VBSFCU Coronavirus COVID-19 Update: Please click here for current information and how to connect with us. 

The Bonney Road branch will close at 1:00 pm on Friday, July 17 to replace the air conditioning unit on the building. The Salem road office will be open. All electronic access will be available. 

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What is a Payday Loan Alternative?

Our payday loan alternative is different than a traditional payday loan. We give you the opportunity to stretch out the repayment to a manageable monthly payment over several months, helping you escape the damaging cycle of needing to rollover your loan again and paying high fees to do so.

Payday loans can be very appealing to those in a desperate situation, but they’re rarely the solution to anyone’s financial woes. There’s always an alternative to payday loans. But to determine which is the best for you, ask yourself three questions:

We also have several credit building programs designed to help you. Please visit our Credit Builder page for more information.

To apply for this loan, please contact one of our loan officers for more information or apply online.


What can you expect from our Payday Loan Alternative?


What is a Payday Loan?

A payday loan is a short-term loan, often for $1,000 or less, and it’s typically due within two weeks to a month. Basically, payday loans are designed to float borrowers that are in between paychecks but need cash fast.

Payday loans are so attractive because so little is required in order to receive one. As long as you can provide an address, proof of employment, and maybe some references, you’ll be able to take out a loan.

Whether you have good or bad credit, payday loans charge a flat rate of anywhere from $15 to $30 per $100 borrowed. Even the best payday loans average around 400% APR per loan. Of course, you’re thinking that if you pay off the loan within two to four weeks, you’re only paying 15% to 30% per loan.

That’s true– if you pay the loan off and never darken their doorstep again, or not for months. The problem is, many people end up paying off the loan off within, say, two weeks — and then, because they’re broke all over again, take out another loan to help them get by.


Do you offer adult financial education?

Yes, we offer information on our website, and also partner with a local program called Bank On Hampton Roads. Bank On is a free adult financial education program.