Norfolk VA
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This page was last updated September 2018

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Fair Credit Lenders in Norfolk VA

Lenders: contact us for listing removal.

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Chartway Federal Credit Union
223 E City Hall Avenue #102 Norfolk
VA 23510 / www.chartway.com
800.678.8765

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BayPort Credit Union
600 Church St #111, Norfolk
VA 23501 / www.bayportcu.org
757.928.8850

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Norfolk Municipal Employee Fcu
810 Union St # 176, Norfolk
VA 23510 / 757.664.4273

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Norfolk VA Postal Credit Union
150 W Brambleton Avenue, Norfolk
VA 23510 / 757.446.2389

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Norfolk Fire Department FCU
4100 E Virginia Beach Blvd, Norfolk
VA 23502 / 757.857.5389

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NCP Community Development FCU
530 S Main Street, Norfolk
VA 23523 / 757.543.2400

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ABNB Federal Credit Union
1701 Church Street, Norfolk
VA 23504 / www.abnbfcu.org
757.523.5300

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Old Dominion University Credit Union
2701 Hampton Blvd, Norfolk
VA 23517 / www.oducreditunion.org
757.533.9308

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Prime Care Credit Union
600 Gresham Drive, Norfolk
VA 23507 / www.primecarecu.org
757.388.3834

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Navy Federal Credit Union
1140 N Military Hwy #820 Norfolk
VA 23502 / www.navyfederal.org
888.842.6328

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Bad Credit Loans in Norfolk VA

Fast Loan Pre-App Method
Accessing Bad Credit Lender Pool (?)

Learn about GAP (Gift Angel Program)

 

Norfolk VA Lender Area Map

Norfolk Bad Credit Lenders Map - Initial Static Image

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Norfolk VA Loan App Volume

Top 5 Norfolk neighborhood loan app volume

  1. Partra
  2. East Belvedere
  3. Coleman Place
  4. Lochhaven
  5. Ingleside
Aerial View Norfolk Virginia: Licensing/Credit

Norfolk Loan Example

Cliff was like most all of our visitors in that he had a bad credit rating for a few years before submitting his pre-app to the WFL lender pool.

He had made some bad mistakes back in those days. He was spending money he didn't have and he was doing it often.

In his submission explained in detail all the mistakes he had made. He also explained how he had learned from his mistakes.

He submitted his plan for improving his credit score and learning to stick to a budget. He just needed to find a lender that would give him a fresh start.

He needed a lender that wouldn't just judge his risk level based on his Experience, Trans union, DP Bureau or Sequoia scores. He wanted to find a lending institution that would consider his long standing employment with a local Norfolk construction company. He wanted a bank or credit union that considered his long standing marriage.

People are a lot more than just a number, but here are the numbers pertaining to Cliff's debts at the time of his pre-app submission to our system.

$8000 owing on car @ 13.43%
$4500 owing Visa @ 23.57%
$2500 owing Master card @ 22.98%

You can read a lot into these three different interest rates. It's clear that Cliff's credit rating was bad. He had his rates jump up when he defaulted on his payments several times in one year.

Always a recipe for financial disaster. And these rates aren't even in the "super bad" category. Super bad meaning high.

Cliff's biggest challenge was weeding out the "no go" lenders from the lenders who would consider his application. The problem being that every time he applied for a loan it affected his credit score negatively.

This is where our service comes in handy. We allow borrowers and applicants to submit a their application (pre-app) once and over 500 lenders can review it.

And since it's only a pre-app they're credit scores aren't affected at all. Not one little bit, and if their application finds it's way to the desktop of a lender who can help them, everyone wins.

That's just what happened in this case. He applied for his $15000 consolidation loan and was approached by three different lenders who all had different policies and procedures.

Each lender was licensed to give loans in different service areas. One lender could only give loans to people living in the Norfolk area, another could nation wide, and the last was only allowed to do business in the State of Virginia.

The result in Cliff's case was excellent. He was approved within two business days and was funded in 4 business days. His rate wasn't bad either.

In his case it was also a private lender and he was approved because of his employment. His job was at least steady. Even if his finances were not.

Below is a mathematical presentation of his loan approval.

Debt Consolidation Amount = $15000
Interest Rate = 9.3%
Term Length = 3
Monthly Payment = $479.09
Total Paid Back = $17,247.35
Total Interest = $2,247.35

So there you have it. Cliff agreed to pay a total of $2200 (and change) in interest over the three year term. He agreed to pay a rate of 9.3% on the note, and that came to a monthly payment of $480 dollars.

Easily manageable with his job as a bouncer in a local Norfolk bar.

Below are the rates each lender offered Cliff.

Local Norfolk lender @ 9.3%
Virginia wide lender @ 9.76%
Nation wide lender @ 10.81%

I know that 9.3% is a high rate when consider what the Federal rate, but for a consumer loan this isn't bad when you have a bad credit rating.

If you're living in Norfolk like Cliff, and need a loan regardless of your credit rating, we may be able to help you find a willing lender.

Sincerely,

Chris Somerset

Chris Somerset is a writer for the WFL Project.

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Upgrades Nearest Norfolk VA

Job/Income Upgrades: Indeed / Snag-A-Job

Education Upgrades: College / University

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Norfolk Credit Counseling

Norfolk Credit Counsellors Map - Initial Static Image

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Counselors contact us for listing removal or info change.

HRCDC Credit Repair
3654 Sewells Point Road, Norfolk
VA 23513 / 757.389.8684

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Tidewater Consumer Credit Corporation
11 Interstate Corporate Center, Norfolk
VA 23502 / 757.461.7671

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Federal Resources

FTC Budget PDF / USA.GOV Debt Info

Norfolk Assistance Programs

Food Bank: The Storehouse of Norfolk / Address: 3921 Pleasant Avenue, Norfolk, VA 23518 / Phone: 757.227.9674

Hot/Cold Meals: Soup Kitchen (Norfolk Soup) / Address: 530 Raleigh Avenue, Norfolk, VA 23507 / Phone: 757.625.4295

Shelter In Case of Eviction: The Salvation Army Emergency Men’s Shelter / Address: 203 West 19th Street, Norfolk, VA 23517 / Phone: 757.622.3471 / ForKids / Address: 4200 Colley Avenue A, Norfolk, VA 23508 / Phone: 757.622.6400

Social Assistance Programs: Department of Human Services / Address: 741 Monticello Avenue, Norfolk, VA 23510 / Phone: 757.664.6000

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Usury Law Governing Norfolk VA

Summary of Virginia Usury Law(s) / Legal: 6% / Contract: 12%; any rate on non-agricultural loans / Judgment: 6% / Corporate: No special rate (read more on Virginia lending laws)

Complaint process for Norfolk residents:

Commonwealth of Virginia State Corporate Commission: Bureau of Financial Institutions / Virginia Complaint Process / Compaint form PDF for download

Virginia Bureau of Financial Institutions / Mailing Address: Post Office Box 640, Richmond, VA 23218-0640 / Phone: 804.371.9657 Fax: 804.371.9416 Website: www.scc.virginia.gov/bfi Physical Address: 1300 East Main Street, Suite 800, Richmond, VA 23219

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WFL Loan Products

Norfolk residents who require a fresh start with a bad credit loan to rebuild credit learn more here. Or, perhaps your score is just fair - you can learn more here. If you're in debt way over your head, you can learn about our debt consolidation solutions here.

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