Loans in Virginia: payday, personal & title loan laws (2026)

Payday-style loans are legal in Virginia only as 'short-term loans' from lenders licensed under Chapter 18 of Title 6.2, as rewritten by the Fairness in Lending Act (effective January 1, 2021). They are installment loans of up to $2,500 over 4 to 24 months at no more than 36% interest plus a capped monthly maintenance fee.

A short-term loan may not exceed $2,500, and a lender may not have you owe it more than $2,500 in principal at any time.

Interest at a simple annual rate of no more than 36%, plus a monthly maintenance fee of no more than 8% of the original loan amount or $25, whichever is less (the fee may not be added to the balance that earns interest). No other fees except a returned-payment fee, a late charge of up to $20, and court-awarded collection costs capped at the original loan amount.

Car title loans are legal in Virginia from lenders licensed under Chapter 22 of Title 6.2. Since 2021 they are installment loans of up to $2,500 over 6 to 24 months at no more than 36% interest plus a monthly maintenance fee of up to $15.

No more than $2,500, and a lender may not have you owe it more than $2,500 in principal at any time. The vehicle may not already have a lien on it.

36% simple annual interest on licensed $300-$35,000 installment loans.

Yes. A license is required to make consumer loans at more than the general rate allowed by § 6.2-303, whether or not the lender has a Virginia location; loans made in violation are void.