Personal Installment Loans in Virginia
Primo Personal Loans is a direct lender serving Virginia residents, including Virginia Beach, Richmond, and Chesapeake. Apply online in minutes for a personal installment loan of up to $35,000, get a decision the same business day, and repay on a fixed schedule you know before you sign.
Virginia installment loans at a glance: Personal installment loans are legal in Virginia and regulated by the Consumer Finance Act under VA Code § 6.2-1520. You can borrow up to $35,000 and repay over a term of up to 10 years, with rates capped at 36% on all loans. A prepayment penalty is permitted here, so check that term before you sign along with the full APR and payment schedule the lender must disclose. Virginia also allows payday loans.
Rules current as of July 2026.
Personal Installment Loan Rules in Virginia
Governing law: VA Code § 6.2-1520
Rates & Terms for Personal Installment Loans in Virginia
Virginia law caps the APR for personal installment loans at 36% for all loans. Loan amounts must range from $300 to $35,000, with terms between 180 days and 3650 days. An origination fee is capped at the greater of $50 or 6% of the principal, up to $150. A license is required to offer these loans.
What a Personal Installment Loan Costs in Virginia
| Loan Amount | Term | APR (est.) | Total Interest | Total to Repay |
|---|---|---|---|---|
| $1,000 | 24 months | 36% | $417 | $1,417 |
| $5,000 | 24 months | 36% | $2,087 | $7,087 |
| $10,000 | 24 months | 36% | $4,174 | $14,174 |
Virginia law allows installment loans with a maximum APR of 36% as per VA Code § 6.2-1520. Loans must be between $300 and $35,000, with terms from 6 to 120 months. The lender must provide a Truth-in-Lending disclosure showing the exact APR before signing.
What Virginia Residents Should Know
Virginia residents should be aware that personal installment loans have a maximum APR of 36%. Loan terms must be at least 180 days, and the principal can range from $300 to $35,000.
Consumer Protections in Virginia
Consumers in Virginia are protected by a late fee cap of $20 for payments not received within 10 days. Prepayment penalties are allowed, capped at 2% of the principal amount prepaid. Loan processing fees can only be assessed once per 12-month period.
Prohibited Practices
- Charging more than statutory fee cap
- Interest charged on an add-on basis
Required Disclosures
- APR posting
- Fee schedule
- Contract in primary language
- Statement on electronic payment being optional
Debt Collection Rules
- Criminal prosecution for non-payment: not permitted
Complaint Agency: Bureau of Financial Institutions
Prepayment & Refinancing Rules in Virginia
Understanding your repayment flexibility is important when choosing a personal installment loan in Virginia.
- Prepayment penalties are permitted in Virginia but capped: 2% of principal amount prepaid.
- Refinancing rules: Loan processing fee may be assessed once per 12-month period
Federal Consumer Protections for Installment and Payday Loan Borrowers
| Federal Law | What It Gives You | Citation |
|---|---|---|
| Truth in Lending Act / Regulation Z | Regulation Z protects consumers by requiring clear disclosure of key credit terms and costs. | 15 U.S.C. § 1601 et seq.; 12 CFR Part 1026 |
| Military Lending Act | The MLA caps the annual percentage rate at 36% for loans to active duty service members and their dependents. | 10 U.S.C. § 987 |
| Fair Debt Collection Practices Act / Regulation F | Regulation F governs the practices of debt collectors, prohibiting abusive, deceptive, and unfair practices. | 15 U.S.C. § 1692; 12 CFR Part 1006 |
| Fair Credit Reporting Act / Regulation V | Regulation V ensures accuracy and privacy of consumer credit information held by credit reporting agencies. | 15 U.S.C. § 1681; 12 CFR Part 1022 |
| Equal Credit Opportunity Act / Regulation B | Regulation B prohibits credit discrimination on the basis of race, color, religion, national origin, sex, marital status, or age. | 15 U.S.C. § 1691; 12 CFR Part 1002 |
| CFPB UDAAP authority | The CFPB can take action against unfair, deceptive, or abusive acts or practices in consumer financial products or services. | 12 U.S.C. § 5531, 5536 |
These federal protections apply in all 50 states regardless of state law. They set a baseline floor of consumer rights.
Full detail on each of these six federal protections, including what your lender must disclose before you sign and the 36% rate cap that applies to active-duty service members.
Federal Payday Lending Rules That Apply in Virginia
Federal regulations, such as those from the CFPB and the Military Lending Act, apply in addition to state laws, providing an additional layer of consumer protection.
Virginia Installment Loan Rules: FAQ
Yes. Personal installment loans are legal in Virginia and regulated under VA Code § 6.2-1520. Lenders must hold a state license to make these loans. A licensed lender has to follow the state's limits on rates, loan size and fees, and disclose your APR, finance charge and full payment schedule before you sign.
In Virginia, the maximum rate on a personal installment loan is 36% on all loans under VA Code § 6.2-1520. That is a ceiling, not a quote: your actual APR depends on the loan amount, the term and the lender, and it must be disclosed in writing before you sign.
In Virginia, a licensed lender may write a personal installment loan of up to $35,000 under VA Code § 6.2-1520. Loans start at $300. Individual lenders often approve less than the state maximum based on your income and credit profile. Borrow only what the monthly payment leaves you able to cover.
Virginia allows personal installment loan terms of up to 10 years (3,650 days) under VA Code § 6.2-1520. The minimum term is 6 months (180 days). You repay in fixed scheduled installments rather than one lump sum, so a longer term lowers the monthly payment but increases the total interest you pay.
There can be. Virginia law permits a lender to charge a prepayment penalty on a personal installment loan under VA Code § 6.2-1520, within statutory limits. Not every lender charges one, so ask for the prepayment terms in writing before you sign if you expect to repay early.
Virginia caps loan fees separately from interest under VA Code § 6.2-1520. Origination fee: greater of $50 or 6% of principal; max $150. Late fee: $20 for payments not received within 10 days. Anything a lender charges beyond these has to be itemised in your agreement, so compare the total finance charge and not just the advertised rate.
Virginia sets specific rules for refinancing a personal installment loan under VA Code § 6.2-1520: Loan processing fee may be assessed once per 12-month period. Refinancing restarts the interest on a new balance, so confirm the new total cost before agreeing to one.
Yes. Alongside installment lending, Virginia permits payday loans under Va. Code Ann. § 6.2-1817. A payday loan there is capped at $2,500 and a term of up to 730 days. Rollovers are not permitted. A payday loan is a single lump-sum repayment tied to your next pay date, which makes it a different and usually far more expensive product than an installment loan repaid over months.
