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 Miami, FL
7 credit unions are headquartered in Miami, with 171,897 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
- 7
- Members
- 171,897
- Federal
- 4
- State-chartered
- 3
Credit unions vs payday loan stores in Miami
Miami has 26 payday, installment and title loan stores but only 7 credit unions headquartered here — about 3.7 loan stores for every credit union. Local credit unions count 171,897 members — roughly 9 memberships per 100 residents.
Credit unions
7
0.4 per 100k residents
171,897 members
Payday & loan stores
26
1.4 per 100k residents
5 store chains
Biggest loan store chains in Miami: Advance America (9), ACE Cash Express (6), Oportun (5), OneMain Financial (4), loanDepot (2).
What a $500 loan costs over 3 months
| Option | Payment | Total cost |
|---|---|---|
| Payday loan, re-borrowed 6 times (~304% APR) | $55.00 every 2 weeks | $330.00 |
| 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
- $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 Miami
- Median household income
- $73,852
- Payday fee of $55, share of two weeks' income
- 1.9%
- Hours of work to pay the $55 fee
- 3.2 hours
- PAL payment of $174.50, share of monthly income
- 2.8%
- A $400 emergency equals
- 2.0 days of income
- Households earning under $25,000
- 17.9%
- Residents below the poverty line
- 14.5%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Miami 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 loan in FL | Credit union PAL | |
|---|---|---|
| Legal status | Allowed | Offered by many federal credit unions |
| Loan amount | $500 | $200 – $2,000 |
| Fee limit | 10% of check + $5 fee ($55) | Application fee up to $20 |
| Typical APR | ~304% | 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: 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 headquartered in Miami
| Credit union | Address | Members | Website |
|---|---|---|---|
| Educational Federal Credit UnionFederal | 7800 SW 117th Ave Miami, FL 33183 | 119,576 | edfed.org |
| University Credit UnionState-chartered | 13241 SW 136th St Miami, FL 33186 | 16,134 | ucumiami.org |
| Baptist Health South Florida Federal Credit UnionFederal | 13200 SW 128th St, Building C-1 Miami, FL 33186 | 13,934 | bhsffcu.org |
| Miami Postal Service Credit UnionState-chartered | 2190 NW 72 Avenue Miami, FL 33122 | 12,825 | mpscu.org |
| Miami Firefighters Federal Credit UnionFederal | 1111 NW 7th St Miami, FL 33136 | 6,235 | mffcu.org |
| Miami Federal Credit UnionFederal | 51 SW 1st Avenue, Suite 604 Miami, FL 33130 | 2,619 | miamifcu.org |
| Shaw-Ross Employees Credit UnionState-chartered | 1600 NW 163rd St Miami, FL 33169 | 574 | — |
Payday and installment loan stores in Miami
For comparison: storefront payday, installment and title lenders in Miami 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 |
|---|---|---|---|
| 10731 West Flagler St. Miami, FL 33174 | (305) 207-1697 | Mon–Thu 10:00 AM – 6:00 PM Fri 9:00 AM – 6:00 PM Sat 9:00 AM – 4:00 PM Sun closed |
— |
| 11865 SW 26th St., A6 Miami, FL 33175 | (305) 221-6144 | Mon–Thu 10:00 AM – 6:00 PM Fri 9:00 AM – 6:00 PM Sat 9:00 AM – 4:00 PM Sun closed |
— |
| 15102 SW 72nd St. Miami, FL 33193 | (305) 386-4410 | Mon–Thu 10:00 AM – 6:00 PM Fri 9:00 AM – 6:00 PM Sat 9:00 AM – 4:00 PM Sun closed |
— |
| 19750 S. Dixie Hwy. Miami, FL 33157 | (305) 254-1910 | Mon–Thu 10:00 AM – 6:00 PM Fri 9:00 AM – 6:00 PM Sat 9:00 AM – 4:00 PM Sun closed |
— |
| 20318 NW 2nd Ave., #5 Miami, FL 33169 | (305) 651-2280 | Mon–Thu 10:00 AM – 6:00 PM Fri 9:00 AM – 6:00 PM Sat 9:00 AM – 4:00 PM Sun closed |
— |
| 2964 SW 8th Street Miami, FL 33135 | (305) 649-8190 | Mon–Thu 10:00 AM – 6:00 PM Fri 9:00 AM – 6:00 PM Sat 9:00 AM – 4:00 PM Sun closed |
— |
| 755 NE 167th St. North Miami Beach, FL 33162 | (305) 651-5574 | Mon–Thu 10:00 AM – 6:00 PM Fri 9:00 AM – 6:00 PM Sat 9:00 AM – 4:00 PM Sun closed |
— |
| 8300 NW 27th Ave. Miami, FL 33147 | (305) 836-2092 | Mon–Thu 10:00 AM – 6:00 PM Fri 9:00 AM – 6:00 PM Sat 9:00 AM – 4:00 PM Sun closed |
— |
| 900 SW 67th Ave., Ste. 35 Miami, FL 33144 | (305) 265-1112 | Mon–Thu 10:00 AM – 6:00 PM Fri 9:00 AM – 6:00 PM Sat 9:00 AM – 4:00 PM Sun closed |
— |
| 1300 NE 163rd St North Miami Beach, FL 33162 | (305) 948-3382 | — | 4.9 |
| 14546 W Dixie Hwy Miami, FL 33161 | (305) 956-3435 | — | 4.9 |
| 3715a NW 7th St Miami, FL 33126 | (305) 541-4222 | — | 4.9 |
| 700 NW 79th St Miami, FL 33150 | (305) 836-5556 | — | 4.8 |
| 712 SW 17th Ave Miami, FL 33135 | (305) 643-4084 | — | 5.0 |
| 7921 Biscayne Blvd Miami, FL 33138 | (305) 758-8526 | — | 4.9 |
| 11324 Quail Roost Dr Miami, FL 33157 | (786) 838-4285 | — | 4.9 |
| 1844 SW 8th St Miami, FL 33135 | (866) 488-6090 | — | 4.9 |
| 3709 W Flagler St Miami, FL 33134 | (866) 488-6090 | — | 5.0 |
| 5753 NW 7th St Miami, FL 33126 | (786) 429-0704 | — | 5.0 |
| 8335 W Flagler St Miami, FL 33144 | (786) 465-7505 | — | 5.0 |
| 11900 Biscayne Blvd Ste 801 North Miami, FL 33181 | (305) 692-0928 | — | 5.0 |
| 13011 N Kendall Dr Miami, FL 33186 | (786) 292-8957 | — | 4.8 |
| 20561 Old Cutler Rd Cutler Bay, FL 33189 | (305) 909-0002 | — | 4.6 |
| 8247 W Flagler St Miami, FL 33144 | (305) 262-4670 | — | 4.8 |
| 8603 S Dixie Hwy #302 Miami, FL 33143 | (813) 523-4900 | — | — |
| Floor PH, 121 Alhambra Plz office #1435 Coral Gables, FL 33134 | (786) 610-7250 | — | 4.2 |
More about Miami
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 Miami 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.