Virginia Payday Loan Regulations

Payday loans have the following regulations as laid forth by the Commonwealth of Virginia. It is important for the lender to be aware of these regulations to avoid fines, license suspension, and up to license revocation.

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Borrowers need to be aware of their rights under these same regulations, so that they can protect themselves from undue financial harm.

Requirements for Licensees

  1. Licensees must have at least $25,000 in liquid assets per location
  2. Licensees must keep documentation for a borrower's pay cycle. This documentation may be a written loan application, or a copy of a borrower's pay stub (or similar documentation) that demonstrates the pay cycle.
  3. Electronic debits of any kind are not allowed, such as the Automated Clearing House network.
  4. The amount of the check given by a borrower to a licensee as security for a payday loan cannot exceed the sum of the principal, interest, and fees of the payday loan
  5. It is illegal to make a payday loan to a member of the US military, their spouse, or other dependent.
  6. Licensees are subject to annual fees and reporting.
  7. Requests for information from the bureau must be returned within 30 days of the request

Borrowers' Rights

  1. Borrowers can cancel a loan, by end of the next business day after a loan is obtained, without being subject to any fees or interest.
  2. Borrowers have the right to prepay their loan in full. The interest accrued will be calculated at a pro-rata rate.
  3. Borrowers may prepay in increments of $5 or more, without charge. Unless prepaid in full, the payment schedule, interest charges, and any fees will not be changed.
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These are only some regulations of payday loans in Virginia. Those listed are intended to highlight some of the more important rules and rights, for licensees and borrowers, respectively. For more information and full regulation, please visit:

Instant Payday Loans

Are you struggling to pay your bills this month? Do you just need a little bit of money to put over the top before you get paid? If you do, you might want to consider an instant payday loan. Online instant payday loans have given millions of people the money they need to get through rough times. Everybody runs into a circumstance where they can’t wait for their paycheck to come. Emergencies and other events are a part of life. This is why quick payday loans exist: to get you through a rough patch and back on your feet.

The Internet has made it possible for people all over the UK to get the money they need when they need it. An instant online payday loan is simple. You can apply online and have the money instantly transferred into your bank account. Have you ever had your car break down? If so, you know the hassle that it takes to get to a bank in order to secure a personal loan. This is not a difficult task when you use a payday loan online. You can secure the money that you need right from the comfort of your own home.

So how does the application process work? It’s fairly easy. You access the online payday loan website and input your information. Wait for your application to be approved and then have the funds deposited into your account. This could take only a couple of minutes or up to an hour in some cases depending on your Internet connection. Once the money is in your account, you can use it as your see fit. You don’t have to go through a bank or a relative to get the money that you need. You can do it yourself safely and discreetly.