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 Los Angeles, CA
14 credit unions are headquartered in Los Angeles, with 289,592 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
- 14
- Members
- 289,592
- Federal
- 10
- State-chartered
- 4
Credit unions vs payday loan stores in Los Angeles
Los Angeles has 41 payday, installment and title loan stores but only 14 credit unions headquartered here — about 2.9 loan stores for every credit union. Local credit unions count 289,592 members — roughly 12 memberships per 100 residents.
Credit unions
14
0.6 per 100k residents
289,592 members
Payday & loan stores
41
1.7 per 100k residents
6 store chains
Biggest loan store chains in Los Angeles: ACE Cash Express (24), Oportun (7), OneMain Financial (4), Speedy Cash (4), Advance America (1).
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 Los Angeles
- Median household income
- $74,153
- Payday fee of $45, share of two weeks' income
- 1.6%
- Hours of work to pay the $45 fee
- 2.5 hours
- PAL payment of $104.70, share of monthly income
- 1.7%
- A $400 emergency equals
- 2.0 days of income
- Households earning under $25,000
- 20.0%
- Residents below the poverty line
- 19.3%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Los Angeles 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 Los Angeles
| Credit union | Address | Members | Website |
|---|---|---|---|
| Firefighters First Federal Credit UnionFederal | PO Box 60890 Los Angeles, CA 90060 | 77,213 | firefightersfirstcu.org |
| Usc Credit UnionState-chartered | PO Box 512718 Los Angeles, CA 90051 | 74,649 | usccreditunion.org |
| University Credit UnionState-chartered | 1500 S Sepulveda Blvd Los Angeles, CA 90025 | 60,510 | ucu.org |
| Water and Power Community Credit UnionState-chartered | 1053 W Sunset Blvd Los Angeles, CA 90012 | 44,876 | wpccu.org |
| Aerospace Federal Credit UnionFederal | PO Box 90735 Los Angeles, CA 90009 | 9,292 | aerofcu.org |
| Jacom Credit UnionState-chartered | 3037 W Jefferson Blvd Los Angeles, CA 90018 | 7,757 | jacomcu.org |
| Cal State L.A. Federal Credit UnionFederal | 2445 Mariondale Ave Los Angeles, CA 90032 | 4,870 | calstatela-fcu.org |
| Fox Federal Credit UnionFederal | PO Box 641849 Los Angeles, CA 90064 | 2,976 | foxcredit.com |
| Hanin Federal Credit UnionFederal | 3500 W 6th St, Ste 201 Los Angeles, CA 90020 | 2,228 | haninfcu.org |
| Polam Federal Credit UnionFederal | 589 N Larchmont Blvd Los Angeles, CA 90004 | 2,104 | polam.org |
| L.A. Healthcare Federal Credit UnionFederal | PO Box 17159 Los Angeles, CA 90017 | 1,906 | lahfcu.org |
| Episcopal Community Federal Credit UnionFederal | 840 Echo Park Ave Los Angeles, CA 90026 | 985 | efcula.org |
| Maryknoll of L A Federal Credit UnionFederal | 222 S Hewitt St Los Angeles, CA 90012 | 158 | — |
| Los Angeles Lee Federal Credit UnionFederal | 964 N Hill St Los Angeles, CA 90012 | 68 | — |
Payday and installment loan stores in Los Angeles
For comparison: storefront payday, installment and title lenders in Los Angeles 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 |
|---|---|---|---|
| 10005 S Central Ave Los Angeles, CA 90002 | (323) 569-4929 | — | 4.9 |
| 1009 W Martin Luther King Jr Blvd Los Angeles, CA 90037 | (323) 733-3961 | — | 4.9 |
| 11252 Normandie Ave #103 Los Angeles, CA 90044 | (323) 755-9274 | — | 5.0 |
| 1232 E Florence Ave Los Angeles, CA 90001 | (323) 584-8211 | — | 4.9 |
| 1514 S Vermont Ave J Los Angeles, CA 90006 | (213) 382-2390 | — | 5.0 |
| 1561 Sunset Blvd Los Angeles, CA 90026 | (213) 481-0241 | — | 4.8 |
| 1754 W Slauson Ave c Los Angeles, CA 90047 | (323) 298-8850 | — | 4.8 |
| 1800 W 6th St Ste 9 Los Angeles, CA 90057 | (213) 413-6257 | — | 4.9 |
| 2534 Daly St Los Angeles, CA 90031 | (323) 276-8809 | — | 4.9 |
| 2850 Crenshaw Blvd Los Angeles, CA 90016 | (323) 731-2445 | — | 4.9 |
| 3359 Whittier Blvd Los Angeles, CA 90023 | (323) 415-6600 | — | 4.9 |
| 3517 1st St Los Angeles, CA 90063 | (323) 780-4062 | — | 5.0 |
| 3619 S La Brea Ave Los Angeles, CA 90016 | (323) 290-5991 | — | 4.8 |
| 4003 S Western Ave #102 Los Angeles, CA 90062 | (323) 294-9817 | — | 4.8 |
| 4915 Eagle Rock Blvd Eagle Rock, CA 90041 | (323) 478-0485 | — | 4.8 |
| 4948 W Pico Blvd Los Angeles, CA 90019 | (323) 964-1247 | — | 4.7 |
| 500 E Washington Blvd Los Angeles, CA 90015 | (213) 741-0451 | — | 4.9 |
| 5136 N Figueroa St Los Angeles, CA 90042 | (323) 344-4242 | — | 4.9 |
| 5280 E Beverly Blvd A Los Angeles, CA 90022 | (323) 832-0248 | — | 4.8 |
| 5609 Sunset Blvd Hollywood, CA 90028 | (323) 461-2301 | — | 4.9 |
| 6214 S Vermont Ave Los Angeles, CA 90044 | (323) 789-4990 | — | 4.9 |
| 653 E El Segundo Blvd Los Angeles, CA 90059 | (323) 756-1443 | — | 4.9 |
| 7205 S Figueroa St Los Angeles, CA 90003 | (323) 789-1210 | — | 4.9 |
| 8608 S Vermont Ave Los Angeles, CA 90044 | (323) 753-2274 | — | 4.9 |
| 2023 W 7th St Los Angeles, CA 90057 | (310) 773-4573 | — | 4.8 |
| 2190 W Washington Blvd Los Angeles, CA 90018 | (310) 803-9222 | — | 4.9 |
| 3474 E Cesar E Chavez Ave Los Angeles, CA 90063 | (323) 545-6889 | — | 4.8 |
| 4165 Beverly Blvd Unit 105 Los Angeles, CA 90004 | (310) 953-3594 | — | 4.9 |
| 4369 S Central Ave Los Angeles, CA 90011 | (310) 919-4348 | — | 4.8 |
| 7225 S Figueroa St Los Angeles, CA 90003 | (310) 933-4900 | — | 4.5 |
| 944 Slauson Ave Los Angeles, CA 90011 | (310) 803-9000 | — | 4.2 |
| 4927 N Eagle Rock Blvd Los Angeles, CA 90041 | (323) 540-4920 | — | 3.9 |
| 6255 Sunset Blvd #120 Los Angeles, CA 90028 | (323) 856-5500 | — | 4.0 |
| 6404 Wilshire Blvd Ste 750 Los Angeles, CA 90048 | (213) 310-4998 | — | 3.2 |
| 8939 S Sepulveda Blvd #261 Los Angeles, CA 90045 | (310) 670-2727 | — | 4.4 |
| 11401 S Figueroa St Los Angeles, CA 90061 | (323) 779-2571 | — | 4.9 |
| 3447 E Cesar E Chavez Ave Los Angeles, CA 90063 | (323) 268-2825 | — | 4.9 |
| 3555 W Slauson Ave Los Angeles, CA 90043 | (323) 296-0260 | — | 4.9 |
| 454 W Florence Ave #102 Los Angeles, CA 90003 | (323) 751-7509 | — | 4.9 |
| 1008 N. Vermont Los Angeles, CA 90029 | (323) 953-4880 | Mon–Fri 10:00 AM – 6:00 PM Sat 9:00 AM – 1:00 PM Sun closed |
— |
| 10100 Santa Monica Blvd Suite 300 Los Angeles, CA 90067 | (562) 402-8400 | — | — |
More about Los Angeles
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 Los Angeles 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.