Credit Unions vs Payday Loans in Virginia

95 credit unions are headquartered in Virginia, with 21,330,812 members in total. 77 are federal credit unions and 18 are state-chartered; all are federally insured by the NCUA.

Credit unions

95

Members

21.3M

Federal

77

State-chartered

18

Members per 100 people

246

CUs per 100k people

1.1

Credit unions vs payday loan stores in Virginia

Virginia has 167 payday, installment and title loan stores but only 95 credit unions headquartered here — about 1.8 loan stores for every credit union. Local credit unions count 21,330,812 members — roughly 246 memberships per 100 residents.

Biggest loan store chains in Virginia: OneMain Financial (64), Lendmark Financial Services (48), Mariner Finance (21), ACE Cash Express (19), 1st Franklin Financial (7).

Borrowing $500 for 6 months in Virginia

Monthly payment at the Virginia rate cap vs median monthly household income

1.1%

Example calculation with fixed monthly payments; the payday row shows typical out-of-state pricing for comparison. Actual rates and terms vary by lender.

What it means for a household in Virginia

Median household income

$101,899

A $400 emergency equals

1.4 days of income

Households earning under $25,000

12.1%

Residents below the poverty line

10.1%

Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Virginia are population-weighted and approximate. Hours of work are based on the median individual income.

Payday loans vs credit union PALs: the rules in Virginia

Payday rules: Virginia law as summarized on our Virginia payday page. PAL rules: National Credit Union Administration (NCUA) rules for federal credit unions (PAL I and PAL II); state-chartered credit unions may offer similar small loans.

Credit unions by city in Virginia

Credit unions are headquartered in 52 cities and towns across Virginia. Pick a city for addresses and websites, or scroll down for the smaller towns.

• Alexandria · 10
• Richmond · 7
• Newport News · 5
• Roanoke · 5
• Lynchburg · 4
• Norfolk · 4
• Arlington · 3
• Virginia Beach · 3
• Chesapeake · 2
• Harrisonburg · 2
• Portsmouth · 2
• Suffolk · 2
• Vienna · 2
• Blacksburg · 1
• Chantilly · 1
• Charlottesville · 1
• Chesterfield · 1
• Danville · 1
• Fairfax · 1
• Falls Church · 1
• Hampton · 1
• Henrico · 1
• Herndon · 1
• Leesburg · 1
• McLean · 1
• Petersburg · 1
• Springfield · 1
• Sterling · 1
• Woodbridge · 1

All credit unions in Virginia

Credit unions in smaller towns of Virginia

Other cities and towns in Virginia where credit unions are headquartered, and how many there are in each.

• Berryville 1
• Bristol 1
• Buckingham 1
• Covington 1
• Dahlgren 1
• Fishersville 1
• Franklin 1
• Front Royal 1
• Hopewell 3
• Lawrenceville 1
• Martinsville 1
• Merrifield 1
• Narrows 1
• North Chesterfi 2
• Pearisburg 1
• Prince George 1
• Radford 2
• Salem 2
• South Boston 1
• South Chesterfi 1
• Verona 1
• Waynesboro 1
• West Point 1