Virginia Payday Loans

Are Payday Loans Legal in Virginia?

No, traditional payday loans (single-payment, short-term loans) are illegal in Virginia. The state banned payday lending in 2020 under the Virginia Consumer Protection Act. However, lenders now offer regulated alternatives like installment loans or open-end credit plans with stricter rules.

Can I Get a Personal Installment Loan in Virginia?

In Virginia, to qualify for an installment loan if you meet the basic eligibility criteria set by state law.

Basic Eligibility Requirements

• Be at least 18 years old and a Virginia resident
• Valid government-issued photo ID
• Have a steady income (job, self-employment, benefits, etc.) 
• Have an active checking account
• Must meet minimum income requirements (varies by lender)

Additional Requirements:

• Not in active bankruptcy
• Not active military or dependents (protected by Military Lending Act)
• No outstanding loans with the same lender

Can I Get a Loan with Bad Credit in Virginia?

Yes, you can get a loan with bad credit in Virginia, but your options may come with higher costs or stricter terms. In Virginia the lenders typically focus on your income and ability to repay rather than relying solely on credit scores. For example, steady income from a job, gig work, or benefits can help qualify you even with poor credit history.

However, bad credit may still limit your choices. Some online lenders or storefront providers specialize in high-risk borrowers but charge interest rates at the legal maximum. Others might require collateral, like a car title to secure the loan. 

How Fast Can I Get a Loan in Virginia?

In Virginia, how quickly you can get a loan depends on the type of lender and your preparedness. Many online lenders offer approval decisions within minutes of submitting your application, with funds deposited into your bank account as soon as the same business day or within 24-48 hours. 

Physical storefront lenders, such as installment loan providers in cities like Richmond or Norfolk, can sometimes offer same-day funding if you apply in person and meet all requirements. However, these locations are less common than online options.

How Much Do Virginia Installment Loans Cost?

Virginia installment loans are more affordable than old-school payday loans, but they're not cheap. Here are some real examples:

Loan Amount	APR	Duration	Payments
$500	36%	6 Months	6 Payments of $95.54
$1,000	36%	9 Months	9 Payments of $130.50
$1,500	36%	12 Months	12 Payments of $150.26
$2,000	36%	18 Months	18 Payments of $145.52
$2,500	36%	24 Months	24 Payments of $147.38

These are estimates based on Virginia’s legal cap of 36% APR for installment loans. Actual terms may vary depending on the lender and additional fees (such as a monthly maintenance fee, which cannot exceed $25).

LendUp's Tip: Always check the loan agreement for hidden fees like late charges (capped by law) and confirm the lender is licensed through the Virginia Bureau of Financial Institutions.

Where Can I Get an Installment Loan Near Me in Virginia?

Below are some of licensed lenders with physical locations in major Virginia cities. Always confirm availability and terms before visiting, as regulations and store offerings may change.

Richmond

Regional Finance
Address: 6501 Midlothian Turnpike, Richmond, VA 23225
Services: Installment loans (repayment over 6–24 months).

OneMain Financial
Address: 8900 W Broad St, Richmond, VA 23294
Services: Personal installment loans (credit check required).

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Virginia Beach

World Finance
Address: 3292 Holland Rd, Virginia Beach, VA 23452
Services: Installment loans for borrowers with fair/poor credit.

Check Into Cash (Offers installment loans, not payday loans)
Address: 1948 Lynnhaven Pkwy, Virginia Beach, VA 23453

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Norfolk

Regional Finance
Address: 7440 Granby St, Norfolk, VA 23505

OneMain Financial
Address: 1400 E Little Creek Rd, Norfolk, VA 23518

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Newport News

World Finance
Address: 12145 Jefferson Ave, Newport News, VA 23606

Mariner Finance
Address: 12445 Warwick Blvd, Newport News, VA 23606

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Roanoke

Regional Finance
Address: 3525 Franklin Rd SW, Roanoke, VA 24014

OneMain Financial
Address: 4440 Starkey Rd, Roanoke, VA 24018

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LendUp's Tip: Always call ahead to confirm a store’s services and hours. For disputes or questions, contact the Virginia Attorney General’s Office.

Virginia Installment Loan Regulations (Updated 02.2025)

Maximum Loan Amount	$2500
Minimum Loan Term	4 months (129 days)
Maximum APR	36%
Finance Charges	36% annual interest + $8 monthly maintenance fee per $100 borrowed
Multiple Loans	Only one loan at a time allowed
Cooling Off Period	7 days after paying off a loan
Rollovers	Not permitted
Payment Schedule	Equal installment payments over loan term
Early Repayment	Allowed with no penalty
Example Cost	$500 loan for 4 months: About $160 in maximum fees and interest
Collection Practices	No criminal action for default, Limited civil action allowed
Military Borrowers	Special protections under Military Lending Act - 36% APR cap

Why Choose LendUp for Installment Loans in Virginia

LendUp, a smart and quick loan-matching service, offers easy access to installment loans in Virginia, helping customers meet their short-term financial needs while complying with state regulations.

LendUp provides a fully online approval process, allowing for a fast application with a decision within minutes. Upon approval, funds may be available in your account as soon as the next business day. With fair lending terms and no payday loans, LendUp is a convenient and reliable option for those seeking regulated installment loans in Virginia.