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.
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*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
- 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.
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!
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.
(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%|
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%|
**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)|
Personal Loan & Line Rates
|Product||APR* (as low as)|
|Personal Line of Credit**||5.00%|
|Deposit Secured Personal Loan****||6.00%|
**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%|
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%|
|*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
|30 Year Fixed Rate||360||3.250%|
|20 Year Fixed Rate||240||3.000%|
|15 Year Fixed Rate||180||2.375%|
|10 Year Fixed Rate||120||2.375%|
Adjustable Rate Mortgage
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.
*This site is not affiliated with the Credit Union mentioned in this article.