Find A Payday Loan In Virginia Today With Capital Bean

Whether you’re in Virginia Beach or Arlington, Norfolk to Chesapeake – Capital Bean can help you get a payday loan in Virginia today. 100% online loan brokerage service to connect you with the best loans in your area. Instant online decision. Borrow $100 to $35,000 today. Apply now.


Personal loans in Virginia, like in other states, are unsecured loans that individuals can obtain from financial institutions, such as banks, credit unions, or online lenders. These loans are typically used for various personal expenses, and they are not secured by collateral like a car or home.

27 million Americans currently have personal loan balances at an average of $11116 per person according to TransUnion. Personal loans can be used for a variety of reasons such as education, travel, marriage, or any other financial burden. 

Whether you’re in Virginia Beach or Arlington, Norfolk to Chesapeake – Capital Bean can help you get a payday loan in Virginia today. 100% online loan brokerage service to connect you with the best loans in your area. Instant online decision. Borrow $100 to $35,000 today.

Representative Example:

On an assumed loan amount of $600 over 3 months. Representative 400% APR. Total repayment amount $1037.85. 3 monthly payments of $345.95.

How Do You Get a Personal Loan in Virginia?

Initiating the process of obtaining a personal loan is straightforward. It begins with the collection of specific documents:

  • A valid government-issued photo ID.
  • Proof of your current place of residence.
  • Evidence of your income.
  • Personal references.

If applying for secured loans, you might need to provide additional documentation related to an asset. These documents serve as a means for lenders to authenticate your identity, assess your income, and gauge your capacity to repay the loan. 

Most lending institutions require this information as part of the loan application process. Preparing these documents in advance before contacting a lender is advisable!

Following this, you can search for a lender. As mentioned earlier, personal loans and bad credit personal loans can be obtained through various sources, such as commercial banks, credit unions, and private online lenders. 

Once you have identified a lender or multiple lenders with whom you wish to work, you can proceed to complete an application, either online or in person, and submit the necessary paperwork.

Upon submission of your application, the lender will inform you about its status. Lenders evaluate factors including your credit history, income, and various other aspects that influence your ability to repay the loan.

Finally, upon approval, you can review the loan terms, which encompass details like the monthly payment, annual percentage rates, and terms associated with collateral if it is involved. Afterward, you can proceed to receive the loan funds. Typically, the funds can be dispersed via a check, a money transfer service, or directly into a bank account.

Steps To Quickly Apply For A Personal Loan In Virginia

Step 1

Apply Online – Use our 100% free online form to apply in less than 5 minutes.

Step 2

Instant Decision – You will receive an instant decision on screen from one of our lending partners who will offer the best rates.

Step 3

Receive Money – You have already provided your bank account details so within 1 hour, the same day or the next business day you will get your funds.

Are Personal Loans Legal in Virginia?

Yes, personal loans are legal in the state of Virginia, even personal loans for bad credit. Virginia has laws and regulations that govern lending practices, including those related to personal loans. Lenders in Virginia must comply with state laws and regulations, which are designed to protect consumers and ensure fair lending practices.

It’s important to note that there are limits on the interest rates and fees that lenders can charge for personal loans in Virginia. These regulations are in place to prevent predatory lending practices and to provide consumer protections.


Are Payday Loans Legal in Virginia?

Yes. Payday loans in Virginia, now referred to as “short-term loans,” are legal. In 2020, Virginia updated its legislation to replace the term “payday loans” with “short-term loans” and made changes to the maximum loan amount, loan terms, and APR (Annual Percentage Rate). 

Here are the key regulations regarding payday loans (short-term loans) in Virginia:

  • Legal Status: Payday lending (short-term lending) is legal in Virginia.
  • Interest Rate (APR): The APR for short-term loans is capped at 36%.
  • Minimum Loan Amount: The minimum loan amount is not specified.
  • Maximum Loan Amount: The maximum loan amount is $2,500.
  • Minimum Loan Term: The minimum loan term is 4 months, but it can be shorter if the total monthly payment does not exceed 5% of gross monthly income or 6% of net monthly income.
  • Maximum Loan Term: The maximum loan term is 24 months.
  • Number of Rollovers: There are no rollovers allowed.
  • Number of Outstanding Loans: Borrowers can have only one outstanding loan at a time.
  • Installment: Short-term loans can be structured as installment loans.
  • Finance Charges: Lenders can charge a maintenance fee of up to 8% or $25 (monthly). The total costs of the loan, including fees and interest, cannot exceed 50%.
  • Late Fee: The late fee is capped at $20.
  • Database Loan Tracking: Lenders must check a special database to verify borrowers’ eligibility.

Online lenders must obtain a Consumer Finance License to operate legally, and currently, there are no internet lenders with such a license in Virginia. Therefore, any online payday loan practices without the proper license are prohibited and unenforceable.

Criminal actions related to payday loans are prohibited in Virginia, and military members and their dependents are protected from payday lending practices. Virginia’s State Corporation Commission regulates the payday lending industry in the state, and consumers can file complaints against lenders through their website.

Overall, payday loans, now termed short-term loans, are subject to strict regulations in Virginia to protect consumers from predatory lending practices.


Are Payday Loans Popular in Virginia?

Yes, and the popularity is growing, as shown in this table:

Year No. of Stores No. of Clients,


No. of Loans, thousand Value of Loans, million
2014 224 132.8 417.8 $161.70
2015 191 112.4 352.4 $137.70
2016 171 101.9 326.1 $129.10
2017 169 96.7 309.8 $122.90
2018 161 87.4 283.4 $115.30
2019 151 79.2 268.1 $110.70


Where Can I Get a Payday Loan in Virginia?

You can get an online payday loan anywhere in Virginia such as:

Virginia Beach





Newport News

Dale City









Buchanan County



Grayson County


Lee County

How to Avoid Personal Loan Scams in Virginia?

Verify the Lender’s Legitimacy

Check if the lender is licensed to operate in Virginia. Contact the Virginia State Corporation Commission or visit their website to confirm the lender’s legitimacy.

Research the Lender

Research the lender’s reputation online. Look for reviews and feedback from other borrowers. Be wary of lenders with a history of complaints or negative reviews. Check if the lender is a member of reputable industry organizations, such as the Online Lenders Alliance (OLA).

Beware of Upfront Fees:

Legitimate lenders do not ask for upfront fees before approving a loan. Avoid lenders that request payment for application fees, processing fees, or any other fees before disbursing the loan.

Review the Loan Terms

Carefully read and understand all loan terms and conditions. Pay attention to interest rates, repayment terms, and any hidden fees. Be cautious of lenders that offer loans with extremely low interest rates or terms that seem too good to be true.

Avoid Unusual Payment Methods

Scammers often request payments through unconventional methods, such as wire transfers, prepaid debit cards, or cryptocurrency. Legitimate lenders typically use traditional payment methods.

Protect Your Personal Information

Never share sensitive personal information, such as your Social Security number or banking details, with unknown or unverified lenders. Be cautious of lenders that request excessive personal information or documents upfront.

Trust Your Instincts

If something about the lender or loan offer seems suspicious or too aggressive, trust your instincts and walk away. Legitimate lenders should not pressure you into making hasty decisions.

If you encounter a potentially fraudulent lender or believe you’ve been targeted by a scam, report it to the Virginia Bureau of Financial Institutions and local law enforcement authorities.


What Are the Advantages of Payday Loans in Virginia?

  • Quick Access to Funds: Payday loans in Virginia offer a fast way to access small amounts of cash in times of emergency. The application process is typically quick, and if approved, you can receive the funds within a short time, often as soon as the next business day.
  • Minimal Eligibility Requirements: Payday lenders in Virginia typically have minimal eligibility requirements. They may require proof of income, identification, and a checking account, making these loans accessible to individuals with poor credit.
  • No Credit Check: Most payday lenders do not perform traditional credit checks, so your credit history may not be a significant factor in loan approval.
  • Regulated Interest Rates: Virginia has regulations in place to cap the APR for payday loans at 36%, which can be lower than the interest rates charged by some other types of lenders.


What Are the Disadvantages of Payday Loans in Virginia?

  • High Costs: Despite the interest rate cap, payday loans in Virginia can still be expensive. The fees and interest charges can add up quickly, making these loans one of the costliest borrowing options available.
  • Short Repayment Period: Payday loans typically have short repayment terms, often ranging from one to two pay periods. This short time frame can make it challenging for borrowers to repay the loan in full, potentially leading to a cycle of debt.
  • Risk of Debt Cycle: Many borrowers find themselves in a cycle of taking out new payday loans to repay previous ones. This can result in a cycle of borrowing and high fees that becomes difficult to break.
  • Limited Loan Amounts: Payday loans are usually for small amounts, often up to $500 in Virginia. If you need a larger sum of money, payday loans may not be a suitable option.
  • Potential for Predatory Lending: While Virginia has regulations in place, some payday lenders may engage in predatory practices or attempt to exploit vulnerable borrowers. It’s crucial to choose reputable lenders and carefully review the loan terms.
  • Financial Impact: Relying on payday loans for financial emergencies can have a long-term negative impact on your financial stability. The high costs associated with these loans can erode your finances over time.

Alternatives to Payday Loans in Virginia

Personal Loans from Banks or Credit Unions

Traditional financial institutions like banks and credit unions offer personal loans with competitive interest rates and more favorable terms compared to payday loans. If you have a good credit history, these loans can be a cost-effective option.

Installment Loans

Online lenders, including peer-to-peer lending platforms, offer installment loans with reasonable interest rates and longer repayment periods. These loans provide flexibility and can be more manageable for your budget.

Cash Advances

If you have a credit card with an available credit limit, you can use it for cash advances. While cash advances come with fees and interest, they often have lower rates compared to payday loans.

Emergency Assistance Programs

Local nonprofit organizations, charities, or government agencies may offer emergency financial assistance to individuals facing unexpected financial crises. These programs can help cover essential expenses like utilities or rent.

Salary Advances

Some employers offer salary advances or employee assistance programs to help employees access funds in emergencies. Check with your employer to see if such programs are available.

Credit Counseling and Debt Management

Nonprofit credit counseling agencies can provide assistance in managing your finances, creating a budget, and negotiating with creditors. They may also offer debt management plans to consolidate and repay debts more effectively.

Local Community Banks and Credit Unions

Some smaller community banks and credit unions offer short-term loans with lower interest rates and more flexible terms than traditional payday loans.

Resources For Struggling Borrowers in Virginia

  • Virginia Department of Housing and Community Development (DHCD): DHCD offers various housing and community development programs, including rental assistance and resources for homeowners facing financial difficulties. 
  • Virginia Housing Development Authority (VHDA): VHDA provides resources for affordable housing, home buying assistance, and foreclosure prevention programs in Virginia. 
  • Virginia Department of Social Services: The Virginia DSS offers programs and support for low-income individuals and families, including SNAP (Supplemental Nutrition Assistance Program) and TANF (Temporary Assistance for Needy Families). 
  • Virginia Legal Aid Society: This organization provides free legal assistance to low-income individuals in Virginia, including help with consumer debt issues, housing, and public benefits. 
  • 211 Virginia: 211 Virginia is a comprehensive resource for finding local assistance programs and services, including financial assistance, food, housing, and healthcare. 
  • Virginia Cooperative Extension: The Virginia Cooperative Extension offers financial education and resources to help individuals and families improve their financial literacy and make informed financial decisions. 
  • Virginia Department of Veterans Services: If you are a veteran in Virginia, the Department of Veterans Services provides information about benefits and resources, including financial assistance programs. 
  • United Way of Virginia: United Way organizations in Virginia often provide assistance and resources for individuals and families facing financial hardship. You can locate your local United Way through their website. 


Frequently Asked Questions About Personal Loans in Virginia

How do I apply for online payday loans in Virginia if I have bad credit or no credit, and what's the usual process for approval and getting the money?

To apply for online payday loans in Virginia, you can provide your personal information to lenders, even if your credit is poor. If you’re approved, the funds can typically be deposited directly into your bank account on the next business day.

What are the requirements for getting online payday loans in Virginia, and do lenders often accept people with bad credit?

Online payday lenders in Virginia usually require proof of income, identification, and a checking account. Having bad credit usually doesn’t disqualify applicants, making these loans accessible for individuals with poor credit.

Can I extend or roll over my payday loan in Virginia if I can't repay it on the due date?

No, Virginia law prohibits rollovers or extensions of payday loans. Lenders are not allowed to refinance or renew a payday loan, which helps prevent borrowers from falling into a cycle of debt.

Is there a cooling-off period between payday loans in Virginia?

Yes, there is a cooling-off period. If you’ve taken out a payday loan in Virginia, you must wait at least one day (24 hours) after paying off your loan before applying for a new one.

Are there any alternatives to payday loans in Virginia for people facing financial emergencies?

Yes, there are alternative options for emergency funds in Virginia, including seeking assistance from local charities, nonprofit organizations, or exploring state and federal assistance programs. Additionally, credit unions and traditional banks may offer small personal loans with more favorable terms than payday loans.

What should I do if I have a complaint or encounter issues with a payday lender in Virginia?

If you have a complaint or face problems with a payday lender in Virginia, you can contact the Virginia Bureau of Financial Institutions. They regulate the payday lending industry in the state and can assist you with resolving issues.

Is it possible to cancel a payday loan in Virginia if I change my mind?

Yes, you have the right to cancel a payday loan in Virginia within one business day after the loan is disbursed. If you decide to cancel, you must return the loan amount in full without any additional fees or interest.

What happens if I default on a payday loan in Virginia?

If you default on a payday loan in Virginia, the lender can take legal action against you. This may include filing a civil lawsuit to collect the outstanding debt. Additionally, the lender can charge a one-time fee of $25 for insufficient funds if your repayment check bounces.

Can payday lenders in Virginia threaten criminal actions or legal consequences for non-payment?

No, payday lenders in Virginia are not allowed to threaten borrowers with criminal actions or legal consequences for non-payment. Such practices are prohibited by Virginia law.

Are there trusted online payday loan providers in Virginia that offer fair terms, competitive rates, and transparent lending practices?

Yes, some reputable online payday lenders in Virginia offer competitive rates, flexible repayment options, and clear fee disclosures.

What should borrowers consider regarding fees, interest rates, and repayment terms when thinking about online payday loans in Virginia?

Virginia allows payday loans with triple-digit interest rates, so borrowers should carefully research the total costs and repayment terms before accepting a loan.

Are there specific state laws or regulations in Virginia that govern online payday loans?

Virginia limits outstanding payday loans to $500 and has some rate regulations. To ensure they are dealing with legitimate lenders, borrowers should verify licenses and thoroughly read all the loan terms.

Note From Capital Bean

At Capital Bean, our primary aim is to help you in discovering the ideal financial solutions to suit your needs, whether it’s finding suitable loans for individuals with poor credit or exploring alternative credit options. We understand the importance of evaluating your existing financial obligations, interest rates, and associated expenses to determine whether an online loan or a bad credit loan aligns with your current financial situation.

It’s essential to exercise caution when considering an online bad credit loan. Should you require expert guidance, we strongly recommend seeking advice from financial professionals or credit advisors. These experts can offer valuable insights regarding lenders, credit management, and various loan categories. 

If you find yourself grappling with overdue payments, substantial credit card balances, or significant financial burdens, there’s no need to despair. There are always pathways toward a more stable financial future. These may include debt consolidation loans, personal loans, or even personalized credit counseling – and we’re here to assist you in making the most suitable choice.