Fair to Bad Credit Loans in VAWe Find Lenders Who Lend To Bad Credit Borrowers ![]() Home > How To Apply > Virginia Last updated January 17th 2021 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! Virginia Usury and RegulationsSummary 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)" Virginia Lenders By CityVirginia Beach VA / Norfolk VA / Chesapeake VA / Richmond VA / Newport News VA / Alexandria VA / Hampton VA Complaints to: 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 MapClick
or tap map image above for interactive version. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Virginia Beach Schools FCU - - - - - - - - - - - - - - - - - - - - - - - - - - - - - BayPort Credit Union - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Port Alliance Federal CU - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Norfolk Municipal Credit Union - - - - - - - - - - - - - - - - - - - - - - - - - - - - - BayPort Credit Union - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Prime Care Credit Union - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Roanoke Valley Community CU - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Salem VA Credit Union - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Fedstar Federal Credit Union - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Bad Credit Loan Form for VirginiaBad Credit Loan Example In VirginiaMost 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 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. 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 VALast 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. $75000 $8000 $35000 $25000 $60000 12.53% 8.17% 15.44% 6.44% 5.43% Virginia Debt Consolidation ProvidersClick
or tap map image above for interactive version. Debt Relief Virginia Beach - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - American Debt Consolidation - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Think Debt Relief - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Debt Relief Chesapeake - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Debt Relief Norfolk - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - American Debt Consolidation - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Hampton Roads Debt Solutions - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - NAE Federal Credit Union - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - BayPort Credit Union - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Central Virginia FCU - - - - - - - - - - - - - - - - - - -
- - - - - - - - - - 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. 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 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. 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. Click
or tap map image above for interactive version. - - - - - - - - - - - - - - - -
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