Virginia Consumer Finance Collection Check

Live. Collecting a Virginia consumer loan? Unlicensed lender over 12% = void, nothing collectable (6.2-303, 6.2-1501); licensee capped at 36% (6.2-1520).

Collecting a Virginia online or installment consumer loan? Checks each loan and contact against Virginia law: a lender without a consumer finance license charging over 12% makes the loan void, so no principal, interest or fees may be collected, even for out-of-state lenders (Va. Code 6.2-303, 6.2-1501); a licensee is capped at 36% simple interest, a $20 late fee and a processing fee of the greater of $50 or 6% up to $150 (6.2-1520). Short-term and title loans, banks and business loans are flagged out of scope. Flags collecting a void loan or excess charges (FDCPA 1692e(2)(A), 1692f(1)) and arrest threats. Not legal advice.

Price: $0.001 per call after 1,000 free per month.

DebtLayer · Tools · Free tools · Docs · support@debtlayer.io