This page provides general legal information and calculation tools, not legal advice. DocketMath is not a law firm and does not provide legal representation, and using this site does not create an attorney-client relationship. Laws change and exceptions apply, so deadlines and amounts specific to your situation should be confirmed with a licensed attorney in your jurisdiction.

Impact in Virginia

Virginia law caps the annual interest rate on most consumer loans at 6 percent under Va. Code Ann. § 6.2-301(A) and § 6.2-302(A). This statutory maximum applies to the stated rate of interest, not including permissible fees or other charges that may be separately authorized. The rule generally governs loans made by lenders subject to the Virginia Consumer Protection Act, though certain exceptions exist for specific loan types or licensed entities. The exact calculation of interest due depends on the principal amount and the loan term, and the official source at law.lis.virginia.gov provides the full statutory language, including any exceptions. The worked example below illustrates how the 6 percent cap applies in a typical scenario. Use the calculator to estimate the interest on your own loan.

Governing authority

In Virginia, the impact rule is set by Va. Code Ann. § 6.2-301(A) / § 6.2-302(A). The verified packet cites Va. Code Ann. § 6.2-301(A) / § 6.2-302(A) (https://law.lis.virginia.gov/vacode/title6.2/chapter3/section6.2-302/).

Virginia impact: the verified value is 6% under Va. Code Ann. § 6.2-301(A) / § 6.2-302(A). The verified packet cites Va. Code Ann. § 6.2-301(A) / § 6.2-302(A) (https://law.lis.virginia.gov/vacode/title6.2/chapter3/section6.2-302/).

Estimate your own result: every situation has exceptions that can change the outcome. Use the impact calculator to estimate your specific figure.

This page provides general legal information and calculation tools, not legal advice. DocketMath is not a law firm and does not provide legal representation, and using this site does not create an attorney-client relationship. Laws change and exceptions apply, so deadlines and amounts specific to your situation should be confirmed with a licensed attorney in your jurisdiction.