APPLICATION FOR A PAYDAY LENDER LICENSE PURSUANT TO - scc virginia 2025

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  1. Click ‘Get Form’ to open it in the editor.
  2. Begin by entering the applicant's name and Federal Employer ID number in the designated fields. Ensure accuracy as this information is crucial for processing.
  3. Fill in the principal mailing address where official correspondence will be sent. Include a daytime phone number and email address for contact purposes.
  4. Select the type of organization by checking the appropriate box (Corporation, Partnership, etc.). This helps clarify your business structure.
  5. List all locations where Virginia business will be conducted. If necessary, attach additional sheets for more locations.
  6. Complete sections regarding previous applications, affiliations, and any regulatory actions taken against you or your affiliates. Be thorough to avoid delays.
  7. Review all entered information for completeness and accuracy before submitting. Use our platform’s features to save your progress and make edits easily.

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To check name availability and allowability please visit the Name Availability search in the Clerks Information System (CIS). To reserve a Business Entity Name, please visit the Clerks Information System (CIS) to submit the reservation filing online.
One Loan at a Time / $2,500 Maximum: Virginia law prohibits you from having more than one short-term loan outstanding at any one time. If you have a short-term loan or a motor vehicle title loan from any lender that is licensed to make these types of loans, then you are prohibited from obtaining a short-term loan.
One Loan at a Time / $2,500 Maximum: Virginia law prohibits you from having more than one short-term loan outstanding at any one time.
Under Virginia law, a payday loan cant be more than $500. You cannot borrow more than $500 at any time. You cannot have more than one payday loan at any time. The fees are limited to: (1) a loan fee of no more than $20 for each $100 you borrow, plus (2) an additional 36% interest, plus (3) a verification fee of $5.
Are payday loans legal? The business of payday lending is legal in Virginia. However, there are laws that put restrictions and limits on who can conduct business as a payday lender, what they have to do in order to be licensed, and what happens if they dont meet those requirements.

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As of 2022, payday loans are currently illegal in these thirteen states: Arizona, Arkansas, Connecticut, Georgia, Maryland, Massachusetts, New Jersey, New York, North Carolina, Pennsylvania, Vermont, West Virginia, and the District of Columbia.

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