Complete guide
Answers, tradeoffs and next steps
Use the sections below to evaluate fit, not to predict approval.
State-specific decision hinge
Virginia’s modern short-term loan is an amortizing 4–24 month product. The unique decision is whether a proposed shorter-than-four-month schedule passes Virginia’s 5%-of-gross / 6%-of-net monthly-payment test, then how the 36% simple annual rate and maintenance fee behave across the resulting installment schedule.
Current state rule table
| State field | Current rule |
|---|---|
| Maximum principal | $2,500 |
| Standard term | 4 to 24 months |
| Shorter-term exception | Allowed if monthly payment is no more than greater of 5% gross monthly income or 6% net monthly income |
| Interest | Simple annual rate up to 36% |
| Maintenance fee | Lesser of 8% of original loan amount or $25/month, subject to current inflation adjustment authority |
Product scenario
For a $1,000 request, Payday Hex first places the offer in Virginia’s 4–24 month framework. A proposed shorter schedule is shown only if its monthly payment satisfies the greater-of 5% gross or 6% net monthly-income test. The cost card then displays simple interest, the current maintenance-fee schedule and every installment instead of compressing the loan into a payday-style due date.