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 Decatur, AL
2 credit unions are headquartered in Decatur, with 92,142 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
- 2
- Members
- 92,142
- Federal
- 0
- State-chartered
- 2
Credit unions vs payday loan stores in Decatur
Decatur has 8 payday, installment and title loan stores but only 2 credit unions headquartered here — about 4.0 loan stores for every credit union. Local credit unions count 92,142 members — roughly 136 memberships per 100 residents.
Credit unions
2
2.9 per 100k residents
92,142 members
Payday & loan stores
8
11.8 per 100k residents
7 store chains
Biggest loan store chains in Decatur: TitleMax (2), 1st Franklin Financial (1), Advance America (1), Check 'n Go (1), Lendmark Financial Services (1).
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 Decatur
- Median household income
- $63,373
- Payday fee of $87.50, share of two weeks' income
- 3.6%
- Hours of work to pay the $87.50 fee
- 5.2 hours
- PAL payment of $174.50, share of monthly income
- 3.3%
- A $400 emergency equals
- 2.3 days of income
- Households earning under $25,000
- 17.0%
- Residents below the poverty line
- 12.5%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Decatur 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 Decatur
| Credit union | Address | Members | Website |
|---|---|---|---|
| Family Security Credit UnionState-chartered | 2204 Family Security Pl SW Decatur, AL 35603 | 88,783 | myfscu.com |
| Wcu Credit UnionState-chartered | 2505 Highway 31 S Decatur, AL 35603 | 3,359 | wcucu.com |
Payday and installment loan stores in Decatur
For comparison: storefront payday, installment and title lenders in Decatur 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 |
|---|---|---|---|
| 1235 Beltline Rd SW Decatur, AL 35601 | (256) 350-9277 | — | 5.0 |
| 901 6th Ave SE Decatur, AL 35601 | (256) 341-9315 | — | 5.0 |
| 725 Beltline Rd SW Decatur, AL 35601 | (256) 355-0361 | — | 4.9 |
| 1622 Beltline Rd., SW Decatur, AL 35601 | (256) 301-0052 | Mon–Fri 8:30 AM – 5:30 PM Sat–Sun closed |
— |
| 1820 6th Ave SE Ste. B Decatur, AL 35601 | (256) 353-7577 | — | 4.9 |
| 1000 Beltline Rd SW Unit M Decatur, AL 35601 | (256) 686-9270 | — | 4.7 |
| 1602 Beltline Rd SW Decatur, AL 35601 | (256) 353-1660 | — | 4.0 |
| 2314 6th Ave SE Suite A Decatur, AL 35601 | (256) 351-1570 | — | 4.9 |
More about Decatur
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 Decatur 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.