a few words about payday loans law in Virginia State

Maybe people ask about payday loans. Is it legal? How much will it cost? How to get it?
The second state for today is Virginia state..

Virginia State Information

Legal Status: Legal

Citation:
Va. Code Ann. §§ 6.2-1800 et seq.

Loan Terms:
Maximum Loan Amount: $500
Loan Term: Min: 2 pay periods
Maximum Finance Rate and Fees: 36% annual interest + $5 verification fee + 20% of loan
Finance Charge for 14-day $100 loan: $26.38
APR for 14-day $100 loan: 687.76%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot refinance, renew, or extend)
Cooling-off Period: 1 day after payment; 45 days after 5th loan within 180 day period; 90 days after payment plan
Repayment Plan: Yes (Once per 12 month period; at least four equal installments, at least 60 days, no extra fees.)

Collection Limits:
Collection Fees: $25 NSF fee; Court Costs; Reasonable Attorney's Fees (not to exceed $250)
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Virginia Bureau of Financial Institutions
Address: Tyler Building, 8th floor, 1300 East Main Street, Suite 800, Richmond VA 23219
Phone: 1-800-552-7945
Fax: (804) 371-9416

Regulator Website: http://www.scc.virginia.gov/bfi/

Find more info about Payday loans in Virginia here: http://easyloansusa.net/virginia/ 

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