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 Montgomery, AL
4 credit unions are headquartered in Montgomery, with 172,528 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
- 4
- Members
- 172,528
- Federal
- 2
- State-chartered
- 2
Credit unions vs payday loan stores in Montgomery
Montgomery has 17 payday, installment and title loan stores but only 4 credit unions headquartered here — about 4.2 loan stores for every credit union. Local credit unions count 172,528 members — roughly 84 memberships per 100 residents.
Credit unions
4
1.9 per 100k residents
172,528 members
Payday & loan stores
17
8.3 per 100k residents
11 store chains
Biggest loan store chains in Montgomery: TitleMax (4), Advance America (2), Always Money (2), OneMain Financial (2), 1st Franklin Financial (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 Montgomery
- Median household income
- $56,642
- Payday fee of $87.50, share of two weeks' income
- 4.0%
- Hours of work to pay the $87.50 fee
- 5.5 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
- 22.8%
- Residents below the poverty line
- 20.6%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Montgomery 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 Montgomery
| Credit union | Address | Members | Website |
|---|---|---|---|
| Max Credit UnionState-chartered | P.O. Box 244040 Montgomery, AL 36124 | 131,569 | mymax.com |
| Alabama State Employees Credit UnionState-chartered | 4217 Lomac St Montgomery, AL 36106 | 39,014 | yourasecu.com |
| Fedmont Federal Credit UnionFederal | 330 Eastdale Cir Montgomery, AL 36117 | 1,216 | fedmontfcu.org |
| Montgomery Va Federal Credit UnionFederal | 345 Perry Hill Rd Montgomery, AL 36109 | 729 | yourasecu.com |
Payday and installment loan stores in Montgomery
For comparison: storefront payday, installment and title lenders in Montgomery 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 |
|---|---|---|---|
| 2453 E South Blvd Montgomery, AL 36116 | (334) 613-6211 | — | 5.0 |
| 3328 Atlanta Hwy Montgomery, AL 36109 | (334) 396-1906 | — | 5.0 |
| 5308 Atlanta Hwy Montgomery, AL 36109 | (334) 396-0610 | — | 4.9 |
| 542 W Fairview Ave Montgomery, AL 36105 | (334) 293-9060 | — | 5.0 |
| 3893 Eastern Blvd., Ste. 200 Montgomery, AL 36116 | (334) 272-4606 | Mon–Fri 8:30 AM – 5:30 PM Sat–Sun closed |
— |
| 3988 Atlanta Hwy. Montgomery, AL 36109 | (334) 832-9360 | Mon–Fri 8:30 AM – 5:30 PM Sat–Sun closed |
— |
| 3100 Atlanta Hwy Montgomery, AL 36109 | (334) 277-4002 | — | 4.2 |
| 447 N Eastern Blvd Montgomery, AL 36117 | (334) 272-0650 | — | 5.0 |
| 1621 Perry Hill Rd Montgomery, AL 36106 | (334) 244-5010 | — | 4.7 |
| 7802 Vaughn Rd Montgomery, AL 36116 | (334) 279-6011 | — | 4.8 |
| 6385 Atlanta Hwy Montgomery, AL 36117 | (334) 277-6225 | — | 4.8 |
| 2851 E South Blvd C Montgomery, AL 36116 | (334) 284-3720 | — | 4.9 |
| 6653 Atlanta Hwy Montgomery, AL 36117 | (334) 833-1360 | — | 4.3 |
| 7032 Atlanta Hwy Montgomery, AL 36117 | (334) 679-8760 | — | 4.8 |
| 6156 Atlanta Hwy Montgomery, AL 36117 | (334) 277-4670 | — | 4.9 |
| 932 Ann St Montgomery, AL 36107 | (334) 262-1092 | — | 4.7 |
| 7051 Fain Park Dr Ste 124 Montgomery, AL 36117 | (334) 568-0837 | — | 3.7 |
More about Montgomery
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 Montgomery 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.