Credit Unions vs Payday Loans in Florida

107 credit unions are headquartered in Florida, with 7,921,713 members in total. 48 are federal credit unions and 59 are state-chartered; all are federally insured by the NCUA.

Credit unions

107

Members

7.9M

Federal

48

State-chartered

59

Members per 100 people

36

CUs per 100k people

0.5

Credit unions vs payday loan stores in Florida

Florida has 352 payday, installment and title loan stores but only 107 credit unions headquartered here — about 3.3 loan stores for every credit union. Local credit unions count 7,921,713 members — roughly 36 memberships per 100 residents.

Biggest loan store chains in Florida: Advance America (114), ACE Cash Express (73), OneMain Financial (72), Mariner Finance (39), loanDepot (22).

What a $500 loan costs over 3 months

You keep with a credit union PAL over 3 months

$286.49 payday costs 8× more

Payday: the FL maximum — $55 on a $500 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 Florida

Median household income

$75,446

Payday fee of $55, share of two weeks' income

1.9%

Hours of work to pay the $55 fee

3.0 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

15.4%

Residents below the poverty line

12.7%

Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Florida are population-weighted and approximate. Hours of work are based on the median individual income.

Payday loans vs credit union PALs: the rules in Florida

Payday rules: Florida law as summarized on our Florida 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 by city in Florida

Credit unions are headquartered in 56 cities and towns across Florida. Pick a city for addresses and websites, or scroll down for the smaller towns.

• Tampa · 11
• Jacksonville · 10
• Miami · 7
• Orlando · 5
• Pensacola · 5
• Fort Lauderdale · 4
• Panama City · 4
• Tallahassee · 4
• Gainesville · 3
• Boca Raton · 2
• Hialeah · 2
• Hollywood · 2
• Lakeland · 2
• West Palm Beach · 2
• Brandon · 1
• Clearwater · 1
• Crestview · 1
• Daytona Beach · 1
• Largo · 1
• Melbourne · 1
• Milton · 1
• Ocala · 1
• Pompano Beach · 1
• Sarasota · 1
• Seminole · 1
• Wesley Chapel · 1

All credit unions in Florida

Credit unions in smaller towns of Florida

Other cities and towns in Florida where credit unions are headquartered, and how many there are in each.

• Altamonte Sprin 1
• Blountstown 1
• Cantonment 1
• Chipley 1
• Clewiston 1
• Defuniak Spring 1
• Dunedin 1
• Eatonville 1
• Fernandina Beac 1
• Fort Walton Bea 1
• Key West 3
• Lake Mary 1
• Live Oak 1
• Macclenny 1
• Madison 1
• Marianna 1
• Merritt Island 1
• Miami Lakes 1
• Miramar 1
• Monticello 1
• Palm Beach Gard 1
• Palm Springs 1
• Pembroke Pines 1
• Perry 1
• Port St Joe 1
• Rockledge 1
• San Antonio 1
• Sunrise 1
• Sweetwater 1
• Winter Springs 1