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 Virginia Beach, VA
3 credit unions are headquartered in Virginia Beach, with 270,880 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
- 3
- Members
- 270,880
- Federal
- 3
- State-chartered
- 0
Credit unions vs payday loan stores in Virginia Beach
Virginia Beach has 10 payday, installment and title loan stores but only 3 credit unions headquartered here — about 3.3 loan stores for every credit union. Local credit unions count 270,880 members — roughly 59 memberships per 100 residents.
Credit unions
3
0.7 per 100k residents
270,880 members
Payday & loan stores
10
2.2 per 100k residents
5 store chains
Biggest loan store chains in Virginia Beach: Lendmark Financial Services (3), OneMain Financial (3), ACE Cash Express (2), Mariner Finance (1), loanDepot (1).
Borrowing $500 for 6 months in Virginia Beach
| 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
- 1.2%
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 Virginia Beach
- Median household income
- $92,332
- A $400 emergency equals
- 1.6 days of income
- Households earning under $25,000
- 9.5%
- Residents below the poverty line
- 8.3%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Virginia Beach 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 Virginia Beach
| Credit union | Address | Members | Website |
|---|---|---|---|
| Chartway Federal Credit UnionFederal | 5700 Cleveland St Virginia Beach, VA 23462 | 260,806 | chartway.com |
| Beach Municipal Federal Credit UnionFederal | 4164 Virginia Beach Blvd Virginia Beach, VA 23452 | 9,031 | beachmunicipal.org |
| Va Beach Postal Federal Credit UnionFederal | 501 Viking Dr # A Virginia Beach, VA 23452 | 1,043 | vbpfcu.org |
Payday and installment loan stores in Virginia Beach
For comparison: storefront payday, installment and title lenders in Virginia Beach 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 |
|---|---|---|---|
| 4725 Virginia Beach Blvd #160 Virginia Beach, VA 23462 | (757) 264-7960 | — | 4.2 |
| 5072 Ferrell Pkwy Ste 108 Virginia Beach, VA 23464 | (757) 916-3555 | — | 4.9 |
| 750 Independence Blvd suite#4582 Virginia Beach, VA 23455 | (948) 206-2020 | — | 5.0 |
| 2129 General Booth Blvd #110 Virginia Beach, VA 23454 | (757) 486-0567 | — | 3.9 |
| 4000 Virginia Beach Blvd #132 Virginia Beach, VA 23452 | (757) 340-2513 | — | 4.0 |
| 967 Providence Square Shopping Center #16 Virginia Beach, VA 23464 | (757) 495-8405 | — | 4.2 |
| 1496 Lynnhaven Pkwy Ste 101 Virginia Beach, VA 23453 | (757) 368-0741 | — | 4.8 |
| 6672 Indian River Rd Virginia Beach, VA 23464 | (757) 413-9140 | — | 4.9 |
| 829 Lynnhaven Pkwy #119 Virginia Beach, VA 23452 | (757) 333-4800 | — | 4.8 |
| 192 Ballard Ct Ste 100 Virginia Beach, VA 23462 | (757) 800-1120 | — | 2.2 |
More about Virginia Beach
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 Virginia Beach 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.