Please read this disclaimer carefully before using Snap Loans Cash. It explains what our service is, what it is not, and the Virginia rules that apply to short-term loans for Alexandria borrowers.
We are a connection service, not a lender
Snap Loans Cash does not lend money, make credit decisions, or charge you any fee. We are a loan-connection service that may match your request with third-party lenders licensed to operate in Virginia. Any loan you receive comes from an independent lender, on that lender’s terms, which you should read in full before you accept.
Virginia short-term loan rules
Virginia reformed payday lending with the Fairness in Lending Act of 2020 (Va. Code Title 6.2, Chapter 18). The old high-cost payday loan is gone. Under the current law:
- A short-term loan may be up to $2,500, repaid over 4 to 24 months.
- The cost is capped at 36% simple annual interest plus a monthly maintenance fee of no more than the lesser of $25 or 8% of the loan amount.
- The maintenance fee cannot be added to the balance on which interest is charged.
- Total fees and charges may not exceed 50% of the loan (60% for loans over $1,500).
- These are installment loans — there are no single-payment payday rollovers, and you may prepay without penalty.
Cost example
A $1,000 short-term loan is capped at $500 in total fees and charges (the 50% cap) — about three times cheaper than a Virginia payday loan before the 2021 reform. Short-term loans are still a higher-cost form of credit, so borrow only what you can repay and consider lower-cost alternatives first.
Regulator and complaints
Virginia consumer lenders are licensed and overseen by the Virginia State Corporation Commission (SCC), Bureau of Financial Institutions. Rules on this page were verified on July 11, 2026 and may change; always confirm current terms with your lender and the regulator.