Compare legal limits, fees and the true cost of small loans in your state before you talk to any lender. Compare legal limits, fees and the true cost of small loans in your state.
Credit Unions vs Payday Loans in Birmingham, AL
19 credit unions are headquartered in Birmingham, with 485,286 members in total. Credit unions are member-owned and often offer small personal loans and payday alternative loans (PALs) at far lower rates than payday lenders.
- Credit unions
- 19
- Members
- 485,286
- Federal
- 7
- State-chartered
- 12
Credit unions vs payday loan stores in Birmingham
Birmingham has 27 payday, installment and title loan stores but only 19 credit unions headquartered here — about 1.4 loan stores for every credit union. Local credit unions count 485,286 members — roughly 97 memberships per 100 residents.
Credit unions
19
3.8 per 100k residents
485,286 members
Payday & loan stores
27
5.4 per 100k residents
11 store chains
Biggest loan store chains in Birmingham: TitleMax (10), Check 'n Go (4), Advance America (3), Lendmark Financial Services (2), loanDepot (2).
What a $500 loan costs over 3 months
| Option | Payment | Total cost |
|---|---|---|
| Payday loan, re-borrowed 6 times (~456% APR) | $87.50 every 2 weeks | $525.00 |
| Credit union PAL, 3 monthly payments (28% APR + $20 fee) | $174.50 a month | $43.51 |
- You keep with a credit union PAL over 3 months
- $481.49 payday costs 12× more
Payday: the AL maximum — $87.50 on a $500 loan for 2 weeks, paid again each time the loan is renewed or taken out again (6 times in 3 months). PAL: payday alternative loan from a federal credit union, capped at 28% APR with an application fee of up to $20.
What it means for a household in Birmingham
- Median household income
- $77,536
- Payday fee of $87.50, share of two weeks' income
- 2.9%
- Hours of work to pay the $87.50 fee
- 4.4 hours
- PAL payment of $174.50, share of monthly income
- 2.7%
- A $400 emergency equals
- 1.9 days of income
- Households earning under $25,000
- 19.1%
- Residents below the poverty line
- 15.9%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Birmingham are population-weighted and approximate. Hours of work are based on the median individual income.
Payday loans vs credit union PALs: the rules in Alabama
| Payday loan in AL | Credit union PAL | |
|---|---|---|
| Legal status | Allowed | Offered by many federal credit unions |
| Loan amount | $500 | $200 – $2,000 |
| Fee limit | 17.5% of advanced amount ($87.50) | Application fee up to $20 |
| Typical APR | ~456% | Up to 28% |
| Term | Usually 2–4 weeks, due in one payment | 1 to 12 months, in installments |
| Credit check | Usually none; a bank account and income are required | Membership required; payments can be reported to credit bureaus |
Payday rules: Alabama law as summarized on our Alabama payday page. PAL rules: National Credit Union Administration (NCUA) rules for federal credit unions (PAL I and PAL II); state-chartered credit unions may offer similar small loans.
Credit unions headquartered in Birmingham
| Credit union | Address | Members | Website |
|---|---|---|---|
| America's First Federal Credit UnionFederal | P.O. Box 11349 Birmingham, AL 35203 | 195,131 | amfirst.org |
| Southern Energy Credit UnionState-chartered | 750 17th St N Birmingham, AL 35203 | 90,625 | southernenergycu.org |
| Avadian Credit UnionState-chartered | PO Box 360287 Birmingham, AL 35236 | 83,228 | avadiancu.com |
| Legacy Community Federal Credit UnionFederal | 100 Corporate Rdg Ste 200 Birmingham, AL 35242 | 39,671 | legacycreditunion.com |
| Mutual Savings Credit UnionState-chartered | PO Box 362045 Birmingham, AL 35236 | 19,012 | mutualsavings.org |
| Alabama Central Credit UnionState-chartered | 3601 4th Ave S Birmingham, AL 35222 | 18,529 | alabamacentral.org |
| Eco Credit UnionState-chartered | PO Box 2385 Birmingham, AL 35201 | 14,871 | ecocu.org |
| Acipco Federal Credit UnionFederal | PO Box 2727 Birmingham, AL 35202 | 8,117 | acipcofcu.org |
| Birmingham City Credit UnionState-chartered | 2725 35th Ave N Birmingham, AL 35207 | 2,661 | bhamcu.org |
| Social Security Credit UnionState-chartered | PO Box 937 Birmingham, AL 35201 | 2,632 | ssacu.com |
| Health Credit UnionState-chartered | 1400 6th Ave S Birmingham, AL 35233 | 2,105 | healthcu.com |
| Ang Federal Credit UnionFederal | PO Box 170204 Birmingham, AL 35217 | 1,778 | angfcu.org |
| Federal Employees Credit UnionState-chartered | 1509 4th Ave S Birmingham, AL 35233 | 1,726 | federalempscu.com |
| L&N Employees Credit UnionState-chartered | 4101 Vanderbilt Rd Birmingham, AL 35217 | 1,416 | mylncu.com |
| Fireman's Credit UnionState-chartered | 1808 7th Ave N Birmingham, AL 35203 | 962 | — |
| Nrs Community Development Federal Credit UnionFederal | PO Box 130520 Birmingham, AL 35213 | 923 | starfcu.net |
| Alabama Postal Credit UnionState-chartered | P. O. Box 11627 Birmingham, AL 35202 | 915 | apcufcu.com |
| Sixth Avenue Baptist Federal Credit UnionFederal | 1101 Martin Luther King Jr Dr Birmingham, AL 35211 | 829 | sixthavebaptistfcu.org |
| S R I Employees Federal Credit UnionFederal | 2016 10th Ave S Ste 102A Birmingham, AL 35205 | 155 | — |
Payday and installment loan stores in Birmingham
For comparison: storefront payday, installment and title lenders in Birmingham with addresses, phone numbers and hours. Check a credit union first — a PAL or small personal loan usually costs far less.
| Address | Phone | Hours | Google rating |
|---|---|---|---|
| 1630 Montgomery Hwy Hoover, AL 35216 | (205) 876-1083 | — | 5.0 |
| 1808 Gadsden Hwy Ste 100 Birmingham, AL 35235 | (205) 655-0811 | — | 5.0 |
| 2012 Bessemer Rd Birmingham, AL 35208 | (205) 780-1004 | — | 4.9 |
| 217 Gadsden Hwy Birmingham, AL 35235 | (205) 536-7046 | — | 5.0 |
| 2380 Center Point Pkwy Birmingham, AL 35215 | (205) 815-1060 | — | 5.0 |
| 2424 Green Springs Hwy Birmingham, AL 35209 | (205) 290-0545 | — | 4.9 |
| 6912 1st Ave N Birmingham, AL 35206 | (205) 836-1449 | — | 5.0 |
| 7712 Crestwood Blvd Irondale, AL 35210 | (205) 956-9133 | — | 5.0 |
| 9790 Parkway E Birmingham, AL 35215 | (205) 520-0955 | — | 5.0 |
| 986 Forestdale Blvd Forestdale, AL 35214 | (205) 791-6173 | — | 5.0 |
| 137 Bessemer Super Hwy Midfield, AL 35228 | (205) 929-6646 | — | 4.9 |
| 1423 Gadsden Hwy #139 Birmingham, AL 35235 | (205) 413-8014 | — | 4.9 |
| 1717 Crestwood Blvd Irondale, AL 35210 | (205) 951-9525 | — | 5.0 |
| 917 Forestdale Blvd Birmingham, AL 35214 | (205) 788-4702 | — | 4.9 |
| 300 Oxmoor Rd, Suite 101 Homewood, AL 35209 | (205) 945-1615 | Mon–Fri 8:30 AM – 5:30 PM Sat–Sun closed |
— |
| 3321 Lorna Rd., Ste. 7 Hoover, AL 35216 | (205) 823-8472 | Mon–Fri 8:30 AM – 5:30 PM Sat–Sun closed |
— |
| 9784 Parkway East Birmingham, AL 35215 | (205) 815-2780 | Mon–Fri 8:30 AM – 5:30 PM Sat–Sun closed |
— |
| 1934 Hwy 31 South, Suite 340 Birmingham, AL 35244 | (205) 558-5850 | — | 4.8 |
| 5968 Chalkville Mountain Rd Birmingham, AL 35235 | (205) 558-6880 | — | 4.7 |
| 1 Chase Corporate Center, Suite 400 Suite 400 Birmingham, AL 35244 | (205) 734-4100 | — | 3.1 |
| 4524 Southlake Pkwy # 2 Hoover, AL 35244 | (205) 484-9180 | — | 4.8 |
| 1189 Center Point Pkwy Birmingham, AL 35215 | (205) 854-8778 | — | 4.0 |
| 12 Phillips Drive Midfield, AL 35228 | (205) 923-0009 | — | 4.3 |
| 2798 John Hawkins Pkwy Ste 120 Hoover, AL 35244 | (205) 588-6712 | — | 4.7 |
| 430 Green Springs Hwy Ste 13 Homewood, AL 35209 | (205) 942-2932 | — | 4.1 |
| 1671 Center Point Pkwy Ste 105 Birmingham, AL 35215 | (205) 853-3790 | — | 4.9 |
| 321 Palisades Blvd Birmingham, AL 35209 | (205) 870-4538 | — | 4.0 |
More about Birmingham
Only credit union headquarters are listed, with the address on file with the NCUA; phone numbers and branch locations are on each credit union’s website. Many credit unions also have branches in Birmingham and nearby — check membership requirements, as some are open to anyone who lives or works in the area. Loan stores: storefront locations of major payday, installment and title lenders; call ahead to confirm hours.