Virginia Payday Loan Alternatives

How Short-Term Loans Work in Virginia

In Virginia, single-payment payday loans were replaced in 2021 by the Fairness in Lending Act. What you get now is a short-term loan that you repay in fixed monthly installments, not one lump sum on your next payday.

A short-term loan can be up to $2,500 and runs from 4 to 24 months, and with Superb Cash Advance you can apply for up to $2,500. The interest is capped at 36% a year.

The only added charge allowed is a monthly maintenance fee of the lesser of 8% of the amount you borrowed or $25. Lenders must be licensed by the Virginia Bureau of Financial Institutions.

What a Short-Term Loan Costs in Virginia

Representative examples on a 4-month term, the Virginia minimum.

Interest is capped at 36% a year, plus a monthly maintenance fee of the lesser of 8% of the amount or $25.

The maintenance fee makes the effective APR higher than 36% on smaller loans, and a longer term lowers the monthly payment. We show your exact numbers before you sign.

Representative example: borrow $2,500 over 4 months. With interest at 36% a year and a $25 monthly maintenance fee, you repay about $2,790 in total, roughly $698 a month, which works out to about a 55% APR.

The effective APR is higher on smaller, shorter loans because the flat maintenance fee is a larger share of the amount. A longer term lowers the monthly payment, and we show your exact numbers before you sign.

How Virginia Law Protects You as a Borrower

• A 36% rate cap. Virginia caps the interest on a short-term loan at 36% a year, far below old payday rates.
• One capped fee. The only added charge is a monthly maintenance fee of the lesser of 8% of the amount borrowed or $25, and it is not added to the balance that interest is charged on.
• Repay in installments. You repay in fixed monthly payments over 4 to 24 months, not in one lump sum on your next payday.
• One loan at a time. You can have only one short-term loan outstanding at a time, checked through a statewide database.
• Prepay with a refund. You can pay the loan off early at any time with no penalty, and you get a prorated refund of fees and charges.
• No jail, protected collection. You cannot be jailed for an unpaid loan, a lender cannot threaten criminal action, and a lawsuit cannot begin until 60 days after default.

Source: Virginia short-term loan law, Code of Virginia Title 6.2, Chapter 18 ($2,500 cap, a 4 to 24 month term, a 36% interest cap plus a maintenance fee of the lesser of 8% or $25 a month, one loan at a time, and no prepayment penalty).

Short-term lenders are licensed and overseen by the Virginia Bureau of Financial Institutions. Last reviewed July 2026.

How to Get a Short-Term Loan in Virginia

Virginia replaced single-payment payday loans with regulated short-term installment loans. With Superb Cash Advance you can apply for up to $2,500, repaid in fixed monthly installments over 4 to 24 months.

Interest is capped at 36% a year plus a monthly maintenance fee, and you see your exact monthly payment, total, and APR before you sign, with no obligation to accept.

The fastest way to get $2,500 is to apply online with your ID, income, and bank details ready. Most applicants get a decision, and approved funds can arrive the same business day.^*

See the requirements and how it works on our short-term installment loan page.

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