Fair to Bad Credit Loans in VA

We Find Lenders Who Lend To Bad Credit Borrowers

We Find Lenders Inc. Fair To Bad Credit Loans Logo

Home > How To Apply > Virginia

Last updated December 9th 2018

Commentary is for informational purposes only. See legal disclaimers here.

Trouble Getting Approved in Virginia?

It's hard when your credit is bad right? We can help, and in about 10 seconds you're going to see how.

Enter your zip and credit score to get started...we got you!

Virginia Applicants
See How We Can Help You Get Funded!

Virginia Usury and Regulations

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

(WeFindLenders.com endeavors to include the most up to date legal data for Virginia, but no guarantee or warranty of any kind is expressed or implied as to the accuracy of said data. This data is not intended to be legal advice. For legal help speak with a lawyer in Virginia, and/or contact the Virginia State government's division of banking and finance - legal statutes researched by FindLaw.com & American Lawyers Quarterly - see credits)

Virginia Usury Law Information:

Legal Maximum Interest Rates: Quote: "8% unless contract specifies (§6.1-330.53)"

Usury Penalties: Quote: "Borrower may recover twice interest paid, court costs, and unreasonable attorney's fees (§6.1-330.57)"

Judgment Interest Rates: Quote: "9% or at contract rate, whichever is higher (§6.1-330.54)"

Legal Exceptions: Quote: "Revolving credit accounts (§6.1-330.64); private college/university (§6.1-330.66); state or national banks; savings and loans; credit unions (§6.1-330.48); secured by mortgage or deed of trust (§6.1-330.71); installment credit plan (6.1-330.77)"

Virginia Lenders By City

Virginia Beach VA / Norfolk VA / Chesapeake VA / Richmond VA / Newport News VA / Alexandria VA / Hampton VA

Complaints to:

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

Virginia Lender Service Areas Map

Virginia Bad Credit Lenders Map - Initial Static Image

Click or tap map image above for interactive version.
Lenders
contact us for listing removal or amendment.


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

- - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Virginia Beach Schools FCU
3701 Bonney Rd, Virginia Beach
VA 23452 - www.vbsfcu.org
757.463.3650

- - - - - - - - - - - - - - - - - - - - - - - - - - - - -

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

- - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Port Alliance Federal CU
5670 Raby Rd, Norfolk
VA 23502 - portalliancefcu.com
757.461.1796

- - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Norfolk Municipal Credit Union
5957 E Virginia Beach Blvd #14
Norfolk VA 23502
www.norfolkcu.org
757.822.6166

- - - - - - - - - - - - - - - - - - - - - - - - - - - - -

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

- - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Prime Care Credit Union
600 Gresham Dr, Norfolk
VA 23507 - www.primecarecu.org
757.388.3834

- - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Roanoke Valley Community CU
723 5th St NE, Roanoke
VA 24016 - www.rvccu.org
540.982.3931

- - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Salem VA Credit Union
1970 Roanoke Blvd, Salem
VA 24153 - www.salemvafcu.org
540.344.4419

- - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Fedstar Federal Credit Union
5005 Melrose Ave NW Roanoke
VA 24017 - www.fedstar.org
540.986.0652

- - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Bad Credit Loan Form for Virginia

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

Learn about GAP (Gift Angel Program)

 

Bad Credit Loan Example In Virginia

Most people when they apply for a loan or even a bad credit loan have an amount in mind that they want to borrow. This applicant knows how much he can afford to pay each month and wants the highest loan he can obtain while staying within this limit.

Richard wants a loan with a three year term and a loan payment that is no more than $250 a month.

He also has a bad credit score which makes it more difficult to obtain a loan in the first place regardless of how much he wants to borrow.

Knowing what you can afford to pay is actually a good thing. It prevents clients from taking on a loan that is too much for them to handle and avoids further payment issues.

Richard needs the money to help him consolidate his credit card debt and to also pay for repairs to his car. Since he did not indicate how much he needed, we are not sure whether the loan will be enough to cover these debts.

With bad credit scores the best interest rate he might be given is 9.74%. With a three year term, a loan of $7800 could be considered. The details are shown below.

A $7800 loan with a three year term and 9.74% interest rate for Richard would cost him the following per month:

• Loan Amount (principal) = $7800
• Interest Rate = 9.74%
• Term Length =3 year
• Monthly Payment = $250.73
• Total Paid Back = $9026.39
• Total Interest = $1226.39

As it turns out, Richard only needs a loan of $4800 to cover his debts and pay for his repairs needed for his car. His monthly payment will be lower and more easily affordable for him.

Richard ended up with bad credit due to a number of mistakes he has made in the past couple of years. He missed some monthly payments on credit cards and rent when he decided to go on a road trip and not make arrangements to pay his monthly debts.

When he got back, he found collection letters in his mail and the companies had made reports to the credit review agencies.

These reports have remained on his credit report for the last 4 years. It can take as long as seven years before various reports are removed from your credit score.

In Richard's case it affects his borrowing costs and even his ability to borrow money for many years. An expensive mistake to make.
He learned his lesson and wants to make sure that he does not fall into that trap again.

All of his other indicators are good. He has a good job, he is managing his debt and with this loan will stay under the 35% measure for monthly payments vs. income ratio.

He has arranged for his pay check to be deposited to his checking account and the same with any loan payments he must make.

If he is approved for this loan it also will be automatically deducted from his checking account. He must make sure that he has sufficient funds in his account to pay whatever payment is due at the time.

If you live in the State of Virginia and you're struggling to get a loan approval with a bad credit rating we hope our website helps you in some way.

Sincerely,

Chris Somerset

Chris Somerset is the daughter of Lance Somerset who founded the We Find Lenders Pool. She contributes to WeFindLenders.com whenever she's not having fun with her three children and her husband Ron.

Debt Consolidation Loans in VA

Last 5 debt service loans approved in the State of Virginia. Source: WFL Lender Pool. Updated Weekly. Principals rounded to the nearest $1000. Relative interest rates listed below in order left to right.

$8000 $13000 $80000 $35000 $60000

10.79% 14.12% 13.47% 14.83% 13.69%

Virginia Debt Consolidation Providers

Virginia Debt Consolidation Loan Providers - Initial Static Image

Click or tap map image above for interactive version.
Lenders
contact us for listing removal or amendment.


Debt Relief Virginia Beach
799 Norfolk Ave Virginia Beach
VA 23451 - 877.820.2211

- - - - - - - - - - - - - - - - - - - - - - - - - - - - -

American Debt Consolidation
Norfolk, VA 23502
757.455.0966

- - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Think Debt Relief
Poquoson VA 23662
757.598.1245

- - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Debt Relief Chesapeake
119 Jones St, Chesapeake
VA 23320 - 877.820.2211

- - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Debt Relief Norfolk
471 E Bute St, Norfolk
VA 23510 - 877.820.2211

- - - - - - - - - - - - - - - - - - - - - - - - - - - - -

American Debt Consolidation
Roanoke, VA 24012
540.362.1922

- - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Hampton Roads Debt Solutions
403 Boush Street, Norfolk VA 23510
757.276.4400

- - - - - - - - - - - - - - - - - - - - - - - - - - - - -

NAE Federal Credit Union
755 N Battlefield Blvd #0
Chesapeake VA 23320
www.naefcu.org
757.410.2000

- - - - - - - - - - - - - - - - - - - - - - - - - - - - -

BayPort Credit Union
401 Albemarle Dr #102, Chesapeake
VA 23322 - www.bayportcu.org
757.928.8850

- - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Central Virginia FCU
20255 Timberlake Rd, Lynchburg
VA 24502 - www.cvfcu.com
434.528.9016

- - - - - - - - - - - - - - - - - - - - - - - - - - - - -

VA Debt Consolidation Application Form

Virginia Application Form
Bad Credit Debt Consolidation Loans (?)
 

About Consolidation Loans In Virginia

Virginia borrowers can utilize the lender lists above if they want a loan to get them over a hump in their financial life, and they can specifically check out the companies above for debt services such as debt relief, consolidation and/or settlement. However, if you have a low credit score, these traditional lenders (credit unions and banks) won't likely approve your loan unless they have some kind of rock solid collateral on the note.

If this is the situation you're currently dealing with, then you can use the bad credit form above for an unsecured debt consolidation loan. From Virginia Beach out west to Roanoke if you have bad credit, we'll do our very best to connect you with a willing lender that does business with bad credit borrowers.

Consolidation Loan Example in Virginia

Esperanza from Newport News has had trouble holding on to a job over the past year. She is on her third job and she hopes this one is going to work out for her.

When she lost her job the first time she used her credit card to pay some bills. After she lost her second job, she did the same thing and now she owes close to $10000 in total credit card balances.

She really needs to keep her current job and she needs to find a loan for $10000 with a five year repayment plan that allows her to keep her monthly payments at a reasonable level.

The first job she lost was due to the company downsizing and later declaring bankruptcy. It took her by surprise and she had to scramble to find another job.

She received a small payout only because they laid her off before they declared bankruptcy, otherwise she would have received nothing at all.

It also took her five weeks before she was able to find another full time position at another small company near where she lives. She seems to have bad luck choosing companies.

This one kept her on only for four weeks before laying her off. They were just not developing sufficient sales to keep all of their employees working.

They said they would hire her back if and when they had more work for her. Her current position seems a little more secure. The company is growing and they are continuing to hire more people. She hopes the third one will be the charm.

A $10000 loan with a 5 year term 8.65% interest rate for Esperanza would cost her the following per month:

• Loan Amount (principal) = $10000
• Interest Rate = 8.65%
• Term Length = 5 year
• Monthly Payment = $205.89
• Total Paid Back = $12353.34
• Total Interest = $2353.34

Esperanza normally would not be a bad credit risk. The problem is that she has been at three different companies in the past year.

Lenders look for stability in a number of areas including employment, bill payment etc. While she has a good credit score her employment record makes it difficult for lenders to approve this loan request.

If she does not receive this loan, she will have to pay the high interest rates that credit card companies charge on overdue balances.

In her situation, the rate charged will be in excess of 21%. She will pay the minimum balance each month until she can catch up on her rent and utilities.

As soon as she can, she is going to pay larger amounts towards the credit card balance. Esperanza is also willing to ask her employer to prepare a letter showing her current employment status and income level.

She is hoping that this letter will help her obtain the loan and increase the chances of being approved. She is also willing to have the loan payment taken directly from her paycheck to ensure that the loan is always paid on time.

Most lenders prefer loan payments to be deducted from the same checking account that their pay check is deposited into. More to come on this loan request.

If you live in the State of Virginia and you're trying to get approved for a debt consolidation loan, we hope our website helps you find a good lender regardless of your credit rating.

Sincerely,

Andy Somerset

Andy Somerset is the son of Lance Somerset who founded the We Find Lenders Pool. He writes for WeFindLenders.com whenever he's not working hard on his degree in finance.

Credit Counseling Services In VA

Virginia Credit Counseling Providers - Initial Static Image

Click or tap map image above for interactive version.
Counselors
contact us for listing removal or amendment.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Community Credit Counselors, Inc.
101 N Lynnhaven Rd #303 Virginia Beach
VA 23452 - 757.416.7890

- - - - - - - - - - - - - - - - - - - - - - - - - - - - -

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

- - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Consumer Credit Counseling Service
2021 Cunningham Dr #400 Hampton
VA 23666 - debtfreeonline.com
757.826.2227

- - - - - - - - - - - - - - - - - - - - - - - - - - - - -

WFL Loan Product Menu

  • Bad credit scores below FICO 650
  • 200+ lenders review your pre-application(s)
  • Applying does not worsen your credit score
  • Interest rates starting as low as 9% (cs)
  • Collateral not always required
  • Funding between 24 hours and 5 days
  • Terms from 6 months to 10 years
  • Borrow between $500 and $50,000
  • Loans for people with 650+ credit scores
  • 500+ lenders can review your application
  • Interest rates starting as low as 7% (cs)
  • Fast approvals and fast funding
  • Line of credit approvals with reasonable APR
  • Borrow between $500 and $150,000
  • Lenders who provide bad credit consolidation
  • Debt settlement or debt relief services
  • 300+ lenders can review your application
  • Interest rates starting as low as 7% (cs)
  • Seamless approval and funding process
  • Debt relief counseling available
  • Borrow form $5000 - $150,000

Loan Calculator / Estimation Only

- - - - - - - - - - - - - - - - - - - - - Enter
  Loan Amount
  Interest rate
  Term In Yrs
- - - - - - - - - - - - - - - - - - - - - Results
  Mo. Payment
  $$ To Lender
  $$ of Interest

 

Important Information

FAQ / Privacy / Terms / Contact / Site Map

Disclaimer / Security / FICO Impact / Credits

About the WFL Lender Pool / Our Team

Ad Disclosure / APR & Fees / Collection

Default Implications / Service Areas

 

Back to Top

©2018 We Find Lenders Inc. All Rights Reserved