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 Norfolk, VA
4 credit unions are headquartered in Norfolk, with 5,405 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
- 5,405
- Federal
- 4
- State-chartered
- 0
Credit unions vs payday loan stores in Norfolk
Norfolk has 6 payday, installment and title loan stores but only 4 credit unions headquartered here — about 1.5 loan stores for every credit union. Local credit unions count 5,405 members — roughly 2 memberships per 100 residents.
Credit unions
4
1.7 per 100k residents
5,405 members
Payday & loan stores
6
2.6 per 100k residents
3 store chains
Biggest loan store chains in Norfolk: ACE Cash Express (3), OneMain Financial (2), Mariner Finance (1).
Borrowing $500 for 6 months in Norfolk
| 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 Norfolk
- Median household income
- $64,747
- A $400 emergency equals
- 2.3 days of income
- Households earning under $25,000
- 17.9%
- Residents below the poverty line
- 16.9%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Norfolk 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 Norfolk
| Credit union | Address | Members | Website |
|---|---|---|---|
| Norfolk Fire Department Federal Credit UnionFederal | 4100 E Virginia Beach Blvd Norfolk, VA 23502 | 1,995 | norfolkfirefcu.org |
| Port of Hampton Roads Ila Federal Credit UnionFederal | 1355 International Terminal Blvd, S Norfolk, VA 23505 | 1,511 | ilafcu.org |
| Summit Hampton Roads Federal Credit UnionFederal | P O Box 9609 Norfolk, VA 23505 | 1,111 | shrfcu.com |
| Ibew Local Union 80 Federal Credit UnionFederal | 5307 E Virginia Beach Blvd Norfolk, VA 23502 | 788 | ibew80.com |
Payday and installment loan stores in Norfolk
For comparison: storefront payday, installment and title lenders in Norfolk 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 |
|---|---|---|---|
| 1000 Park Ave Ste 8 Norfolk, VA 23504 | (757) 624-8408 | — | 4.9 |
| 720 Church St #2a Norfolk, VA 23510 | (757) 533-5187 | — | 4.9 |
| 7452 Tidewater Dr Norfolk, VA 23505 | (757) 480-0763 | — | 4.9 |
| 1269 N Military Hwy Ste 1 Norfolk, VA 23502 | (757) 461-5737 | — | 3.6 |
| 725 E Little Creek Rd #507 Norfolk, VA 23518 | (757) 459-2131 | — | 3.7 |
| 5802 E Virginia Beach Blvd #121 Norfolk, VA 23502 | (757) 213-3100 | — | 4.7 |
More about Norfolk
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 Norfolk 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.