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 Huntsville, AL
3 credit unions are headquartered in Huntsville, with 565,139 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
- 3
- Members
- 565,139
- Federal
- 2
- State-chartered
- 1
Credit unions vs payday loan stores in Huntsville
Huntsville has 19 payday, installment and title loan stores but only 3 credit unions headquartered here — about 6.3 loan stores for every credit union. Local credit unions count 565,139 members — roughly 263 memberships per 100 residents.
Credit unions
3
1.4 per 100k residents
565,139 members
Payday & loan stores
19
8.8 per 100k residents
10 store chains
Biggest loan store chains in Huntsville: TitleMax (5), 1st Franklin Financial (2), Advance America (2), Check 'n Go (2), Lendmark Financial Services (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 Huntsville
- Median household income
- $73,514
- Payday fee of $87.50, share of two weeks' income
- 3.1%
- Hours of work to pay the $87.50 fee
- 4.5 hours
- PAL payment of $174.50, share of monthly income
- 2.8%
- A $400 emergency equals
- 2.0 days of income
- Households earning under $25,000
- 18.4%
- Residents below the poverty line
- 14.6%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Huntsville 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 Huntsville
| Credit union | Address | Members | Website |
|---|---|---|---|
| Redstone Federal Credit UnionFederal | 220 Wynn Dr Huntsville, AL 35893 | 548,367 | redfcu.org |
| North Alabama Educators Credit UnionState-chartered | PO Box 128 Huntsville, AL 35804 | 10,854 | naecu.org |
| Rocket City Federal Credit UnionFederal | 2200 Clinton Ave W Huntsville, AL 35805 | 5,918 | rocketcityfcu.org |
Payday and installment loan stores in Huntsville
For comparison: storefront payday, installment and title lenders in Huntsville 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 |
|---|---|---|---|
| 11203 Memorial Pkwy SW Huntsville, AL 35803 | (256) 881-4471 | — | 4.9 |
| 1919 Jordan Ln NW Huntsville, AL 35816 | (256) 551-2764 | — | 5.0 |
| 2705 University Dr NW Huntsville, AL 35816 | (256) 519-2314 | — | 4.9 |
| 2710 Memorial Pkwy SW Huntsville, AL 35801 | (256) 534-7199 | — | 5.0 |
| 3000 Memorial Pkwy NW Huntsville, AL 35810 | (256) 859-2731 | — | 5.0 |
| 11310 Memorial Pkwy SW Ste H Huntsville, AL 35803 | (256) 882-1933 | — | 4.8 |
| 6200 Mastin Lake Rd NE Ste D Huntsville, AL 35810 | (256) 851-4141 | — | 4.6 |
| 2806 S. Memorial Pky., Ste. A Huntsville, AL 35801 | (256) 533-9748 | Mon–Fri 8:30 AM – 5:30 PM Sat–Sun closed |
— |
| 3503 N. Memorial Pkwy, Ste. G Huntsville, AL 35810 | (256) 852-0451 | Mon–Fri 8:30 AM – 5:30 PM Sat–Sun closed |
— |
| 11437 Memorial Pkwy SW Huntsville, AL 35803 | (256) 883-1640 | — | 5.0 |
| 700 Pratt Ave NW C Huntsville, AL 35801 | (256) 519-9320 | — | 4.9 |
| 2010 S Point Park Circle Ste 120 Huntsville, AL 35801 | (256) 715-4464 | — | 4.8 |
| 4925 University Dr NW Suite 160 Huntsville, AL 35816 | (256) 384-2566 | — | 4.4 |
| 4925 University Dr NW #112 Huntsville, AL 35816 | (256) 539-8424 | — | 4.0 |
| 964 Airport Rd SW Ste 11 Huntsville, AL 35802 | (256) 650-5528 | — | 3.3 |
| 11220 S Memorial Pkwy Ste. T Huntsville, AL 35803 | (256) 217-5820 | — | 4.7 |
| 6290 University Dr NW Ste I-1 Huntsville, AL 35806 | (256) 746-1976 | — | 4.9 |
| 6125 University Dr NW Ste C10 Huntsville, AL 35806 | (256) 399-0084 | — | 4.9 |
| 507 Drake Ave SW Suite B B Huntsville, AL 35801 | (256) 203-7060 | — | 4.6 |
More about Huntsville
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 Huntsville 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.