Legal rate of interest in the state of Virginia is six percent per annum according to Section 6.1-330.53 of Article 3, Chapter 7.3 of Virginia Code.  According to Section 6.1-330.57 of Virginia Code, if a borrower pays to any lender interest in excess of the legal rate, then the borrower can recover twice the interest paid, court costs, and reasonable attorney fees from the lender.  Under Section 6.1-330.54 of Virginia Code, the judgment rate of interest should be six percent (6 %) per annum.  A money judgment entered in an action arising from a contract will carry interest at the rate lawfully charged on such contract or at six percent (6 %) per annum, whichever is higher.

Certain types of transactions and entities are exempt from the state law on usury and interest rates.   The exceptions are:

1. Revolving Credit accounts are exempted from the usury limits according to Section 6.1-330.64 of Virginia Code.
2. Loans made by a private college or university in Virginia are exempted from the usury limits pursuant to Section 6.1-330.66.
3. Loans made by any licensed lender and loans made by state and national banks, state and federal savings institutions and state and federal credit unions are exempted from the usury limits pursuant to Section 6.1-330.48.
4. Loans secured by mortgage or deed of trust are exempted from the usury limits pursuant to Section 6.1-330.71.
5. Any seller who extends credit under a closed-end installment credit plan or arrangement may impose finance charges at any rate pursuant to Section 6.1-330.77.

Va. Code Ann. § 6.1-330.53

Legal rate of interest; when legal rate implied.
The legal rate of interest shall be an annual rate of six percent. Except as provided in subsection (b) of § 8.3A-112 and § 6.1-330.54, the legal rate of interest shall be implied where there is an obligation to pay interest and no express contract to pay interest at a specified rate.

Va. Code Ann. § 6.1-330.57

Recovery of twice total usurious interest paid; limitation of action; injunction to prevent sale of property pending action; effect of errors in computation
A. If interest in excess of that permitted by the applicable statute is paid upon any loan, the person paying may, in a suit or action brought within two years from (i) the date of the last scheduled payment, or (ii) the date of payment in full, whichever is earlier, recover from the person taking or receiving such payments:
1. The total amount of the interest paid to such person in excess of that permitted by applicable statute;
2. Twice the total amount of interest paid to such person during the two years immediately preceding the date of the filing of the suit or action; and
3. Court costs and reasonable attorneys’ fees.
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Va. Code Ann. § 6.1-330.54

Judgment rate of interest
The judgment rate of interest shall be an annual rate of six percent, except that a money judgment entered in an action arising from a contract shall carry interest at the rate lawfully charged on such contract, or at six percent annually, whichever is higher. If the contract or other instrument does not fix an interest rate, the court shall apply the judgment rate of six percent to calculate prejudgment interest pursuant to § 8.01-382 and to calculate post-judgment interest. The rate of interest for a judgment shall be the judgment rate of interest in effect at the time of entry of the judgment and shall not be affected by any subsequent changes to the rate of interest stated in this section.

Va. Code Ann. § 6.1-330.64

Credit union loans
A. A credit union may make loans to its members and to other credit unions. Notwithstanding any other statute or provision relating to interest or usury, any credit union may charge interest as agreed by the borrower provided such interest is not charged in advance.
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Va. Code Ann. § 6.1-330.66

Charges by private colleges and universities
Loans made by a private college or university in Virginia to defray educational expenses of its students, including but not limited to tuition, fees, books, supplies, room, board and personal expenses, may be enforced as agreed in the contract of indebtedness. For purposes of this section, the term “private college or university” shall mean a private, accredited and nonprofit institution of collegiate education in the Commonwealth whose primary purpose is to provide collegiate or graduate education.

Va. Code Ann. § 6.1-330.48

Applicability of certain sections
Sections 6.1-330.16, 6.1-330.24, 6.1-330.31 and 6.1-330.47 shall not apply to loans made by any lender licensed by, and under the supervision of, the State Corporation Commission or the federal government nor to loans made by state and national banks, state and federal savings institutions and state and federal credit unions. Sections 6.1-330.16, 6.1-330.24, 6.1-330.31 and 6.1-330.47 shall not apply to a seller in a real estate sales transaction who takes a subordinate mortgage on such real estate.

Va. Code Ann. § 6.1-330.71

Charges on subordinate mortgage loans by certain lenders
A. 1. Any person, other than lenders enumerated in § 6.1-330.73, may charge add-on interest that results in an annual yield of not more than eighteen percent upon loans secured in whole or in part by a subordinate mortgage or deed of trust on residential real estate improved by the construction thereon of housing consisting of one to four family dwelling units. For the purposes of this chapter, a subordinate mortgage or deed of trust is one subject to a prior mortgage or deed of trust in existence at the time of the making of the loan secured by such subordinate mortgage or deed of trust. An add-on interest loan may be made only under this subsection and shall not exceed a period of five years and one month.
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Va. Code Ann. § 6.1-330.77

Charges by sellers of goods or services; certain premiums not construed as additional charges; penalty for violations of section
A. Any seller of goods or services who extends credit under a closed-end installment credit plan or arrangement may impose finance charges at such rate or rates as may be agreed upon by the seller and the purchaser. Deferrals and extensions of the time for payment, if allowed by the seller or his assignee, may be subject to a finance charge, if agreed to in the original contract or at the time of the renewal or extension. No additional finance charge shall be made for the extension of credit under such a plan or arrangement.
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