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 Richmond, VA
7 credit unions are headquartered in Richmond, with 556,008 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
- 7
- Members
- 556,008
- Federal
- 5
- State-chartered
- 2
Credit unions vs payday loan stores in Richmond
Richmond has 7 credit unions headquartered here and 6 payday, installment and title loan stores. Local credit unions count 556,008 members — roughly 137 memberships per 100 residents.
Credit unions
7
1.7 per 100k residents
556,008 members
Payday & loan stores
6
1.5 per 100k residents
4 store chains
Biggest loan store chains in Richmond: Check City (3), ACE Cash Express (1), Lendmark Financial Services (1), OneMain Financial (1).
Borrowing $500 for 6 months in Richmond
| 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
- 1.6%
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 Richmond
- Median household income
- $70,467
- A $400 emergency equals
- 2.1 days of income
- Households earning under $25,000
- 17.6%
- Residents below the poverty line
- 15.6%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Richmond 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 Richmond
| Credit union | Address | Members | Website |
|---|---|---|---|
| Virginia Federal Credit UnionFederal | P.O. Box 90010 Richmond, VA 23225 | 494,625 | vacu.org |
| Call Federal Credit UnionFederal | 4605 Commerce Rd Richmond, VA 23234 | 27,680 | callfederal.org |
| Connects Federal Credit UnionFederal | 7700 Shrader Rd Richmond, VA 23228 | 15,831 | connectsfcu.org |
| Rva Financial Federal Credit UnionFederal | 1700 Robin Hood Rd Richmond, VA 23220 | 10,471 | rvafinancial.com |
| Credit Union of Richmond IncorporatState-chartered | 1601 Ownby Ln Richmond, VA 23220 | 4,008 | curich.org |
| Richmond Heritage Federal Credit UnionFederal | 50 W Commerce Rd Richmond, VA 23224 | 1,719 | richheritage.org |
| Richmond Virginia Fire Police Credi Credit UnionState-chartered | 900 Hermitage Rd Richmond, VA 23220 | 1,674 | firepolicecu.org |
Payday and installment loan stores in Richmond
For comparison: storefront payday, installment and title lenders in Richmond 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 |
|---|---|---|---|
| 21 E Broad St Richmond, VA 23219 | (804) 782-2274 | — | 3.8 |
| 3920 Hull Street Rd Richmond, VA 23224 | (804) 230-6587 | — | 4.3 |
| 6001 W Broad St Richmond, VA 23230 | (804) 288-8081 | — | 4.4 |
| 617d E Belt Blvd Richmond, VA 23224 | (804) 232-7000 | — | 4.9 |
| 7101 Forest Hill Ave Ste T Richmond, VA 23225 | (804) 767-2338 | — | 4.6 |
| 9947 Hull Street Rd North Chesterfield, VA 23236 | (804) 276-3908 | — | 4.4 |
More about Richmond
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 Richmond 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.