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 San Diego, CA
8 credit unions are headquartered in San Diego, with 1,102,999 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
- 8
- Members
- 1.1M
- Federal
- 2
- State-chartered
- 6
Credit unions vs payday loan stores in San Diego
San Diego has 12 payday, installment and title loan stores but only 8 credit unions headquartered here — about 1.5 loan stores for every credit union. Local credit unions count 1,102,999 members — roughly 83 memberships per 100 residents.
Credit unions
8
0.6 per 100k residents
1.1M members
Payday & loan stores
12
0.9 per 100k residents
8 store chains
Biggest loan store chains in San Diego: OneMain Financial (3), Advance America (2), Oportun (2), ACE Cash Express (1), Lendmark Financial Services (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 San Diego
- Median household income
- $109,682
- Payday fee of $45, share of two weeks' income
- 1.1%
- Hours of work to pay the $45 fee
- 1.7 hours
- PAL payment of $104.70, share of monthly income
- 1.1%
- A $400 emergency equals
- 1.3 days of income
- Households earning under $25,000
- 11.5%
- Residents below the poverty line
- 11.0%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for San Diego 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 San Diego
| Credit union | Address | Members | Website |
|---|---|---|---|
| San Diego County Credit UnionState-chartered | 6545 Sequence Dr San Diego, CA 92121 | 413,767 | sdccu.com |
| Mission Federal Credit UnionFederal | 10325 Meanley Dr San Diego, CA 92131 | 330,996 | missionfed.com |
| California Coast Credit UnionState-chartered | P.O. Box 502080 San Diego, CA 92150 | 212,497 | calcoastcu.org |
| Blupeak Credit UnionState-chartered | 10120 Pacific Heights Blvd Ste 100 San Diego, CA 92121 | 52,548 | blupeak.com |
| Wheelhouse Credit UnionState-chartered | PO Box 719099 San Diego, CA 92171 | 32,527 | wheelhousecu.com |
| Cabrillo Credit UnionState-chartered | 3710 Ruffin Rd San Diego, CA 92123 | 29,062 | cabrillocu.com |
| Mypoint Credit UnionState-chartered | 9420 Farnham St San Diego, CA 92123 | 28,091 | mypointcu.com |
| San Diego Firefighters Federal Credit UnionFederal | 4926 La Cuenta Drive San Diego, CA 92124 | 3,511 | sdffcu.org |
Payday and installment loan stores in San Diego
For comparison: storefront payday, installment and title lenders in San Diego 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 |
|---|---|---|---|
| 6165 El Cajon Blvd Ste l San Diego, CA 92115 | (619) 693-4533 | — | 4.0 |
| 9095 Rio San Diego Dr #340 San Diego, CA 92108 | (619) 280-4440 | — | 3.8 |
| 9909 Mira Mesa Blvd Ste 155 San Diego, CA 92131 | (619) 483-0280 | — | 3.8 |
| 3145 El Cajon Blvd. San Diego, CA 92104 | (619) 640-1799 | Mon–Fri 10:00 AM – 6:00 PM Sat 9:00 AM – 1:00 PM Sun closed |
— |
| 3410 Palm Avenue, Ste. 103 San Diego, CA 92154 | (619) 816-2536 | Mon–Fri 10:00 AM – 6:00 PM Sat 9:00 AM – 1:00 PM Sun closed |
— |
| 1490 S 43rd St Ste C San Diego, CA 92113 | (888) 407-2998 | — | 4.8 |
| 1950 Main St San Diego, CA 92113 | (866) 488-6090 | — | 5.0 |
| 4874 Genesee Ave San Diego, CA 92117 | (858) 273-5709 | — | 4.9 |
| 8006 Clairemont Mesa Blvd San Diego, CA 92111 | (619) 736-8001 | — | 4.7 |
| 2702 El Cajon Blvd San Diego, CA 92104 | (619) 563-6669 | — | 4.8 |
| 6686 El Cajon Blvd f San Diego, CA 92115 | (619) 464-1731 | — | 4.8 |
| 5015 Shoreham Pl #100 San Diego, CA 92122 | (858) 259-8700 | — | 4.0 |
More about San Diego
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 San Diego 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.