Some of the nation's most sweeping payday lending reforms will take effect in Virginia. Already, some lenders are getting around the new law by offering different types of loans.

The new law limits borrowers to one payday loan at a time and extends the amount of time they have to repay it.

Lawmakers put off the effective date until Thursday to allow time to set up a database to track the loans.

In the meantime, the State Corporation Commission approved 11 payday lending companies' requests to offer open-end credit products. Another seven applications are pending.

In Virginia, lenders offering open-end credit are unregulated. They can charge whatever they want as long as they don't charge anything for the first 25 days.