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 Bakersfield, CA
5 credit unions are headquartered in Bakersfield, with 473,945 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
- 5
- Members
- 473,945
- Federal
- 3
- State-chartered
- 2
Credit unions vs payday loan stores in Bakersfield
Bakersfield has 18 payday, installment and title loan stores but only 5 credit unions headquartered here — about 3.6 loan stores for every credit union. Local credit unions count 473,945 members — roughly 80 memberships per 100 residents.
Credit unions
5
0.8 per 100k residents
473,945 members
Payday & loan stores
18
3.1 per 100k residents
8 store chains
Biggest loan store chains in Bakersfield: ACE Cash Express (5), OneMain Financial (3), Advance America (2), Check Into Cash (2), Lendmark Financial Services (2).
What a $300 loan costs over 3 months
| Option | Payment | Total cost |
|---|---|---|
| Payday loan, re-borrowed 6 times (~460% APR) | $45.00 every 2 weeks | $270.00 |
| Credit union PAL, 3 monthly payments (28% APR + $20 fee) | $104.70 a month | $34.11 |
- You keep with a credit union PAL over 3 months
- $235.89 payday costs 8× more
Payday: the CA maximum — $45 on a $300 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 Bakersfield
- Median household income
- $75,352
- Payday fee of $45, share of two weeks' income
- 1.6%
- Hours of work to pay the $45 fee
- 2.7 hours
- PAL payment of $104.70, share of monthly income
- 1.7%
- A $400 emergency equals
- 1.9 days of income
- Households earning under $25,000
- 16.1%
- Residents below the poverty line
- 18.4%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Bakersfield are population-weighted and approximate. Hours of work are based on the median individual income.
Payday loans vs credit union PALs: the rules in California
| Payday loan in CA | Credit union PAL | |
|---|---|---|
| Legal status | Allowed | Offered by many federal credit unions |
| Loan amount | $300 | $200 – $2,000 |
| Fee limit | 15% of check face value ($45) | Application fee up to $20 |
| Typical APR | ~460% | 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: California law as summarized on our California 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 Bakersfield
| Credit union | Address | Members | Website |
|---|---|---|---|
| Valley Strong Credit UnionState-chartered | P.O. Box 9506 Bakersfield, CA 93389 | 357,321 | valleystrong.com |
| Safe 1 Credit UnionState-chartered | 1400 Mill Rock Way Bakersfield, CA 93311 | 89,063 | safe1.org |
| Strata Federal Credit UnionFederal | PO Box 1667 Bakersfield, CA 93302 | 24,469 | stratacu.org |
| Bakersfield City Employees Federal Credit UnionFederal | 2817 16th St Bakersfield, CA 93301 | 2,034 | bakcityefcu.org |
| Espeeco Federal Credit UnionFederal | 2801 H St Bakersfield, CA 93301 | 1,058 | espeeco.org |
Payday and installment loan stores in Bakersfield
For comparison: storefront payday, installment and title lenders in Bakersfield 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 |
|---|---|---|---|
| 2011 Union Ave Bakersfield, CA 93305 | (661) 324-2284 | — | 4.9 |
| 2600 Buck Owens Blvd Bakersfield, CA 93308 | (661) 637-2020 | — | 4.9 |
| 2707 S H St A Bakersfield, CA 93304 | (661) 837-9932 | — | 4.9 |
| 6300 White Ln Bakersfield, CA 93309 | (661) 832-6782 | — | 4.9 |
| 6465 Niles St Bakersfield, CA 93306 | (661) 366-2000 | — | 4.9 |
| 3801 Mall View Rd Bakersfield, CA 93306 | (661) 871-4014 | — | 4.4 |
| 4200 Truxtun Ave #100 Bakersfield, CA 93309 | (661) 833-5560 | — | 4.1 |
| 9680 Hageman Rd Ste d Bakersfield, CA 93312 | (661) 695-4104 | — | 4.2 |
| 2600 Oswell, Space C Bakersfield, CA 93306 | (661) 872-0686 | Mon–Fri 10:00 AM – 6:00 PM Sat 9:00 AM – 1:00 PM Sun closed |
— |
| 3811 Ming Ave. Bakersfield, CA 93309 | (661) 827-8680 | Mon–Fri 10:00 AM – 6:00 PM Sat 9:00 AM – 1:00 PM Sun closed |
— |
| 2350 White Ln Ste B Bakersfield, CA 93304 | (661) 398-8098 | — | 4.8 |
| 4476 Ming Ave Bakersfield, CA 93309 | (661) 831-4534 | — | 4.9 |
| 1525 Columbus St #400 Bakersfield, CA 93305 | (661) 854-5501 | — | 3.7 |
| Stockdale Fashion Plaza Shopping Center, 4905 Stockdale Hwy Bakersfield, CA 93309 | (661) 835-7595 | — | 5.0 |
| 5909 Niles St #2 Bakersfield, CA 93306 | (661) 888-4041 | — | 4.9 |
| Inside Vallarta, 2705 S H St Bakersfield, CA 93304 | (661) 877-9677 | — | 4.9 |
| 3603 Coffee Rd Ste 200 Bakersfield, CA 93308 | (661) 214-5638 | — | 4.7 |
| 1700 K St #220 Bakersfield, CA 93301 | (661) 270-8610 | — | 3.7 |
More about Bakersfield
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 Bakersfield 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.