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 Tampa, FL
11 credit unions are headquartered in Tampa, with 2,140,026 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
- 11
- Members
- 2.1M
- Federal
- 7
- State-chartered
- 4
Credit unions vs payday loan stores in Tampa
Tampa has 16 payday, installment and title loan stores but only 11 credit unions headquartered here — about 1.5 loan stores for every credit union. Local credit unions count 2,140,026 members — roughly 259 memberships per 100 residents.
Credit unions
11
1.3 per 100k residents
2.1M members
Payday & loan stores
16
1.9 per 100k residents
6 store chains
Biggest loan store chains in Tampa: ACE Cash Express (7), OneMain Financial (3), Mariner Finance (2), Oportun (2), Advance America (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 Tampa
- Median household income
- $74,796
- Payday fee of $55, share of two weeks' income
- 1.9%
- Hours of work to pay the $55 fee
- 2.8 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
- 17.3%
- Residents below the poverty line
- 15.7%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Tampa 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 Tampa
| Credit union | Address | Members | Website |
|---|---|---|---|
| Suncoast Credit UnionState-chartered | 6536 E Hillsborough Ave Tampa, FL 33610 | 1,389,633 | suncoast.com |
| Grow Financial Federal Credit UnionFederal | 1242 E 5th Ave Fl 4 Tampa, FL 33605 | 297,778 | growfinancial.org |
| Gte Federal Credit UnionFederal | 711 E Henderson Ave Tampa, FL 33602 | 233,973 | gtefinancial.org |
| Usf Federal Credit UnionFederal | PO Box 47989 Tampa, FL 33646 | 79,919 | usfcu.com |
| Trax Federal Credit UnionFederal | 3710 50th St N Tampa, FL 33619 | 45,113 | traxcu.com |
| Floridacentral Credit UnionState-chartered | P.O. Box 18605 Tampa, FL 33679 | 43,878 | floridacentralcu.com |
| Tampa Bay Federal Credit UnionFederal | 3815 N Nebraska Avenue Tampa, FL 33603 | 37,133 | tampabayfederal.com |
| Tampa Postal Federal Credit UnionFederal | PO Box 17659 Tampa, FL 33682 | 6,021 | tpcu.org |
| Powernet Credit UnionState-chartered | 5619 Harney Rd Tampa, FL 33610 | 3,814 | powernetcu.org |
| Transport Credit UnionState-chartered | 8916 Sabal Industrial Blvd Tampa, FL 33619 | 1,718 | transportfcu.com |
| Florida Customs Federal Credit UnionFederal | 5519 W Hillsborough Ave, Suite 111 Tampa, FL 33634 | 1,046 | flcustomsfcu.org |
Payday and installment loan stores in Tampa
For comparison: storefront payday, installment and title lenders in Tampa 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 |
|---|---|---|---|
| 2532 E Bearss Ave Ste B Tampa, FL 33613 | (813) 977-1022 | — | 4.7 |
| 2720 W Kennedy Blvd Tampa, FL 33609 | (813) 877-7411 | — | 4.6 |
| 3921 N Florida Ave Tampa, FL 33603 | (813) 222-0063 | — | 4.7 |
| 4001 E Hillsborough Ave Tampa, FL 33610 | (813) 621-7221 | — | 4.6 |
| 4025 W Hillsborough Ave Tampa, FL 33614 | (813) 249-7777 | — | 4.8 |
| 8800 N Florida Ave Tampa, FL 33604 | (813) 930-2435 | — | 4.8 |
| 9303 N 56th St Temple Terrace, FL 33617 | (813) 980-2301 | — | 4.8 |
| 10079 E Adamo Dr Tampa, FL 33619 | (813) 654-2515 | — | 4.3 |
| 14917 N Florida Ave Tampa, FL 33613 | (813) 985-4511 | — | 4.3 |
| 3605 W Waters Ave #1050 Tampa, FL 33614 | (813) 935-4555 | — | 4.5 |
| 11218 W Hillsborough Ave Tampa, FL 33635 | (813) 889-8373 | — | 4.9 |
| 8797 N 56th St Temple Terrace, FL 33617 | (813) 914-7662 | — | 4.9 |
| 4042 Fiesta Plaza Tampa, FL 33607 | (866) 488-6090 | — | 5.0 |
| 8875 N Florida Ave Tampa, FL 33604 | (866) 488-6090 | — | 5.0 |
| 2602 E. Fletcher Ave., Unit 109 Tampa, FL 33612 | (813) 631-8289 | Mon–Thu 10:00 AM – 6:00 PM Fri 9:00 AM – 6:00 PM Sat 9:00 AM – 4:00 PM Sun closed |
— |
| 3717 W North B St Tampa, FL 33609 | (813) 947-6350 | — | 4.9 |
More about Tampa
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 Tampa 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.