Payday Lending Fact Sheet

The payday lender must give you at least two pay periods to repay your loan.If you are paid weekly or more often, the payday lender must give you at least 14 days to repay your loan. If you are paid every two weeks, your minimum loan term is 28 days. If you are paid twice a month, your minimum loan term is 31 days. If you are paid monthly or use your monthly benefit payments to get your loan, your minimum loan term is 62 days.A payday lender cannot make a loan to you if you already have an unpaid loan from any payday lender. For more information on your rights when borrowing money visithttp://www.virginia-organizing.org/magazine/fall08_what.php