Virginia Pay Day Loans legislation
To start with, payday advances are appropriate in Virginia in accordance with Va. Code Ann. В§В§ 6.2-1800 et seq. Though there are particular rules which state:
The maximum quantity of $500 at the same time. Only one loan is allowed at any given time. The utmost repayment duration is thirty days. Finance Charge on a 14-Day $100 Loan is $26.38. Other finance costs consist of $5 verification charge and 20% loan cost.