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This page was last updated November 2018

Commentary for informational purposes only. See disclaimers here.

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Fair Credit Lenders in Virginia Beach VA

Lenders: contact us for listing removal.

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Beach Municipal FCU
4164 Virginia Beach Boulevard
Virginia Beach, VA 23452
www.beachmunicipal.org
757.333.7787

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Virginia Beach Schools FCU
3701 Bonney Road, Virginia Beach
VA 23452 / www.vbsfcu.org
757.463.3650

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ABNB Federal Credit Union
3550 Buckner Blvd, Virginia Beach
VA 23453 / www.abnbfcu.org
757.523.5300

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BayPort Credit Union
4388 Holland Road (#100)
Virginia Beach, VA 23452
www.bayportcu.org
757.928.8850

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NMA Federal Credit Union
4920 Haygood Road, Virginia Beach
VA 23455 / www.nmafcu.com
757.497.4500

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Virginia Beach Postal FCU
501 Viking Dr # A, Virginia Beach
VA 23452 / www.vbpfcu.org
757.340.9781

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Navy Federal Credit Union
Dam Neck Anx, Bldg 200
Virginia / Beach, VA 23461
www.navyfederal.org
888.842.6328

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Langley Federal Credit Union
741 First Colonial Road
Virginia Beach, VA 23451
www.langleyfcu.org
757.827.5328

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Chartway Federal Credit Union
5700 Cleveland Street
Virginia Beach, VA 23462
www.chartway.com
800.678.8765

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Hampton Roads Catholic FCU
1209 Baker Rd #309 Virginia Beach
VA 23455 / www.hrcfcu.org
757.460.1468

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Bad Credit Loans in Virginia Beach VA

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

Learn about GAP (Gift Angel Program)

 

Virginia Beach VA Lender Area Map

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Virginia Beach VA Loan App Volume

Top 5 Virginia Beach neighborhood loan app volume

  1. Chimney Hill
  2. Pungo
  3. Alexandria
  4. Fort Story
  5. Avalon Hills

Virginia Beach Neptune Statue: Licensing/Credit

Virginia Beach Loan Example

Clifton recently wrecked his car and managed to escape almost unhurt. He had a few scrapes and bruises, but thanks to the air bag and the seat belt he was protected and did not even need any significant medical coverage.

His car on the other hand was beyond help. It was totally destroyed after he was hit from the side and the car was almost split in two. Fortunately, the guy who hit him, hit his car on the rear side passenger seat.

This probably saved his life.

Now he needs another car. His insurance paid out a relatively small insurance claim based on what they thought the car was worth.

Obviously it was not enough to purchase another vehicle. Clifton likes the higher end cars and this time he wants to get something really nice, sporty and hot, especially hot with the women.

With the $10k he received from the insurance company, he wants to add another $30k to it to get a car that meets his dreams. He has one picked out. It is only one year old and still under warranty.

This time he is going to pay a little extra for replacement insurance. Essentially if this car is totaled in the first 5 years, the insurance will replace it with a new one. A little more expensive, but in the long run it may be worth it for him.

Clifton needs a $30,000 loan and he plans to spread the payments over a seven year term to keep the payments as low as possible. His monthly cash flow will be a little tight for him, but he would rather have this car than one that was not as great looking.

A $30000 loan with an seven-year term and 5.5% interest rate for Clifton would cost him the following per month:

Loan Amount (principal) = $30000
Interest Rate = 5.5%
Term Length = 7 year
Monthly Payment = $431.10
Total Paid Back = $36212.51
Total Interest = $6212.51

Many guys want great looking sporty powerful cars. In Clifton's case he can afford the monthly payments and his credit score will support him in terms of being approved for the loan.

But Clifton has a different problem which he is only now realizing. Whenever you have an accident, the auto insurance company automatically increases the cost of insurance coverage.

In addition, as cars become more expensive, with more features etc. the cost of insurance coverage goes up as well.
This insurance increase was a big surprise for Clifton and he is realizing that he needs to readjust his plans regarding how much he is going to spend on a car.

Although his credit score is ok, his cash flow from debt must be less than 35% of his gross income. It will be difficult to do with this car loan and other debt / rent that he is paying. The auto insurance really put him over the top.

Clifton's loan of $30k has not been approved since he is in the middle of re-evaluating his plans. He may reapply for a smaller loan once he has made a decision regarding how much he wants to spend on a new vehicle.

If you're living in Virginia Beach like Clifton, 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 Virginia Beach VA

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

Education Upgrades: College / University

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Virginia Beach Credit Counseling

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Counselors contact us for listing removal or info change.

Paramount Credit Repair
2500 Atlantic Avenue Virginia Beach
VA 23451 / 757.250.2772
virginiabeach/creditrepair.com

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Debt Free America
101 N Lynnhaven Road, Virginia Beach
VA 23452 / 800.403.3287
www.debtfreeamerica.com

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Federal Resources

FTC Budget PDF / USA.GOV Debt Info

Virginia Beach Assistance Programs

Food Bank: Eastern Shore Chapel Food Pantry / Address: 2020 Laskin Road, Virginia Beach, VA 23454 / Phone: 757.428.6763

Hot/Cold Meals: Judeo-Christian Outreach Center / Address: 1053 Virginia Beach Boulevard, Virginia Beach, VA 23451 / Phone: 757.491.2846

Shelter In Case of Eviction: Lighthouse Center / Address: 825 18th Street, Virginia Beach, VA 23451 / Phone: 757.385.5160

Social Assistance Programs: Pals Program by Virginia Beach Human Services Department / Address: 416 Investors Place #A, Virginia Beach, VA 23452 / Phone: 757.385.4225

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Usury Law Governing Virginia Beach 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 Virginia Beach 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

Virginia Beach 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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