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 Lynchburg, VA
4 credit unions are headquartered in Lynchburg, with 45,980 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
- 4
- Members
- 45,980
- Federal
- 3
- State-chartered
- 1
Credit unions vs payday loan stores in Lynchburg
Lynchburg has 4 credit unions headquartered here and 3 payday, installment and title loan stores. Local credit unions count 45,980 members — roughly 45 memberships per 100 residents.
Credit unions
4
3.9 per 100k residents
45,980 members
Payday & loan stores
3
2.9 per 100k residents
3 store chains
Biggest loan store chains in Lynchburg: ACE Cash Express (1), Mariner Finance (1), OneMain Financial (1).
Borrowing $500 for 6 months in Lynchburg
| 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
- 1.7%
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 Lynchburg
- Median household income
- $64,253
- A $400 emergency equals
- 2.3 days of income
- Households earning under $25,000
- 17.1%
- Residents below the poverty line
- 15.3%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Lynchburg 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 Lynchburg
| Credit union | Address | Members | Website |
|---|---|---|---|
| Beacon Credit Union, IncorporatedState-chartered | PO Box 4319 Lynchburg, VA 24502 | 29,761 | mybcu.org |
| Central Virginia Federal Credit UnionFederal | PO Box 1660 Lynchburg, VA 24505 | 12,991 | cvfcu.com |
| Lynchburg Municipal Employees Federal Credit UnionFederal | 3176 Fort Ave Lynchburg, VA 24501 | 2,936 | lmefcu.org |
| Glamorgan Employees Federal Credit UnionFederal | P O Box 1392 Lynchburg, VA 24505 | 292 | — |
Payday and installment loan stores in Lynchburg
For comparison: storefront payday, installment and title lenders in Lynchburg 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 |
|---|---|---|---|
| 2126 Wards Rd A Lynchburg, VA 24502 | (434) 239-0837 | — | 4.9 |
| 3211-D Forest Brook Rd Lynchburg, VA 24501 | (434) 385-8007 | — | 4.7 |
| 2144 Wards Rd Lynchburg, VA 24502 | (434) 239-6961 | — | 3.8 |
More about Lynchburg
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 Lynchburg 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.