Virginia like other states of United States has legalized the payday loan. Virginia payday loans have specific payday advance laws. The permitted fee is 15 % of the face amount of the payday loan amount. The permitted time period is a minimum of 7 days. The maximum amount of the payday loan allowable is $500.00. Rollovers are prohibited.

Virginia payday loans law limit the number of loans a borrower can take at a single time. If lender advances you $300 for 14 days, the lender may charge you up to $45 fee for obtaining the loan (an Annual Percentage Rate of 391%).

The lender must provide you with a written loan agreement, which must be signed by both you and an authorized representative of the lender. You have the right to make partial payments. Rolling over payday loan is not permitted. Borrowers have the right to bring a civil action against the lender if he suffers a loss as a result of the lender violating any provision of the Payday Loan Act.