Payday Loans Virginia

Easily access payday loans in Virginia through zaving's online platform.

Last updated by Zaving Editorial Team, on March 20th, 2024

Exploring payday loans in Virginia? Trust zaving's online platform for convenient access to lenders offering payday loans in the state. Apply and secure quick funds without unnecessary hassles. With our user-friendly interface, connecting with lenders becomes effortless, ensuring a seamless process for payday loan options available. Simplify your borrowing experience and address your immediate financial requirements through zaving's online platform. Apply now and discover payday loan solutions crafted for Virginia residents.

What are payday loans and can I get them in Virginia?

Payday loans are traditionally short-term, small-dollar loans designed to provide quick access to cash for individuals facing immediate financial needs. These loans often come with high fees and are due to be repaid, along with the fees and interest, by the borrower's next payday.

In Virginia, a similar financial option is available, but it's referred to as a “short-term loan” due to regulatory changes introduced by the Fairness in Lending Act in 2020. These loans are regulated to ensure consumer protection, and their features are subject to specific guidelines.

To be eligible for a short-term loan in Virginia, individuals need to meet certain criteria, including:

  • Regular income: Applicants should have a consistent source of income, which includes employment or another verifiable income stream.
  • Age requirement: Borrowers must be 18 years of age or older to qualify for a short-term loan in Virginia.
  • Virginia residency: Short-term loans are available to Virginia residents with a valid Social Security number.
  • Bank account: Having an active bank account is often a requirement for the loan transaction, facilitating the disbursement of funds and repayment.

It's essential for individuals considering short-term loans in Virginia to be aware of the specific regulations governing these loans and to carefully review the terms, fees, and repayment conditions. As with any financial decision, borrowers should assess their ability to repay the loan and explore alternative options when necessary to make informed choices aligned with their financial well-being

What are the rules for payday loans in Virginia?

In Virginia, payday loans are now termed “short-term loans” following regulatory changes in 2020 outlined in the Fairness in Lending Act. These rules are designed to protect consumers and ensure fair lending practices.

The following loan terms apply in Virginia:

Maximum loan amount: $2,500.

Repayment period: 4 – 24 months. The minimum duration can be less than four months if the total monthly payment doesn't surpass the greater of 5% of the borrower's verified gross monthly income or 6% of the borrower's verified net monthly income.

Interest rate: 36% APR.

Charges: Maintenance fee up to 8% or $25 (monthly), total costs not more than 50%. If your initial loan amount is $1,500 or less, the lender is prohibited from imposing fees and charges that surpass 50% of the loan amount. For loans exceeding $1,500, the cumulative fees and charges cannot exceed 60% of the loan amount.

To ensure compliance, the state tracks loans through a database. It's crucial for borrowers to familiarize themselves with these regulations and carefully review the terms of any short-term loan agreement to make informed financial decisions aligned with their well-being.

What are the pros and cons of payday loans in Virginia?

While regulations have significantly improved the landscape for short-term loans in Virginia, it's crucial to carefully consider the potential drawbacks before taking one out. Let’s take a closer look at some of the pros and cons:


  • Quick access to funds: These loans can offer quick access to cash for unexpected expenses or emergency needs, unlike traditional loans with longer processing times.

  • Lower maximum APR: The fixed 36% APR is significantly lower than the potentially high APRs associated with traditional payday loans in Virginia before the Fairness in Lending Act.

  • Longer repayment terms: The minimum 4-month repayment period offers more flexibility compared to the previous short-term options, potentially reducing pressure and the risk of debt traps.

  • Regulatory protections: The database system and Fairness in Lending Act help protect borrowers from predatory practices and ensure transparency.


  • High costs: While lower than pre-regulation payday loans, 36% APR is still significantly higher than many traditional loans, leading to higher overall costs.

  • Risk of debt cycle: While regulations aim to prevent excessive borrowing, the high costs associated with payday loans may contribute to a cycle of debt for some borrowers. Risk of overborrowing: Easy access and extended terms might tempt borrowers to take on more debt than they can comfortably manage.

  • Negative impact on credit score: Even though short-term loans in Virginia fall under different regulations than traditional payday loans, late payments or defaults can still damage your credit score, making it difficult to access more affordable loans in the future.

  • Potential for predatory practices: Although regulations exist, some lenders might still engage in manipulative tactics or unclear terms to exploit borrowers in vulnerable situations. Be wary of hidden fees, aggressive marketing, and unfair repayment schedules.

More of your frequently asked questions about payday loans in Virginia

Can I take out multiple payday loans in Virginia?

No. In Virginia, it is against the law to have more than one active short-term loan simultaneously. If you  hold a short-term loan or a motor vehicle title loan from a licensed lender, you are not allowed to secure an additional short-term loan. Rollovers are also not permitted.

What happens if I can't repay my payday loan in Virginia?

Staying on top of your loan payments is crucial. If you miss a payment, the lender may ask for the entire remaining balance, including interest and fees. However, they can only terminate your loan at least 10 days after the missed payment and must notify you in writing. The lender cannot threaten or start criminal proceedings if your check bounces or if you fail to pay as agreed. If you default, the lender can take legal action after 60 days but may choose to work out a repayment plan with you during this time. Borrowers have the right to one repayment arrangement every 12 months, spanning at least 60 days without additional interest or fees.

Can I get a payday loan in Virginia with bad credit?

Yes. In Virginia, having bad credit doesn't necessarily disqualify you from obtaining a payday loan. Payday lenders typically focus on your ability to repay the loan based on your current income and financial situation rather than your credit history. However, it's essential to be aware that payday loans often come with high fees and interest rates, and failing to repay on time can lead to additional financial challenges. Before considering a payday loan, it's advisable to explore alternative options and carefully assess the terms and potential consequences associated with payday lending.

What are some alternatives to payday loans in Virginia?

Several alternatives to payday loans are available in Virginia. Consider exploring local credit unions, which may offer small-dollar loans with more favorable terms. Additionally, look into community assistance programs or nonprofits that provide financial support to individuals in need. Furthermore, investigate whether you qualify for government assistance programs or negotiate directly with your creditors for more manageable repayment plans. Exploring these alternatives can help you address financial challenges without resorting to high-cost payday loans.