Virginia maximum interest rate is the answer to “maximum interest rate allowed by law in Virginia”. This guide gives the Virginia figures in a dated table, explains in plain words what they mean, walks through the steps, and points to the official forms and free help.
The Virginia maximum interest rate figures on this page were verified against a dated 50-state compilation and Virginia sources as of October 2026; the statute named here is where to check them yourself.
Virginia maximum interest rate at a Glance
| Legal rate when no rate is agreed | 6% per year |
| Maximum rate in a written contract | 12% per year |
| Who the cap does not reach | many lenders and loan types are exempt under 6.2-303 and other sections |
| Statute | Va. Code 6.2-301, 6.2-303 |
In This Virginia maximum interest rate Guide:
What the Virginia Maximum Interest Rate Means
Usury means charging more interest on a loan than Virginia law allows. Virginia has two different figures. The legal rate applies when a loan or debt never set a rate at all. The contract cap is the most a written loan agreement can charge, unless a specific statute allows more for that kind of lender or loan.
The Virginia maximum interest rate Figures
| Rule | Bonus Bank Daily verified figure |
|---|---|
| Legal rate when no rate is agreed | 6% per yearcompilation / agency — verified Oct 2026 |
| Maximum rate in a written contract | 12% per yearcompilation / agency — verified Oct 2026 |
| Who the cap does not reach | many lenders and loan types are exempt under 6.2-303 and other sectionscompilation / agency — verified Oct 2026 |
| Statute | Va. Code 6.2-301, 6.2-303compilation / agency — verified Oct 2026 |
The Virginia maximum interest rate figures on this page were verified against a dated 50-state compilation and Virginia sources as of October 2026; the statute named here is where to check them yourself.
Who the Virginia Maximum Interest Rate Applies To
The cap mainly reaches private and unlicensed lenders. A Virginia appeals court has said a usurious lender may collect only the principal (Va. Code 6.2-304). Banks chartered in other states, and national banks, can usually charge what their home state allows under federal law. Licensed consumer finance, short-term and motor vehicle title lenders work under their own Title 6.2 rate rules, and the state’s Bureau of Financial Institutions supervises them.
Credit Cards and the Virginia Maximum Interest Rate
Most credit cards come from national banks or banks chartered in other states. Federal law lets those banks charge the interest rate allowed in their home state, even to Virginia customers. A credit card rate above the Virginia cap is therefore usually legal. Virginia law also lets open-end credit plans charge the rate stated in the card agreement.
What Happens When a Lender Breaks the Virginia Maximum Interest Rate
When a loan breaks the cap, the borrower may be able to recover the excess interest or more, depending on the statute, and charging above a criminal threshold can be a crime.
How to Check a Loan Against the Virginia Maximum Interest Rate
1) Find the loan agreement and the Truth in Lending disclosure. 2) Note the stated interest rate and the APR, which includes most fees. 3) Check whether the lender is a bank, a licensed lender or a private party, using the State Corporation Commission’s license lookup. 4) If the lender is not licensed or exempt, compare the rate with the contract cap.
5) To confirm, check the statute, the court clerk or an attorney.
Where to Report a Loan Above the Virginia Maximum Interest Rate
The State Corporation Commission’s Bureau of Financial Institutions licenses consumer finance, short-term, title and mortgage lenders, and takes complaints about them on its online complaint form. Complaints about banks, card issuers and other lenders can also go to the federal Consumer Financial Protection Bureau at consumerfinance.gov/complaint.
Common Mistakes With Virginia maximum interest rate
The most common mistake is missing a deadline: court and creditor deadlines run whether or not you have read the papers, and a missed one usually cannot be undone. The second is relying on an old article or a friend’s experience in another state — the rules on this page differ from state to state and change often, which is why every figure here is dated.
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The third is not keeping copies: every letter, form, receipt and bank statement may matter later, so keep them together and note the date you received each one.
Free Help With Virginia maximum interest rate in Virginia
You do not have to handle this alone or pay to get answers. The Virginia court self-help center explains the forms and the steps, and court clerks can tell you where and how to file, although they cannot give legal advice.
Legal aid organizations represent many people at no cost when income is limited, and the Virginia bar’s lawyer referral service can connect you with a lawyer for a low-cost first consultation. The Consumer Financial Protection Bureau accepts complaints about lenders, banks and debt collectors nationwide.
How We Verify the Virginia maximum interest rate Figures
Every figure in the table above comes from our 50-state data file, built by reading the Virginia statute or an official compilation of it, and each one carries the month we last checked it. Our writers do not change those figures; they explain them. When the law changes, the figure is updated and the date moves.
If something on this page no longer matches the statute, the statute controls — and we want to hear about it.
Virginia’s Fairness in Lending Act of 2020 set a 36% annual interest limit plus a limited monthly maintenance fee for licensed consumer finance and short-term installment loans. Total charges on a short-term loan are capped at 50% of the amount borrowed. If a lender that is neither licensed nor exempt makes a loan above the cap, the contract is void under the 2020 amendment.
A 2022 Fairfax Circuit Court opinion (Shannon v. Smalls) still allowed the lender to recover principal, but not interest or fees.
Next rung: the Virginia payday loan page covers the short-term loans that have their own caps.
Virginia — the bottom line
- Virginia maximum interest rate rules set two numbers — the legal rate and the written-contract cap — both in the table above.
- Many lenders sit outside the Virginia maximum interest rate cap by license or charter, so check which rule covers your loan.
- If a loan breaks the Virginia maximum interest rate rules, keep the agreement and report it to the state regulator.
Virginia Maximum Interest Rate FAQ
What is the maximum interest rate allowed by law in Virginia?
Without an agreement: 6% per year. In a written contract: 12% per year.
Official Virginia Sources & Resources
- Statute and the Conference of State Bank Supervisors 50-state usury survey (verified by each state regulator) — maximum legal interest rate: https://www.csbs.org/50-state-survey-consumer-finance-laws
- Statute and the Conference of State Bank Supervisors 50-state usury survey (verified by each state regulator) — maximum legal interest rate: https://facts.csbs.org/consumer-finance-law/dev
- Virginia statute / opinion: https://law.lis.virginia.gov/vacodefull/title6.2/chapter3/
- Virginia State Corporation Commission, Bureau of Financial Institutions (Banks, Credit Unions & Consumer Lenders): https://scc.virginia.gov/pages/Banks-Consumer-Lenders
- Consumer Financial Protection Bureau: consumerfinance.gov
This Virginia maximum interest rate guide was last verified against official Virginia sources in October 2026. Rules change — confirm the current rule with the statute or a licensed attorney.
More Virginia Money Rights Guides
Disclaimer: This guide is general information, not legal or financial advice. Bonus Bank Daily is an independent educational resource — not a law firm, not a bank, not a debt collector and not a government agency. Judgment, levy, interest-rate and debt rules change — every figure here carries the date we verified it.
Confirm the current rule with the statute, the court clerk or a licensed attorney in your state before you act.