Installment Loans in Virginia

Steps

1. Submit one request through LendUp or contact a licensed lender directly.
2. Gather your government-issued ID, proof of income (pay stubs, benefit letters, or bank statements), and your bank account details for direct deposit and automatic withdrawals.
3. Review the offer: confirm the full payment schedule, total amount you'll repay, and all fees before moving forward.
4. Before you sign, verify the lender is licensed in Virginia, then save a copy of the signed agreement.

What to expect

• Credit check: You may see a soft check for prequalification and a hard check if you accept. Ask the lender which type they'll run before you agree.
• Income verification: The lender may ask for pay stubs, bank transaction history, or benefit award letters. If they request bank login access, ask whether statements are an option instead.
• Total cost: The monthly payment is only part of the picture - ask for the total amount you'll repay over the full term, listed as the "finance charge" on the paperwork plus principal.
• Written contract required: Virginia requires that every consumer finance loan contract be in writing, signed by you, and include a clear description of all installment payments. The contract must not contain blank spaces to be filled in after you sign.
• Autopay setup: Most installment loans use automatic withdrawals. If your paydays don't match the due dates, ask whether the lender can adjust payment dates to avoid overdraft fees.

Before you share sensitive information or sign anything, confirm the lender holds an active Consumer Finance License issued by the Virginia SCC Bureau of Financial Institutions.

1. Open the Consumer Finance Licensees PDF on the SCC page. Use your PDF reader's find function (Ctrl+F or Cmd+F) to search the lender's full legal name - check the lender's site under "Legal" or "Disclosures" to find the exact entity name.
2. Confirm the entry is listed under Consumer Finance Licensees (not a different product category such as Short-Term Lenders or Mortgage Lenders).
3. Verify the listing is current - the report shows a "List of Licensed Offices as of" date at the top. If you don't find the lender, call the Bureau of Financial Institutions at (804) 371-9657 for assistance.
4. Save a screenshot or PDF of the results for your records before you apply.

To report an unlicensed lender or file a lending complaint, contact the Virginia SCC Bureau of Financial Institutions at scc.virginia.gov - File a Complaint.

If you apply through LendUp, we'll try to match you with providers based on your request, but you should still verify the lender before accepting an offer.

Your rights in Virginia

• Prepayment: You can pay off your consumer finance loan early, in whole or in part equal to one or more full installments, at any time. The lender must apply the payment and make any required interest adjustment.
• Excess charges must be refunded: If a lender charges or collects any amount not permitted under Virginia's Consumer Finance Act, that amount must be refunded to you or credited to your account.
• Unlicensed lending is unenforceable: If a lender violates Virginia's licensing requirement, the lender cannot collect, receive, or retain any principal, interest, or charges on the loan - and any amount you already paid may be recoverable.

Walk away if

• An upfront fee is required before you receive any loan money.
• The lender shows only the monthly payment and won't state the total repayment amount in writing.
• You're pressured to sign today or told you can't review the agreement off-screen.
• The lender's name doesn't match what you find in Virginia's Consumer Finance Licensees list.
• The contract has blank spaces or is missing a payment schedule when presented for signature.

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