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 Tuscaloosa, AL
6 credit unions are headquartered in Tuscaloosa, with 276,424 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
- 6
- Members
- 276,424
- Federal
- 1
- State-chartered
- 5
Credit unions vs payday loan stores in Tuscaloosa
Tuscaloosa has 9 payday, installment and title loan stores but only 6 credit unions headquartered here — about 1.5 loan stores for every credit union. Local credit unions count 276,424 members — roughly 208 memberships per 100 residents.
Credit unions
6
4.5 per 100k residents
276,424 members
Payday & loan stores
9
6.8 per 100k residents
8 store chains
Biggest loan store chains in Tuscaloosa: TitleMax (2), 1st Franklin Financial (1), Advance America (1), Check Into Cash (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 Tuscaloosa
- Median household income
- $56,951
- Payday fee of $87.50, share of two weeks' income
- 4.0%
- Hours of work to pay the $87.50 fee
- 5.9 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
- 26.6%
- Residents below the poverty line
- 22.6%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Tuscaloosa 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 Tuscaloosa
| Credit union | Address | Members | Website |
|---|---|---|---|
| Alabama Credit UnionState-chartered | P. O. Box 862998 Tuscaloosa, AL 35486 | 152,671 | alabamacu.com |
| Alabama One Credit UnionState-chartered | 1215 Veterans Memorial Pkwy Tuscaloosa, AL 35404 | 97,352 | alabamaone.org |
| Riverfall Credit UnionState-chartered | P.O. Box 1756 Tuscaloosa, AL 35403 | 14,300 | riverfallcu.com |
| Red Oak Credit UnionState-chartered | 1008 Veterans Memorial Pkwy Tuscaloosa, AL 35404 | 5,730 | redoakcu.com |
| Tuscaloosa V A Federal Credit UnionFederal | P.O. Box 70400 Tuscaloosa, AL 35407 | 4,788 | tvacu.com |
| City Credit UnionState-chartered | 2302 Jack Warner Pkwy Tuscaloosa, AL 35401 | 1,583 | ccutuscaloosa.com |
Payday and installment loan stores in Tuscaloosa
For comparison: storefront payday, installment and title lenders in Tuscaloosa 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 |
|---|---|---|---|
| 720 Skyland E Blvd Tuscaloosa, AL 35405 | (205) 553-3470 | — | 5.0 |
| 92 15th St Tuscaloosa, AL 35401 | (205) 752-1552 | — | 5.0 |
| 1911 Skyland E Blvd Suite B3 Tuscaloosa, AL 35405 | (205) 556-8141 | — | 4.6 |
| 1480 Skyland Blvd. E. Tuscaloosa, AL 35405 | (205) 752-2074 | Mon–Fri 8:30 AM – 5:30 PM Sat–Sun closed |
— |
| 3615 McFarland Blvd E Tuscaloosa, AL 35405 | (205) 633-4151 | — | 4.3 |
| 2600 McFarland Blvd E Suite K-2 Tuscaloosa, AL 35404 | (205) 632-0330 | — | 4.4 |
| 1105 Southview Ln Ste. 113 Tuscaloosa, AL 35405 | (205) 650-1624 | — | 4.8 |
| 1911 Skyland E Blvd B6 Tuscaloosa, AL 35405 | (205) 556-2211 | — | 3.8 |
| 501 15th St E D Tuscaloosa, AL 35401 | (205) 344-9227 | — | 4.9 |
More about Tuscaloosa
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 Tuscaloosa 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.