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 Waterbury, CT
5 credit unions are headquartered in Waterbury, with 41,612 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
- 41,612
- Federal
- 5
- State-chartered
- 0
Credit unions vs payday loan stores in Waterbury
Waterbury has 5 credit unions headquartered here, and we found no storefront payday loan chains. Local credit unions count 41,612 members — roughly 36 memberships per 100 residents.
Credit unions
5
4.4 per 100k residents
41,612 members
Payday & loan stores
0
0 store chains
Borrowing $500 for 6 months in Waterbury
| Option | Payment | Total cost of borrowing |
|---|---|---|
| Installment loan at the Connecticut rate cap (12% APR) | $86.27/mo | $17.65 |
| Credit union PAL (28% APR) | $90.27/mo | $41.62 |
| Payday loan renewed every 2 weeks (typical $15 per $100, not available in Connecticut) | $75.00 every 2 weeks | $975.00 |
- Monthly payment at the Connecticut rate cap vs median monthly household income
- 2.0%
Example calculation with fixed monthly payments; the payday row shows typical out-of-state pricing for comparison. Actual rates and terms vary by lender.
What it means for a household in Waterbury
- Median household income
- $52,347
- A $400 emergency equals
- 2.8 days of income
- Households earning under $25,000
- 28.4%
- Residents below the poverty line
- 23.9%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Waterbury are population-weighted and approximate. Hours of work are based on the median individual income.
Payday loans vs credit union PALs: the rules in Connecticut
| Payday loan in CT | Credit union PAL | |
|---|---|---|
| Legal status | Not allowed — storefront payday loans are banned | Offered by many federal credit unions |
| Rate cap | Capped at 12% APR (Usury limit) | 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: Connecticut law as summarized on our Connecticut 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 Waterbury
| Credit union | Address | Members | Website |
|---|---|---|---|
| Waterbury Connecticut Teachers Federal Credit UnionFederal | P.O. Box 2121 Waterbury, CT 06722 | 22,061 | wctfcu.com |
| Fd Community Federal Credit UnionFederal | 601 Watertown Ave Waterbury, CT 06708 | 13,506 | fdcommunityfcu.org |
| Skyline Financial Federal Credit UnionFederal | 3528 E Main St Waterbury, CT 06705 | 4,157 | skylinefinancialfcu.com |
| Greater Waterbury Healthcare Federal Credit UnionFederal | 64 Robbins St Waterbury, CT 06708 | 999 | gwhfcu.com |
| Waterbury Postal Employees Federal Credit UnionFederal | PO Box 241 Waterbury, CT 06702 | 889 | afncu.com |
More about Waterbury
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 Waterbury 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.