegal behavior when you see it.

    Do you have any more questions about payday loans in Virgina?

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    10 Responses

    1. Default Gravatar
      CarolOctober 10, 2018

      Is NHcash a legal loan company in VA?

      • Default Gravatar
        joelmarceloOctober 11, 2018

        Hi Carol,

        Thanks for leaving a question on finder.

        NH Cash is available for residents in VA. For all your other loan options in VA, please refer to the table above.

        Please send me a message if you need anything else. :)


    2. Default Gravatar
      AngelaSeptember 13, 2017

      If you already have a payday loan out can you take another one out even if the first one is not due yet? If so do you have to go to the same place

      • Default Gravatar
        DanielleSeptember 13, 2017

        Hi Angela,

        Thank you for contacting finder. We are a comparison website and general information service, we’re more than happy to offer general advice.

        It depends on the lender and your state of residence. If it’s legal in your state, you’ll need to meet more stringent criteria than when you applied for your first loan because a second short term loan is more of a risk and a greater financial burden. Find out more through this page.

        I hope this helps.


    3. Default Gravatar
      RonnieSeptember 11, 2017

      i just lost my job and i have poor credit but i need 5000 dollars what loan could i qualify for?

      • finder Customer Care
        AnndySeptember 11, 2017Staff

        Hi Ronnie,

        Thanks for your question.

        You may compare your loan options on this page. Kindly note that the amount that you can borrow depends on your state of residence.

        Please review the eligibility criteria and the terms and conditions of the loan before submitting your application.


    4. Default Gravatar
      VicMarch 6, 2017

      During the cooling off period am I allowed to apply for a payday loan in another store?

      • finder Customer Care
        HaroldJuly 24, 2017Staff

        Hi Vic,

        Thank you for your inquiry.

        Cooling off periods depend on your payday loan history. In a normal scenario, you can get a new payday loan one day after you repay the last one. If you take five payday loans within 180 days, a cooling off period of 45 days applies. This increases to 90 days if you end up repaying a payday loan through a payment plan.

        I hope this information has helped.


      • Default Gravatar
        ChanelDecember 13, 2017

        I have a loan out now that is due next week. That will be my 5th loan so that company told me I’ll be on a cool off period for 45 days. Will it be that way all across Virginia at all the pay day loan companies? Or I can go to another one to get a loan after making the payment the next day ?

      • finder Customer Care
        HaroldDecember 14, 2017Staff

        Hi Chanel,

        Thank you for your inquiry.

        Yes. In order to protect consumers, Virginia has different cooling off periods depending on how many loans you’ve taken out.

        I hope this information has helped.


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