Virginia Payday Loans: Key Facts for 2025
You can still get fast, small-dollar cash in Virginia, but the rules changed on January 1, 2021. The state replaced the old single-payment “payday loan” with a regulated short-term installment loan. These loans give you more time to pay and limit the total cost.
How Much Will My Loan Cost?
Virginia's installment loan regulations now cap APRs at 36% with limited fees, protecting borrowers from the extreme rates of the past when payday loans could reach 600 %+ APR. Licensed lenders must provide a free 60-day payment plan once every 12 months when borrowers face repayment difficulties.
|
Rule |
Current Limit |
|
Loan amount |
$100 – $2,500 |
|
Repayment term |
4 – 24 months; equal monthly payments required |
|
Interest rate |
Fixed 36% APR (simple interest) |
|
Monthly maintenance fee |
Max 8% of original principal or $25 (whichever is less) |
|
Late fee |
One-time fee up to $20 |
|
Total cost cap |
Interest + fees cannot exceed 50% of the amount you borrowed |
|
Rollovers |
Not allowed |
|
Cooling-off period |
1 outstanding short-term loan at a time |
Here is a real-numbers example based on the state limits: You borrow $600 for 6 months.
- Interest at 36% APR: ≈ $33.00 total
- Monthly maintenance fee: 8% of $600 = $48 → capped at $25/month, so $25 × 6 = $150
- Late fees: $0 if you pay on time
Total repayment: $600 + $33 + $150 = $783. That is well below the 50% cost cap ($600 × 1.50 = $900 maximum).
Who Can Apply?
You must:
- Be at least 18 years old and a Virginia resident
- Have a regular source of income (job, benefits, or pension)
- Hold an active checking or savings account
- Provide a valid government-issued photo ID and Social Security number
Why Use 24CashFast?
Virginia now protects you with strict cost caps and longer repayment terms, but you still need to find a licensed lender fast. 24CashFast simplifies that search:
- One application reaches many vetted Virginia lenders at once
- No hidden fees from 24CashFast—the service is free for borrowers
- Competitive, transparent offers that follow all state rules
- Secure platform that uses SSL encryption to guard your data
If a short-term installment loan fits your budget and timeline, start with 24CashFast to compare offers in minutes and get the cash you need without endless phone calls or store visits.
Smarter Way to Borrow in Virginia with 24CashFast
Rather than lending money directly, 24CashFast connects you with multiple licensed Virginia lenders through one simple application. This approach saves you time and improves your chances of approval, as several lenders review your information at once instead of you applying to each separately.
Your credit is soft-checked during matching, so most users do not see an immediate score drop. The lender may report your on-time payments to the major bureaus, giving you a chance to improve your score.
Online Application Steps
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Complete the 3-minute encrypted form on 24CashFast with your contact, income, and bank details.
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24CashFast instantly transmits your data to multiple licensed lenders.
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Within seconds to minutes, you see available offers in your dashboard. Read each lender’s rate, fee, and repayment schedule.
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E-Sign the offer you prefer. The lender performs any required identity or bank verification.
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Get funds deposited as soon as the next business day; some lenders offer same-day ACH if you sign early.
Many network lenders offer same-day funding when you sign the contract before noon Eastern Time and hold an eligible bank account. Keep in mind that your bank’s posting times also affect when you see the money.
Poor-Credit Borrowers
Lenders in the 24CashFast network focus on current income and your ability to repay, not just your FICO score. While a very low score can narrow your options, many applicants with scores below 580 still receive offers. Because loans are reported, paying on time can help rebuild your credit history. Missing payments will hurt it, so always borrow an amount you can repay within your budget.
FAQ's
Payday loans are legal in Virginia, with loan amounts ranging from $100 to $2500.
In Virginia, the maximum loan amount for payday loans is $2,500.
Yes, borrowers have until the close of the next business day to cancel their payday loan and return the borrowed amount without any additional costs or penalties.
Yes, bad credit loans are available in Virginia for borrowers with less-than-perfect credit.
No, rollovers or refinancing of payday loans are not permitted in Virginia. Every loan must be fully paid off before another can be taken out.
After paying off a payday loan in full, borrowers must wait for one full business day before taking out another payday loan.