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 West Palm Beach, FL
2 credit unions are headquartered in West Palm Beach, with 44,624 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
- 2
- Members
- 44,624
- Federal
- 0
- State-chartered
- 2
Credit unions vs payday loan stores in West Palm Beach
West Palm Beach has 8 payday, installment and title loan stores but only 2 credit unions headquartered here — about 4.0 loan stores for every credit union. Local credit unions count 44,624 members — roughly 11 memberships per 100 residents.
Credit unions
2
0.5 per 100k residents
44,624 members
Payday & loan stores
8
2.1 per 100k residents
4 store chains
Biggest loan store chains in West Palm Beach: Advance America (4), OneMain Financial (2), Mariner Finance (1), Oportun (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 West Palm Beach
- Median household income
- $71,371
- Payday fee of $55, share of two weeks' income
- 2.0%
- Hours of work to pay the $55 fee
- 3.2 hours
- PAL payment of $174.50, share of monthly income
- 2.9%
- A $400 emergency equals
- 2.0 days of income
- Households earning under $25,000
- 16.6%
- Residents below the poverty line
- 14.2%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for West Palm Beach 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 West Palm Beach
| Credit union | Address | Members | Website |
|---|---|---|---|
| Guardians Credit UnionState-chartered | 3469 Summit Blvd West Palm Beach, FL 33406 | 36,283 | guardianscu.coop |
| First Choice Credit UnionState-chartered | 1055 S Congress Ave West Palm Beach, FL 33406 | 8,341 | firstchoicecu.org |
Payday and installment loan stores in West Palm Beach
For comparison: storefront payday, installment and title lenders in West Palm Beach 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 |
|---|---|---|---|
| 2905 N. Military Trail, Ste C West Palm Beach, FL 33409 | (561) 656-6197 | Mon–Thu 10:00 AM – 6:00 PM Fri 9:00 AM – 6:00 PM Sat 9:00 AM – 4:00 PM Sun closed |
— |
| 5932 Okeechobee Blvd. West Palm Beach, FL 33417 | (561) 615-3199 | Mon–Thu 10:00 AM – 6:00 PM Fri 9:00 AM – 6:00 PM Sat 9:00 AM – 4:00 PM Sun closed |
— |
| 6308 Forest Hill Blvd. West Palm Beach, FL 33415 | (561) 433-0226 | Mon–Thu 10:00 AM – 6:00 PM Fri 9:00 AM – 6:00 PM Sat 9:00 AM – 4:00 PM Sun closed |
— |
| 960 Northlake Blvd. Lake Park, FL 33403 | (561) 840-9950 | Mon–Thu 10:00 AM – 6:00 PM Fri 9:00 AM – 6:00 PM Sat 9:00 AM – 4:00 PM Sun closed |
— |
| 11021 Southern Blvd #190 Royal Palm Beach, FL 33411 | (561) 570-2457 | — | 4.8 |
| 1937 N Military Trl O West Palm Beach, FL 33409 | (561) 684-5440 | — | 4.1 |
| 2905 N Military Trl Ste. A West Palm Beach, FL 33409 | (561) 682-3678 | — | 4.8 |
| 830A S Military Trl West Palm Beach, FL 33415 | (561) 509-5116 | — | 5.0 |
More about West Palm Beach
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 West Palm Beach 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.