Compare legal limits, fees and the true cost of small loans in your state before you talk to any lender. Compare legal limits, fees and the true cost of small loans in your state.
Credit Unions vs Payday Loans in Alexandria, VA
10 credit unions are headquartered in Alexandria, with 270,778 members in total. Credit unions are member-owned and often offer small personal loans and payday alternative loans (PALs) at far lower rates than payday lenders.
- Credit unions
- 10
- Members
- 270,778
- Federal
- 10
- State-chartered
- 0
Credit unions vs payday loan stores in Alexandria
Alexandria has 10 credit unions headquartered here and 3 payday, installment and title loan stores. Local credit unions count 270,778 members — roughly 79 memberships per 100 residents.
Credit unions
10
2.9 per 100k residents
270,778 members
Payday & loan stores
3
0.9 per 100k residents
2 store chains
Biggest loan store chains in Alexandria: ACE Cash Express (2), OneMain Financial (1).
Borrowing $500 for 6 months in Alexandria
| Option | Payment | Total cost of borrowing |
|---|---|---|
| Installment loan at the Virginia rate cap (36% APR) | $92.30/mo | $53.79 |
| Credit union PAL (28% APR) | $90.27/mo | $41.62 |
| Payday loan renewed every 2 weeks (typical $15 per $100, not available in Virginia) | $75.00 every 2 weeks | $975.00 |
- Monthly payment at the Virginia rate cap vs median monthly household income
- 0.9%
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 Alexandria
- Median household income
- $124,291
- A $400 emergency equals
- 1.2 days of income
- Households earning under $25,000
- 7.6%
- Residents below the poverty line
- 7.5%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Alexandria 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 loan in VA | Credit union PAL | |
|---|---|---|
| Legal status | Not allowed — storefront payday loans are banned | Offered by many federal credit unions |
| Rate cap | Capped at 36% APR (Fairness in Lending Act) | Up to 28% |
| Term | Usually 2–4 weeks, due in one payment | 1 to 12 months, in installments |
| Credit check | Usually none; a bank account and income are required | Membership required; payments can be reported to credit bureaus |
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 headquartered in Alexandria
| Credit union | Address | Members | Website |
|---|---|---|---|
| State Department Federal Credit UnionFederal | 1630 King Street Alexandria, VA 22314 | 85,954 | sdfcu.org |
| United States Senate Federal Credit UnionFederal | 1310 Braddock Pl Alexandria, VA 22314 | 53,088 | ussfcu.org |
| Spectra Federal Credit UnionFederal | 5440 Cherokee Ave Ste 200 Alexandria, VA 22312 | 30,641 | spectracu.com |
| Commonwealth One Federal Credit UnionFederal | PO Box 9997 Alexandria, VA 22304 | 28,734 | cofcu.org |
| Signature Federal Credit UnionFederal | 12 Herbert St Alexandria, VA 22305 | 26,997 | signaturefcu.org |
| Transportation Federal Credit UnionFederal | P.O.Box 25947 Alexandria, VA 22313 | 16,047 | transfcu.org |
| Infirst Federal Credit UnionFederal | 6222 Little River Tpke Alexandria, VA 22312 | 14,636 | infirstfcu.org |
| Democracy Federal Credit UnionFederal | P O Box 25516 Alexandria, VA 22313 | 11,818 | democracyfcu.org |
| Patent and Trademark Office Federal Credit UnionFederal | 501 Dulany St Alexandria, VA 22314 | 2,745 | ptofcu.org |
| Mount Pleasant Baptist Church Federal Credit UnionFederal | PO Box 11146 Alexandria, VA 22312 | 118 | mtpleasantbc.org |
Payday and installment loan stores in Alexandria
For comparison: storefront payday, installment and title lenders in Alexandria with addresses, phone numbers and hours. Check a credit union first — a PAL or small personal loan usually costs far less.
| Address | Phone | Hours | Google rating |
|---|---|---|---|
| 2254 Huntington Ave Alexandria, VA 22303 | (703) 317-0296 | — | 4.9 |
| 508 S Van Dorn St Ste A Alexandria, VA 22304 | (703) 212-8329 | — | 4.6 |
| 2800 Eisenhower Ave Ste 110 Alexandria, VA 22314 | (703) 768-0145 | — | 4.1 |
More about Alexandria
Only credit union headquarters are listed, with the address on file with the NCUA; phone numbers and branch locations are on each credit union’s website. Many credit unions also have branches in Alexandria and nearby — check membership requirements, as some are open to anyone who lives or works in the area. Loan stores: storefront locations of major payday, installment and title lenders; call ahead to confirm hours.