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 New Castle, DE
3 credit unions are headquartered in New Castle, with 10,775 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
- 3
- Members
- 10,775
- Federal
- 3
- State-chartered
- 0
Credit unions vs payday loan stores in New Castle
New Castle has 3 credit unions headquartered here and 2 payday, installment and title loan stores. Local credit unions count 10,775 members — roughly 18 memberships per 100 residents.
Credit unions
3
5.0 per 100k residents
10,775 members
Payday & loan stores
2
3.3 per 100k residents
2 store chains
Biggest loan store chains in New Castle: Advance America (1), Check 'n Go (1).
What a $500 loan costs over 3 months
| Option | Payment | Total cost |
|---|---|---|
| Payday loan, re-borrowed 6 times (~521%+ APR) | $75.00 every 2 weeks | $450.00 |
| 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
- $406.49 payday costs 10× more
Payday: a typical fee of $75 on a $500 loan for 2 weeks (DE limits are not set in dollars), paid 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 New Castle
- Median household income
- $75,985
- Payday fee of $75, share of two weeks' income
- 2.6%
- Hours of work to pay the $75 fee
- 3.9 hours
- PAL payment of $174.50, share of monthly income
- 2.8%
- A $400 emergency equals
- 1.9 days of income
- Households earning under $25,000
- 11.4%
- Residents below the poverty line
- 10.1%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for New Castle are population-weighted and approximate. Hours of work are based on the median individual income.
Payday loans vs credit union PALs: the rules in Delaware
| Payday loan in DE | Credit union PAL | |
|---|---|---|
| Legal status | Allowed | Offered by many federal credit unions |
| Loan amount | $1,000 | $200 – $2,000 |
| Fee limit | No state limit (N/A) | Application fee up to $20 |
| Typical APR | ~521%+ | 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: Delaware law as summarized on our Delaware 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 New Castle
| Credit union | Address | Members | Website |
|---|---|---|---|
| Edu Federal Credit UnionFederal | P.O. Box 232 New Castle, DE 19720 | 8,036 | edufcu.com |
| New Castle County Delaware Em Federal Credit UnionFederal | 100 Churchmans Rd New Castle, DE 19720 | 2,359 | nccdefcu.com |
| Delaware River & Bay Auth Emp Federal Credit UnionFederal | PO Box 71 New Castle, DE 19720 | 380 | — |
Payday and installment loan stores in New Castle
For comparison: storefront payday, installment and title lenders in New Castle 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 |
|---|---|---|---|
| 527 E. Basin Road New Castle, DE 19720 | (302) 322-0432 | Mon–Fri 10:00 AM – 6:00 PM Sat–Sun closed |
— |
| 1504 Beaver Brook Plaza New Castle, DE 19720 | (302) 326-1089 | — | 4.9 |
More about New Castle
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 New Castle 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.