For 60 years, Virginia Beach Schools Federal Credit Union has served members and brought value by offering convenience and access to financial products and services. We have been proud to help members achieve their financial goals.
On behalf of the Board of Directors and Leadership Team, I am excited to announce our plans to merge with Langley Federal Credit Union. Merging with Langley will allow us to continue acting in the best interest of our members by providing more access, more value, and more rewards to members and the community.
This merger represents a partnership between two credit unions that share values, plus a real commitment to our members and the communities we serve. As the financial services landscape continues to evolve, merging with Langley allows us to immediately enhance what we can offer members. This includes access to more branch locations, more products and services at competitive rates, and enhanced technology offerings that will provide greater 24/7 convenience.
As the merger process continues, we will keep members informed of progress, including sharing important notices, dates, and events. If you have any questions that haven’t been addressed in the frequently asked questions below, please email Directors@vbsfcu.org or contact us by phone at 757-463-3650 x337.
You are interested in applying for a loan, but not sure how the process works.
The following information should help prepare you for what to expect, and help you understand the loan application process.
Determine what kind of loan do you need:
There are many reasons why you may need a loan, but you might not be sure what TYPE of loan is best for you. You want a low-interest rate and affordable payments. It’s our job to help you find the right loan, with the lowest rate, that fits your needs.
The first step is to fill out a loan application
You may fill out an application online, come into one of our offices, or call and ask to give an application over the phone.
No matter which way you contact us, we will need to know some basic information about you, such as:
After you fill out the application online a Loan Officer will call you with the status of your application.
When the Loan Officer calls
You will need to be prepared to answer a few questions. He or she might not have an answer for you right away, so be patient and try to answer their questions as fully as possible. Some of the types of questions they may have are:
When the Loan Officer calls to give you an answer, they will explain why they made the decision they did, and what you need to expect, such as when the payments are due, what rate you will be charged, and the different ways you can repay your loan.
PAYMENTS ARE NORMALLY DUE:
Automatic payments debited from your savings or checking are due monthly on any date that is convenient for you. Other options are semi-monthly, bi-weekly or weekly.
We also accept cash payments are due monthly and again, which can be any date that is convenient for you.
There are several easy ways for you to make loan payments:
The easiest and safest way to pay on your loan is through Payroll Distribution. This method deducts your payment directly from your paycheck, each time you are paid. The benefit is your payment is made on time, electronically. This method assures you, that your loan payment is paid on time each month, and can even help you get a rate reduction on your loan.
Another way you can make payments is to transfer the monies from your savings or checking account to your Loan on our home banking website, SmartLink.
You may also send in payments using a coupon book. We will send you a booklet in the mail. Each month, you tear out the coupon and send it along with a check or money order to the credit union, or you may bring it in and pay your loan at the teller line/drive-through.
WHAT HAPPENS IF I AM DENIED A LOAN?
If you are denied a loan, we will always show you why. The reason why you may be denied is because of derogatory information in your credit report. It is very difficult for a Loan Officer to approve a loan if in the past you skipped payments or made late payments on an existing loan.
Another reason why you may be denied is that you are overextended. We have to make sure you have the ability to repay our loan. If you have too many bills how can we ensure you will be able to pay to handle a new one?
Your Loan Officer will discuss these reasons with you and will counsel you on what you will need to do to be approved for a loan in the future. Please review the information on credit, and what determines credit scores here.
Do you offer additional 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.
ARE YOU FOOLPROOF?
Foolproof is our free financial education program for teens and young adults. Click here to visit our FOOLPROOF page and learn more.