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 Panama City, FL
4 credit unions are headquartered in Panama City, with 157,883 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
- 4
- Members
- 157,883
- Federal
- 1
- State-chartered
- 3
Credit unions vs payday loan stores in Panama City
Panama City has 4 payday, installment and title loan stores but only 4 credit unions headquartered here — about 1.0 loan stores for every credit union. Local credit unions count 157,883 members — roughly 132 memberships per 100 residents.
Credit unions
4
3.3 per 100k residents
157,883 members
Payday & loan stores
4
3.3 per 100k residents
4 store chains
Biggest loan store chains in Panama City: 1st Franklin Financial (1), Advance America (1), Mariner Finance (1), loanDepot (1).
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 Panama City
- Median household income
- $67,407
- Payday fee of $55, share of two weeks' income
- 2.1%
- Hours of work to pay the $55 fee
- 3.2 hours
- PAL payment of $174.50, share of monthly income
- 3.1%
- A $400 emergency equals
- 2.2 days of income
- Households earning under $25,000
- 15.0%
- Residents below the poverty line
- 12.5%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Panama City 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 Panama City
| Credit union | Address | Members | Website |
|---|---|---|---|
| Tyndall Federal Credit UnionFederal | PO Box 59760 Panama City, FL 32412 | 103,332 | tyndall.org |
| Innovations Financial Credit UnionState-chartered | P. O. Box 15529 Panama City, FL 32406 | 27,575 | innovationsfcu.org |
| Panhandle Credit UnionState-chartered | 2718 Martin Luther King Jr Blvd Panama City, FL 32405 | 16,238 | panhandlecu.org |
| Hello Credit UnionState-chartered | P O Box 2239 Panama City, FL 32402 | 10,738 | hellocu.com |
Payday and installment loan stores in Panama City
For comparison: storefront payday, installment and title lenders in Panama City 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 |
|---|---|---|---|
| 631 US-231 Panama City, FL 32405 | (850) 522-5930 | — | 5.0 |
| 619 W. 23rd Street Panama City, FL 32405 | (850) 873-6162 | Mon–Thu 10:00 AM – 6:00 PM Fri 9:00 AM – 6:00 PM Sat 9:00 AM – 4:00 PM Sun closed |
— |
| 2349 Martin Luther King Jr Blvd Panama City, FL 32405 | (850) 763-8300 | — | 4.8 |
| 272 Forest Park Cir Panama City, FL 32405 | (850) 481-7100 | — | 5.0 |
More about Panama City
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 Panama City 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.