Quick answer
Richmond, VA residents can get loans from licensed lenders regulated by the Virginia State Corporation Commission (SCC) - Division of Consumer Affairs / Bureau of Financial Institutions. Payday loans are restricted. Call (800) 236-7761 or use the form to see which lenders will work with you today.
Loan options for Richmond residents
Virginia law determines what loans are available, what they cost, and who can lend. Here is how each product stands under current Virginia law:
| Loan type | Status in VA | Key limits |
|---|---|---|
| Payday / cash advance | Restricted | Virginia's 2020 Fairness in Lending Act capped short-term loan rates (36% APR st |
| Cash advance | Restricted | Special limits apply |
| Title loans | Restricted | Licensee may not charge fees beyond those permitted by 6.2-2216; charges for bro |
| Installment loans | Restricted | Consumer finance rate caps (6.2-1500 et seq. / consumer finance chapter) not cap |
| Bad credit loans | Restricted | Special limits apply |
| Debt consolidation | Restricted | Special limits apply |
| Refinance | Restricted | Special limits apply |
Want the short list of lenders who will actually say yes?
Tell us the amount and your credit range. Only lenders licensed in Virginia see your request.
Virginia loan rules at a glance
All loan products in Richmond follow Virginia law. Licensed lenders are regulated by the Virginia State Corporation Commission (SCC) - Division of Consumer Affairs / Bureau of Financial Institutions. Here are the key provisions for the most common loan types:
Virginia loan rules at a glance
- Payday max amount
- Loan may not exceed $2,500 (Code of Virginia ch. 18/ch. 15 short-term loan provisions; also stated in the SCC-administered short-term lending rules)
- Payday term
- Minimum and maximum loan durations not captured verbatim in this run; SCC rules for short-term lending state the maximum loan amount is $2,500
- Payday cost cap
- Virginia's 2020 Fairness in Lending Act capped short-term loan rates (36% APR structure per Chapter 15 6.2-1500 et seq.)
- Title loan term
- Minimum duration six months, maximum 24 months (shorter minimums only if the monthly payment stays within income-based limits)
- Title loan rate
- Licensee may not charge fees beyond those permitted by 6.2-2216; charges for brokering or obtaining a loan are prohibite
- Payday licensing
- License required under Code of Virginia ch. 15 (6.2-1500 et seq.)
- Governing statutes
- Chapter 15, Chapter 16, Chapter 18, Chapter 22
Regulator: Virginia State Corporation Commission (SCC) - Division of Consumer Affairs / Bureau of Financial Institutions · Phone: not captured in sources reviewed (QA to verify SCC consumer line) · Statutes: Chapter 15, Chapter 16, Chapter 18, Chapter 22 · Last verified: 2026-10-08
Cheaper options in Richmond
Before you take a high-cost loan, check these local alternatives:
- County, area code(s), nearby cities for Richmond (Census / FCC / state sources)
- Virginia product statuses restated concisely with regulator link (city inherits state law; never invent city-level law)
- Richmond-specific local alternatives: credit unions offering PALs, municipal/state utility hardship programs, Richmond 211 entry
- Nearby-city internal links