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Virginia Interest Rates Laws
More Information on Interest Rate Laws
| Legal Maximum Rate of Interest | 8% unless contract specifies (§6.1-330.53) |
| Penalty for Usury (Unlawful Interest Rate) | Borrower may recover twice interest paid, court costs, and unreasonable attorney's fees (§6.1-330.57) |
| Interest Rates on Judgments | 9% or at contract rate, whichever is higher (§6.1-330.54) |
| Exceptions | Revolving credit accounts (§6.1-330.64); private college/university (§6.1-330.66); state or national banks; savings and loans; credit unions (§6.1-330.48); secured by mortgage or deed of trust (§6.1-330.71); installment credit plan (6.1-330.77) |
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