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Rates and rules

Virginia Loan Rates and Rules

Who regulates consumer lending in Virginia, how rates are set, and how to check a lender and its rate before you borrow. For new requests SET Financial is not the lender: it connects Virginia residents with third-party lenders who set all rates and terms.

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This page is general information, not a rate quote. Not everyone who applies will be matched or approved.

Who regulates consumer lending in Virginia

Consumer lenders operating in Virginia are licensed and supervised by the Bureau of Financial Institutions, a division of the Virginia State Corporation Commission. Under the Virginia Fairness in Lending Act of 2020, which took effect January 1, 2021, many consumer finance loans are subject to a 36% annual rate cap, and the law applies uniform rules whether a loan is made online or in a store. SET Financial does not set rates. Your actual APR, fees, and terms are determined solely by the third-party lender and disclosed before you sign.

Regulator: Virginia State Corporation Commission, Bureau of Financial Institutions.

How to check a lender before you borrow

You can verify whether a lender is licensed in Virginia through the State Corporation Commission, Bureau of Financial Institutions, and you should always review your loan agreement to see the exact APR, fees, payment schedule, and total cost before you accept.

Many consumer lenders are also listed on NMLS Consumer Access, a national database you can search for free to confirm a company's license status and history.

Search NMLS Consumer Access

The four numbers to compare on any offer

A regulator's rules tell you about the lender. These tell you about the loan. Whoever you borrow from, and whether or not you use this site, compare offers on the same four things:

  • APR. The annualized cost including most fees. It is the only number that lets you compare two different loans honestly.
  • Total repayment amount. Principal plus every finance charge over the full term. A lower monthly payment stretched longer often costs more overall.
  • Term and payment schedule. How many payments, how often, and the exact due dates measured against when you actually get paid.
  • Fees and prepayment terms. Origination, late, and returned-payment fees, and whether paying the loan off early saves you interest.

Your signed loan agreement is what actually governs

Federal Truth in Lending rules require the lender to disclose the APR, finance charge, amount financed, and total of payments on the loan agreement before you sign. Any rate you see in marketing, including on this site, is general information. The figures on your own signed agreement are what actually apply to your loan.

Common questions about Virginia rates

Who regulates consumer lenders in Virginia?

Consumer lenders in Virginia are licensed and supervised by the Virginia State Corporation Commission, Bureau of Financial Institutions. You can use the Bureau to verify whether a specific lender is licensed to operate in the state.

What is the interest rate cap on consumer loans in Virginia?

Under the Virginia Fairness in Lending Act of 2020, effective January 1, 2021, many consumer finance loans are subject to a 36% annual rate cap. Your exact APR is set by the lender within applicable law and is disclosed in your loan agreement before you sign.

How do I know the rate and total cost before I borrow?

The third-party lender must disclose your APR, fees, payment schedule, and total cost in your loan agreement. Review those terms carefully and confirm the lender's license with the Bureau of Financial Institutions before you accept.

This page is general information about Virginia lending rules, not legal or financial advice, and it is not a rate quote. Rules change; confirm anything that matters to your situation with the Virginia State Corporation Commission, Bureau of Financial Institutions or a qualified advisor. SET Financial is not the lender on new requests and does not set the rates, fees, terms, or approval decisions of the third-party lenders in its network.

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