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 Pensacola, FL
5 credit unions are headquartered in Pensacola, with 255,557 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
- 255,557
- Federal
- 1
- State-chartered
- 4
Credit unions vs payday loan stores in Pensacola
Pensacola has 8 payday, installment and title loan stores but only 5 credit unions headquartered here — about 1.6 loan stores for every credit union. Local credit unions count 255,557 members — roughly 93 memberships per 100 residents.
Credit unions
5
1.8 per 100k residents
255,557 members
Payday & loan stores
8
2.9 per 100k residents
4 store chains
Biggest loan store chains in Pensacola: Advance America (4), OneMain Financial (2), Lendmark Financial Services (1), Mariner Finance (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 Pensacola
- Median household income
- $63,536
- Payday fee of $55, share of two weeks' income
- 2.3%
- Hours of work to pay the $55 fee
- 3.5 hours
- PAL payment of $174.50, share of monthly income
- 3.3%
- A $400 emergency equals
- 2.3 days of income
- Households earning under $25,000
- 17.3%
- Residents below the poverty line
- 15.2%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Pensacola 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 Pensacola
| Credit union | Address | Members | Website |
|---|---|---|---|
| Penair Credit UnionState-chartered | 1495 E Nine Mile Road Pensacola, FL 32514 | 138,071 | penair.org |
| Gulf Winds Credit UnionState-chartered | 220 E Nine Mile Rd Pensacola, FL 32534 | 74,184 | gogulfwinds.com |
| Members First Credit Union of FloriState-chartered | P. O. Box 12983 Pensacola, FL 32591 | 19,401 | membersfirstfl.org |
| Loyalty Credit UnionState-chartered | P O Box 17048 Pensacola, FL 32522 | 19,143 | loyaltycu.org |
| My Pensacola Federal Credit UnionFederal | 108 S Reus St Pensacola, FL 32502 | 4,758 | mypensacolacu.com |
Payday and installment loan stores in Pensacola
For comparison: storefront payday, installment and title lenders in Pensacola 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 |
|---|---|---|---|
| 15 E. Brent Lane, #4 Pensacola, FL 32503 | (850) 432-1210 | Mon–Thu 10:00 AM – 6:00 PM Fri 9:00 AM – 6:00 PM Sat 9:00 AM – 4:00 PM Sun closed |
— |
| 2620 Creighton Rd., Ste. 201 Pensacola, FL 32504 | (850) 474-0922 | Mon–Thu 10:00 AM – 6:00 PM Fri 9:00 AM – 6:00 PM Sat 9:00 AM – 4:00 PM Sun closed |
— |
| 400 N. Navy Blvd., Unit 9 Pensacola, FL 32507 | (850) 455-8873 | Mon–Thu 10:00 AM – 6:00 PM Fri 9:00 AM – 6:00 PM Sat 9:00 AM – 4:00 PM Sun closed |
— |
| 8934 Pensacola Blvd. Pensacola, FL 32534 | (850) 857-0886 | Mon–Thu 10:00 AM – 6:00 PM Fri 9:00 AM – 6:00 PM Sat 9:00 AM – 4:00 PM Sun closed |
— |
| 1765 E 9 Mile Rd Ste 7 Pensacola, FL 32514 | (850) 477-6333 | — | 4.3 |
| 6235 N Davis Hwy Ste 103 Pensacola, FL 32504 | (850) 484-3508 | — | 4.2 |
| 4761 Bayou Blvd Suite B-5 Pensacola, FL 32503 | (850) 479-8397 | — | 3.5 |
| 7145A N 9th Ave Pensacola, FL 32504 | (850) 484-8711 | — | 4.8 |
More about Pensacola
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 Pensacola 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.