Virginia Credit Union Info and Reviews

January 13, 2022January 13, 2022 This College Life Staff

Virginia Credit Union Inc will be our focus in this one. We’re going to go over a handful of important details on this Virginia CU. Those will include things like what products they offer, member eligibility, rates, and more.

By the time you’re finished reading, it should give you useful information to make an educated decision about working with them.

At the end, you can also add in your own personal review of this CU if you have experience with them.

If you currently work there and want to be notified when reviews come in, please email [email protected] and request to be on the email list. Please say the specific name of your credit union in the subject line.

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Check Your Personal Loan Rate with SoFi

*Routing #: 251082615

*Phone #: 804-323-6800

Locations: There are a few too many locations to list right here, but, we’re going to do you a favor and point you to this page on their website which will help.

A Little History on Virginia Credit Union

They were a little ahead of the credit union craze being founded in 1928. Most CU’s came into existence in the mid-30’s because of the depression and lack of trust in the financial systems of the time.

Over time, they have grown significantly and their assets are over $2 billion today. It looks like they have a decent amount of ATMs around where their branches are, but, unfortunately they aren’t part of the CO-OP network or anything that gives them thousands of machines nationwide.

Do They Give Back at All?

Yes, Virginia Credit Union gives back (a lot). They have given millions to different charitable causes. They support things like the Children’s Miracle Network, giving college scholarships, and helping people with food insecurity issues.

Membership Requirements at Virginia Credit Union

There are a lot of ways to get in here. There are the typical ones, like where you live, work, worship, or attend school. Those boundaries are:

City of Richmond
Petersburg
City of Hopewell

City of Fredericksburg
Buckingham County
Cumberland County

Nottoway County
Prince Edward County
Town of Farmville

In addition to that, there are a ton of different employers that you can work for or be retired from that qualify you. There are too many to list, so, check out their page of those here.

Immediate family can also get you into Virginia Credit Union. Aside from that, education connections can, too. If you work for, are retired from, or are enrolled at these, you’re in:

Any Virginia state-funded college or university

Virginia Union University

Randolph-Macon College

University of Richmond

That employer list really is long, so, check it out.

Their Products

You’ll be able to find both personal and business products at Virginia Credit Union. They offer five different checking account options, which is a little more than the average CU out there.

Their savings products include Regular Savings, Money Market Savings, Savings Certificates, IRAs, Health Savings Accounts, Kids Savings Accounts. You can find four different credit cards here, too.

Those are their Flex Rewards Mastercard, Cash Rewards Mastercard, Essential Mastercard, and VCU Black & Gold Mastercard.

If you need to buy something big, they have a lot of different loan options for doing that. There are car loans, RV, boat/motorcycle loans, home equity options, mortgages, and personal loans.

Their mortgage products cover home purchases, home refinancing, and various other services.

If cycling is big for you and you need a loan to cover a brand-new set of wheels, they have bicycle loans. That probably sounds dumb to some people, but bikes can cost up to $20,000. Hard to believe there’s a bike out there that costs $5,000 more than my car!

Business Products

There are a ton of business products compared with other CU’s that are around Virginia Credit Union’s size. You can choose from six different business checking accounts, different savings options, and various loans like mortgages or term loans.

Some Rates

(All rates were current at the time of publishing this article, however, they are subject to change without notice)

Car Loan Rates

Product	Term	APR^* (as low as)
Car or Light Truck Loan	up to 48 months	1.99%
up to 66 months	2.59%
up to 72 months	2.84%
up to 78 months	3.09%
up to 84 months	4.34%

Vehicle value is based on MSRP or by a source approved by us. Your APR is based on our internal credit criteria. Listed APRs assume excellent credit, a 0.5% discount for an automated payment method approved by us, a 0.750% discount for a loan-to-value (LTV) that is 115% or less, and a 0.75% discount for a loan amount of $20,000 or more. Regardless of available discounts, 1.99% is the minimum APR offered. Minimum and maximum loan amounts apply. Ask us about other APR and longer term options. Please contact us for specific terms, rates, available discounts, and information about loans originated at dealerships that participate in Credit Union Direct Lending (CUDL).

Payment example based on a $20,000.00 loan: $433.82 at 1.99% APR with a 48 month term; $325.45 at 2.59% APR with a 66 month term; $302.44 at 2.84% APR with a 72 month term; $283.35 at 3.09% APR with a 78 month term; and $276.52 at 4.34% APR with an 84 month term. Your APR may differ based on your loan amount, loan-to-value (LTV), repayment method, and other factors.

Home Equity Loan & Line Rates

Product	APR^* (as low as)
Home Equity Line of Credit^**	3.75%
Home Equity Loan	5.00%

Your APR will be determined based on our internal credit criteria. Listed APRs are based on a loan to value of 70% or less, assume an excellent credit rating, and for Equity Loan include a .50% discount for repaying by an automated payment method approved by us. Property insurance required. If account is closed or paid off within 36 months of opening it, you will pay a reimbursement fee equal to the amount of closing costs originally paid by VACU. Minimum and maximum loan or credit limits apply. Please contact us for specific term options and rates.

^**APR varies and may be adjusted monthly based on the Prime Rate published in the Wall Street Journal. Minimum APR is 5.5%. Maximum APR is 18.00%.

Bicycle Loan Rates

Product	APR^* (starting at)
Bicycle Loan	9.49%

Rate effective as of 01/12/2022. Your APR will be determined based on our internal credit criteria. Listed APRs assume excellent credit rating and include a 0.500% discount for repaying by an automated payment method approved by us. Minimum and maximum loan amounts or credit limits apply. Members who are approved for a personal loan will receive a 2.0% discount for a loan amount of $7,500 or more for 48 months or more, and a 3.0% discount for a loan amount of $10,000 or more for 60 months or more. Regardless of available discounts, is the minimum APR offered which includes maximum discounts.

Personal Loan & Line Rates

Product	APR^* (as low as)
Personal Line of Credit^**	5.00%
Personal Loan^***	6.99%
Deposit Secured Personal Loan^****	6.00%

Minimum and maximum loan amounts or credit limits apply.
^**APR varies and may be adjusted monthly based on the Prime Rate published in the Wall Street Journal. Minimum APR is 5.00%.
^***Rate effective as of 01/12/2022. Minimum and maximum loan amounts or credit limits apply. Your APR will be determined based on our internal credit criteria. Listed APRs assume excellent credit, a 0.5% discount for an automated payment method approved by us. Repay a personal loan in a minimum of 3 months to a maximum of 60 months. Rates range between 9.49% to a maximum APR rate of 24.99%. No application fee. Payment example: Based on a $10,000 loan with a monthly payment of $197.95 at 6.99% APR with a 60 month term. Other options are available with APR based on loan amount, repayment method, term and other factors. This example is an estimate only and assumes all payments are made on time. Members who are approved for a personal loan will receive a 2.0% discount for a loan amount of $7,500 or more for 48 months or more, and a 3.0% discount for a loan amount of $10,000 or more for 60 months or more. Regardless of available discounts, 6.99% is the minimum APR offered which includes maximum discounts. Ask us about other APR and longer term options.
^****APR varies and may be adjusted monthly based on the Prime Rate published in the Wall Street Journal. Minimum APR is 6%.

Credit Card Rates at Virginia Credit Union

Product	Annual Fee	APR^* (as low as)
Essential Mastercard®	No Annual Fee	8.99%
Cash Rewards Mastercard®	No Annual Fee	10.99%
Flex Rewards Mastercard®	No Annual Fee	12.99%

Your APR, including any promotional APR, will be determined based on our internal credit criteria. Periodically we will evaluate your credit information and at such time your margin is subject to increase or decrease, which impacts your APR. Minimum and Maximum credit limits apply. The Variable rate is subject to change quarterly based on the highest Prime Rate published in the Wall Street Journal.

Motorcycle Loan Rates

Product	Term	APR^* (as low as)
Motorcycle Loan Rates	up to 48 months	5.24%
up to 66 months	5.74%
up to 72 months	5.99%
up to 78 months	6.24%
up to 84 months	7.49%
Footnotes
^*Vehicle value is based on MSRP or by a source approved by us. Your APR is based on our internal credit criteria. Listed APRs assume excellent credit, a 0.500% discount for an automated payment method approved by us, a 0.750% discount for a loan-to-value (LTV) of less than 115%, and a 0.750% discount for a loan amount of $20,000 or more. Regardless of available discounts, 5.24% is the minimum APR offered. Minimum and maximum loan amounts apply. Please contact us for specific terms, rates, and available discounts.
Payment example based on a $20,000.00 loan at Virginia Credit Union: $462.76 at 5.24% APR with a 48 month term; $354.09 at 5.74% APR with a 66 month term; $331.36 at 5.99% APR with a 72 month term; $312.57 at 6.24% APR with a 78 month term; and $306.67 at 7.49% APR with an 84 month term. Your APR may differ based on your loan amount, loan-to-value (LTV), repayment method, and other factors.

Home Purchase Rates at Virginia Credit Union

Conventional

Fixed Rate

Product	Term	Rate	APR	Points^*
30 Year Fixed Rate	360	3.250% payment example	3.523%	1.175
360	3.500% payment example	3.686%	0.069
20 Year Fixed Rate	240	3.000% payment example	3.360%	1.006
240	3.250% payment example	3.492%	-0.073
15 Year Fixed Rate	180	2.375% payment example	2.894%	1.354
180	2.500% payment example	2.952%	0.882
10 Year Fixed Rate	120	2.375% payment example	3.042%	0.920
120	2.625% payment example	3.103%	0.000

Points are a percentage of the loan amount. For example, when your loan officer mentions one point on a $100,000 loan, the loan officer is talking about one percent of the loan or $1,000. Lenders offer different interest rates on loans with different points. There are three main choices you can make about points. You can decide you don’t want to pay or receive points at all. This is called a zero point loan. You can pay points at closing to receive a lower interest rate. Or you can choose to have points paid to you (also known as a lender credit) and use them to cover some of your closing costs. Please note that an origination fee may be included in the APR. To discuss your options, talk to a mortgage loan officer.

Adjustable Rate Mortgage

Product	Term	Rate	APR	Points^*
10/1 ARM	360	2.750% payment example	2.951%	-0.250
360	3.000% payment example	3.086%	-0.875
7/1 ARM	360	2.625% payment example	2.970%	0.500
360	2.875% payment example	3.038%	-0.125
5/1 ARM	360	2.375% payment example	2.882%	0.125
360	2.625% payment example	2.924%	-0.500

For more of their rates, check out this page on their site.

Virginia Credit Union – Final Thoughts

VCU is a pretty good-looking credit union. The doors aren’t just open to everybody, but they are open pretty wide if you live anywhere near a branch or work at one of the many employers who can get you in there. The main rates that we look at (mortgage, new/used auto, and personal loans) are pretty competitive with other CUs around the country. They also give back in a handful of ways, which is great to see.

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*All information in this article was current at the time of this writing, however, it could change without notice. We do our best to keep these updated, however, there is no guarantee you will find the same information on the CU’s website or at the time of opening an account with them.

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