Is OppLoans Legal in Virginia? – Yes, but the landscape shifted dramatically in 2026.
In 2023, Virginia allowed short‑term installment loans up to $2,500 with a maximum APR of 36 percent, and OppLoans operated under those rules. However, the Virginia General Assembly enacted the “Consumer Credit Reform Act” effective January 1, 2026, tightening loan caps, shortening repayment periods, and imposing stricter disclosures. As a result, OppLoans remains legal in Virginia, but the products it can offer and the fees it may charge have been materially reduced. Borrowers must now evaluate smaller loan amounts, lower interest rates, and enhanced consumer‑protection safeguards before applying.
What loan amounts can OppLoans offer in Virginia after 2026?
OppLoans may extend installment loans ranging from $500 to $1,500. The 2026 reform lowered the previous $2,500 ceiling to curb debt‑spiral risks. Any loan exceeding $1,500 must be approved under a separate “high‑risk credit” exemption, which currently does not apply to OppLoans.
How has the APR limit changed for OppLoans in Virginia?
The statutory APR cap dropped from 36 percent to 30 percent for most short‑term loans. OppLoans must calculate interest using the simple‑interest method and disclose the exact APR on the loan agreement. Violations can trigger civil penalties of up to $5,000 per infraction.
Are there new repayment term restrictions for OppLoans customers?
Yes. Repayment periods are now limited to a maximum of 12 months for loans up to $1,000 and 24 months for loans between $1,001 and $1,500. Earlier, OppLoans could structure repayment over 36 months. Early‑payoff fees have also been prohibited, giving borrowers flexibility to settle balances sooner without extra cost.
What consumer‑protection disclosures must OppLoans provide now?
OppLoans is required to supply a three‑page “Clear Credit Disclosure” that includes: loan amount, APR, total finance charge, payment schedule, and a plain‑language explanation of the borrower’s right to cancel within three business days. The disclosure must be presented before the contract is signed and be available in both English and Spanish.
How can Virginia borrowers verify OppLoans’ compliance with the 2026 law?
Borrowers can check the Virginia State Corporation Commission’s online licensure portal, which lists all authorized non‑bank lenders and their compliance status. Additionally, the Virginia Attorney General’s Consumer Protection Division publishes quarterly enforcement reports that detail any actions taken against lenders for violations of the 2026 reforms.