Payday Loans in Virginia: Your Rights as a Borrower

Posted on Saturday, October 24th, 2009 at 5:51 pm in Cash Loan Info by State

Since January 1, 2009 Virginia has had new payday loan regulations in force. It’s important to know your rights when you take out a payday loan, to protect yourself against unscrupulous lenders that you might come across once in a while.

1. A payday loan provider in Virginia is required to give you a minimum of two pay periods to complete your loan repayments.
a. If you get paid every week or more frequently, you’re entitled to at least 14 days to pay back your payday loan.
b. If you get paid every two weeks, your loan period must be at least 28 days.
c. If you get paid twice a month, you’ll be given at least 31 days to repay your loan.
d. If you get paid once a month or you used your monthly government benefit checks as income to support your payday loan application, your minimum loan period is 62 days.

2. A payday loan issuer is not permitted to give you a loan if you already have an outstanding loan from any payday lender.

3. A payday loan company is prohibited from threatening to initiate criminal proceedings against you if you don’t make your loan repayments. The new law states that a lender that does so will be fined three times the cost of your loan.

4. A Virginia payday lender is not allowed to harass or abuse you if you fail to make your loan repayments.

5. A payday loan company is not permitted to issue a new loan until at least one day after you paid back your last payday loan.

6. Internet payday loans are illegal in Virginia and can therefore not be enforced.

7. A payday lender is not permitted to lend to those serving in the armed forces or their immediate family members.

8. You are entitled to repay only part of your loan at a time.

9. You are entitled to enter an extended payment plan. Your lender is obliged to inform you about this right.
a. The loan issuer has to allow you at least 60 days to pay back your debt in a minimum of four equal payments.
b. You may only request a repayment plan once a year.

10. When you apply for your fifth payday loan within six months, the lender must give you a choice between:
a. Taking out the loan, paying it off as agreed and then not being allowed another payday loan for 45 days or more.
b. Being given an extended term loan that can be repaid in four or more equal installments over a minimum period of 60 days. Once you have paid back your extended term loan, you may not take out another payday loan for 90 days or more.

Please be aware that title loans or lines of credit secured on your motor vehicle are not covered by these laws. You should avoid car title loans as they are totally unregulated in Virginia.

Related Searches: pay day loan in Virginia, pay day loans in Virginia, payday loan in Virginia, payday loans in Virginia, cash advance in Virginia, cash advances in Virginia

Related posts:

  1. Info on Payday Loans in Virginia
  2. Electronic Debits on Payday Loans: Know Your Rights
  3. You Can’t Extend a Payday Loan in New Mexico
  4. Payday Loans in Indiana
  5. Be An Educated Cash Advance Borrower

3 Easy Steps to Get Your Quick Cash


Complete the short form.


Receive your approval and confirm loan.


Cash deposited into your account.

Nakita Mahlke says: March 30th, 2010 at 7:44 pm

Taking a loan is a process that can be done in very many different aspects. It can be taken in terms of furniture, a home renovation, a vehicle or even property. There is no great disadvantage in taking a loan. You only need to be organized.