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 Mobile, AL
9 credit unions are headquartered in Mobile, with 56,560 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
- 9
- Members
- 56,560
- Federal
- 3
- State-chartered
- 6
Credit unions vs payday loan stores in Mobile
Mobile has 22 payday, installment and title loan stores but only 9 credit unions headquartered here — about 2.4 loan stores for every credit union. Local credit unions count 56,560 members — roughly 21 memberships per 100 residents.
Credit unions
9
3.4 per 100k residents
56,560 members
Payday & loan stores
22
8.2 per 100k residents
10 store chains
Biggest loan store chains in Mobile: TitleMax (8), Check 'n Go (3), Advance America (2), Check Into Cash (2), OneMain Financial (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 Mobile
- Median household income
- $56,909
- Payday fee of $87.50, share of two weeks' income
- 4.0%
- Hours of work to pay the $87.50 fee
- 5.6 hours
- PAL payment of $174.50, share of monthly income
- 3.7%
- A $400 emergency equals
- 2.6 days of income
- Households earning under $25,000
- 23.7%
- Residents below the poverty line
- 18.5%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Mobile 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 Mobile
| Credit union | Address | Members | Website |
|---|---|---|---|
| New Horizons Credit UnionState-chartered | P. O. Box 2966 Mobile, AL 36652 | 23,513 | newhcu.org |
| University of South Alabama Federal Credit UnionFederal | 103 Hillcrest Rd Mobile, AL 36608 | 8,374 | usafedcu.com |
| Mobile Educators Credit UnionState-chartered | 3150 Airport Blvd Mobile, AL 36606 | 8,012 | mobileeducatorscu.com |
| Gulf Coast Federal Credit UnionFederal | 1001 Springhill Ave Mobile, AL 36604 | 4,792 | gulfcoastfcu.org |
| The Infirmary Federal Credit UnionFederal | PO Box 2183 Mobile, AL 36652 | 4,480 | infirmaryfcu.org |
| Azalea City Credit UnionState-chartered | 5662 Cottage Hill Rd Mobile, AL 36609 | 4,379 | azaleacitycu.com |
| Mobile Postal Credit UnionState-chartered | 800 Downtowner Loop W Mobile, AL 36609 | 1,603 | mobilepostalcu.com |
| Blue Flame Credit UnionState-chartered | PO Box 7386 Mobile, AL 36670 | 769 | blueflamecu.com |
| Mobile Government Emp. Credit UnionState-chartered | P. O. Box 2288 Mobile, AL 36652 | 638 | mgecu.com |
Payday and installment loan stores in Mobile
For comparison: storefront payday, installment and title lenders in Mobile 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 |
|---|---|---|---|
| 1960 Government St Mobile, AL 36606 | (251) 472-0940 | — | 5.0 |
| 3117 Moffett Rd Mobile, AL 36607 | (251) 471-3601 | — | 5.0 |
| 358 N Craft Hwy Chickasaw, AL 36611 | (251) 452-3704 | — | 4.9 |
| 3710 Airport Blvd Mobile, AL 36608 | (251) 460-2670 | — | 5.0 |
| 3983 Government Blvd Mobile, AL 36693 | (251) 661-7324 | — | 5.0 |
| 4710 Moffett Rd Mobile, AL 36618 | (251) 342-1343 | — | 5.0 |
| 5376 US-90 Mobile, AL 36619 | (251) 602-1900 | — | 5.0 |
| 620 Schillinger Rd S Mobile, AL 36695 | (251) 634-4011 | — | 5.0 |
| 30 Schillinger Rd N #106 Mobile, AL 36608 | (251) 633-7977 | — | 4.8 |
| 3211 Moffett Rd Ste 102 Mobile, AL 36607 | (251) 479-4866 | — | 4.8 |
| 3992 Government Blvd Ste C&D Mobile, AL 36693 | (251) 643-7321 | — | 4.8 |
| 312-U Schillinger Rd. Mobile, AL 36608 | (251) 633-6380 | Mon–Fri 8:30 AM – 5:30 PM Sat–Sun closed |
— |
| 3696 Airport Blvd., Ste. A Mobile, AL 36608 | (251) 476-2693 | Mon–Fri 8:30 AM – 5:30 PM Sat–Sun closed |
— |
| 3102 Airport Blvd Mobile, AL 36606 | (251) 308-7007 | — | 4.9 |
| 5420 US-90 Mobile, AL 36693 | (251) 643-7334 | — | 4.9 |
| 1010 Schillinger Rd S D Mobile, AL 36695 | (251) 634-9655 | — | 4.0 |
| 171 E Interstate 65 Service Rd S Ste E Mobile, AL 36606 | (251) 476-3344 | — | 4.3 |
| 7335 Airport Blvd Ste C Mobile, AL 36608 | (251) 460-3018 | — | 4.6 |
| 6345 Airport Blvd P Mobile, AL 36608 | (251) 308-9000 | — | 4.0 |
| 3250 Airport Blvd #304 Mobile, AL 36606 | (251) 217-9224 | — | 4.8 |
| 5212 Cottage Hill Rd a Mobile, AL 36609 | (251) 665-4644 | — | 4.9 |
| 6401 Airport Blvd b Mobile, AL 36608 | (251) 287-0152 | — | 4.4 |
More about Mobile
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 Mobile 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.