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 Newport News, VA
5 credit unions are headquartered in Newport News, with 641,524 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
- 5
- Members
- 641,524
- Federal
- 3
- State-chartered
- 2
Credit unions vs payday loan stores in Newport News
Newport News has 6 payday, installment and title loan stores but only 5 credit unions headquartered here — about 1.2 loan stores for every credit union. Local credit unions count 641,524 members — roughly 351 memberships per 100 residents.
Credit unions
5
2.7 per 100k residents
641,524 members
Payday & loan stores
6
3.3 per 100k residents
4 store chains
Biggest loan store chains in Newport News: ACE Cash Express (2), Lendmark Financial Services (2), Mariner Finance (1), OneMain Financial (1).
Borrowing $500 for 6 months in Newport News
| 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 Newport News
- Median household income
- $65,812
- A $400 emergency equals
- 2.2 days of income
- Households earning under $25,000
- 17.0%
- Residents below the poverty line
- 15.2%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Newport News 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 Newport News
| Credit union | Address | Members | Website |
|---|---|---|---|
| Langley Federal Credit UnionFederal | 721 Lakefront Cmns Newport News, VA 23606 | 405,305 | langleyfcu.org |
| Bayport Federal Credit UnionFederal | 1 Bayport Way, Suite 350 Newport News, VA 23606 | 157,317 | bayportcu.org |
| 1st Advantage Federal Credit UnionFederal | PO Box 2116 Newport News, VA 23609 | 71,346 | 1stadvantage.org |
| Newport News Mun. Emp Credit UnionState-chartered | 502 Operations Drive Newport News, VA 23602 | 3,902 | nnmecu.org |
| Virginia Educators Credit UnionState-chartered | 12626 Nettles Dr Newport News, VA 23606 | 3,654 | vecu.org |
Payday and installment loan stores in Newport News
For comparison: storefront payday, installment and title lenders in Newport News 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 |
|---|---|---|---|
| 10143 Jefferson Ave A Newport News, VA 23605 | (757) 599-1830 | — | 4.9 |
| 12917 Jefferson Ave J Newport News, VA 23608 | (757) 875-5700 | — | 4.9 |
| 12551 Jefferson Ave Ste 217 Newport News, VA 23602 | (757) 269-9146 | — | 3.9 |
| 954 J Clyde Morris Blvd #105 Newport News, VA 23601 | (757) 598-1909 | — | 4.7 |
| 210 Arthur Way Newport News, VA 23602 | (757) 969-6400 | — | 4.8 |
| 12785 Jefferson Ave Newport News, VA 23602 | (757) 872-4054 | — | 4.0 |
More about Newport News
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 Newport News 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.