Virginia's 2020 Fairness in Lending Act overhauled short-term and small-dollar lending, capping rates and fees and setting minimum terms to prevent debt traps. High-cost single-payment payday products were effectively replaced by regulated installment loans. Borrowers should still use these loans only for short-term needs.
Source: Consumer Federation of America (paydayloaninfo.org) · last verified 2026-07-24 · pending second-source verification
This page is general information, not legal or financial advice. State laws change; verify current rules with your state regulator or the source above.