Virginia Payday Loan Laws and Regulations

Following are the rules and regulations pertaining to payday loans in Virginia:

- Max amount borrowed: $500
- Minimum loan tenure: 2 payday terms
- Fees and Finance Rates (Max): 20% of loan + $5 verification fee + 36% annual interest rate
- Finance charge for $100 in 14 days: $26.38
- APR for $100 in 14 days: 687.76%
- No rollovers
- Collection fees: $25 NSF Fee, court costs, reasonable attorney fees not exceeding $250
- Max simultaneously outstanding loans: One

Virginia Consumer Protection

The Bureau of Financial Institutions recommends all buyers to carefully read the details before entering in to a contract with a payday lender.
Check the following page to ensure that your payday lender has a license:
To find out the changes made to the Virginia Payday Loan Act in 2009, visit the following page:

You can establish contact with The Bureau of Financial Institutions via phone, fax, email or through their official website.

Tyler Building
1300 E. Main St.
Richmond, Virginia 23219

Interesting Facts About Virginia
  1. Virginia was home to the first permanent English settlement in the United States.
  2. This state has given us more presidents than any other state. A total of 8 president’s hail from this state.
  3. The capitol of this state once did double duty as the capitol of the confederacy.
  4. It is illegal to flip a coin to see who will pay for coffee in a restaurant.
  5. The famous phrase “Give me liberty, or give me death” was spoken by Patrick Henry in Richmond at St. John’s church.
  6. This state has given birth to two other states. Both Kentucky and West Virginia were once a part of this state, and then were carved out of it in 1792 and 1863.
  7. The state flower is the dogwood tree blossom.
  8. The naval station there is the largest one in the world.
  9. There are several federal agencies located here.
  10. This state was named in honor of Queen Elizabeth, who was known as the “Virgin Queen”.
  11. It entered the union in June of 1788.
  12. The state song is “Carry me back to Old Virginia”.
  13. The state tree is the dogwood.
  14. The state shell is oyster shell.
  15. The state beverage is milk.
  16. The state butterfly is the tiger swallow.
  17. The state dog is the American Foxhound.
  18. The state has two nicknames. They are the Old Dominion, and Mother of Presidents.
  19. The Arlington military cemetery is located here.
  20. Famous people from this state include George Washington, Thomas Jefferson, James Madison, James Monroe, Ella Fitzgerald, Patrick Henry the statesman, Moses Malone of basketball, Booker T. Washington, George C. Scott, Pearl Bailey, Woodrow Wilson, Warren Beatty, William Harrison, John Tyler, and Zachary Taylor.
  21. There were about 11 Native American tribes that once called Virginia home. These were the Cherokee, the Powhatan, the Manahoac, the Meherrin, the Monacan, the Nahyssan, the Nottoway, the Occaneechi, the Saponi, the Shawnee, and the Tutelo.
  22. The leading industry in Virginia was at one time tobacco. John Rolfe started to grow it in 1612 and the method that he invented that allowed it to be exported was what helped to make it so profitable for the state.
  23. The surrenders that caused the American revolution and the Civil War to come to an end both happened in this state.
  24. The world’s largest bridge-tunnel complex is the Chesapeake Bay Bridge. This tunnel is 18 miles long and includes two bridges and two tunnels that are one mile long.
  25. About one fourth of the people in the state work for the government in some form or fashion.
  26. The largest employer in Virginia is also the leading ship builder in the world.
  27. The largest office building in the world is the Pentagon, it has nearly 68,000 miles of telephone lines in it.
  28. One of the busiest airports in the world is Dulles International.
  29. One half of all of the people in the United States live within five hundred miles of the capitol of this state.
  30. More than half of the battles that were fought during the civil war were fought in this state. There were 4,000 battles fought in this war and 2,200 of them were fought here.
  31. The first peanuts to be grown in the United States were grown here.
  32. Virginia is called the internet capitol of the world.
  33. The first Thanksgiving was held here in 1619.
  34. Virginia and Tennessee each have a city that shares a main street. Bristol is legally two separate cities, with two separate governing bodies, and one main street that runs through two states.
  35. About 84% of the population of this state identify their-selves as Christians. This breaks down into 69% protestants, 14% catholic, and 1% of other religions, 14% of the population say they have no religious association.
  36. This state has a diverse ethnic background. 19.6% are African American, 11.7% are German, 11.1% are English, 9.8% are Irish, 5.2% are Asian.
  37. The islands of Chincoteague are famous for the wild ponies that roam there. There is a yearly round up to keep the population from growing too large.

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