Virginia – A Borrower’s Guide to Payday Loans
• Be aware: Some payday lenders are now offering “lines of credit” or loans secured by your car title as an alternative to a payday loan. These loans are unregulated. The following laws DO NOT apply to installment and car title loans in Virginia.
- 1. The Payday Lender must give you at least two pay periods to repay your loan. If you are paid weekly or more often, the payday lender must give you at least 14 days to repay your loan.
- If you are paid every two weeks, your minimum loan term is 28 days. Continue reading Virginia – A Borrower’s Guide to Payday Loans