Alexandria short-term loan rates are governed by Virginia’s Fairness in Lending Act (Va. Code Title 6.2, Ch. 18). Snap Loans Cash is free to use — we never charge you a fee. The limits below are set by Virginia law; your actual rate and payment come from the lender and appear in your loan agreement before you accept.
Loan Rules in Virginia: Rates & Terms at a Glance
| Item | Virginia limit |
|---|---|
| Old-style payday loans | Reformed / no longer offered (2020 Fairness in Lending Act) |
| Maximum loan amount | $2,500 (short-term loan) |
| Term | 4 to 24 months |
| Rate cap | 36% annual interest + monthly fee (lesser of $25 or 8% of principal) |
| Total fee cap | 50% of the loan (60% for loans over $1,500) |
Cost example: a $1,000 short-term loan is capped at $500 in total fees and charges — about three times cheaper than before the 2021 reform. Source: Virginia SCC; statute: Va. Code Title 6.2, Ch. 18. Verified July 11, 2026.
Virginia loan rules at a glance
| Rule | Virginia limit |
|---|---|
| Legal status | Legal and regulated |
| Maximum loan amount | $2,500 (short-term loan) |
| Maximum term | 4 to 24 months |
| Finance charge cap | 36% annual interest + monthly fee (lesser of $25 or 8% of principal) |
| Rollovers | Installment loan — no payday rollovers. Total fees capped at 50% of principal (≤$1,500 loans) or 60% (larger) |
| Cooling-off period | Prepay anytime without penalty; not a single-payment payday product |
| Statute | Virginia Fairness in Lending Act (2020) — Va. Code § 6.2-1817 et seq. |
Source: Virginia State Corporation Commission (SCC), Bureau of Financial Institutions · Rules verified July 11, 2026