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 Chicago, IL
35 credit unions are headquartered in Chicago, with 1,118,502 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
- 35
- Members
- 1.1M
- Federal
- 17
- State-chartered
- 18
Credit unions vs payday loan stores in Chicago
Chicago has 35 credit unions headquartered here and 19 payday, installment and title loan stores. Local credit unions count 1,118,502 members — roughly 42 memberships per 100 residents.
Credit unions
35
1.3 per 100k residents
1.1M members
Payday & loan stores
19
0.7 per 100k residents
3 store chains
Biggest loan store chains in Chicago: OneMain Financial (12), Oportun (5), loanDepot (2).
Borrowing $500 for 6 months in Chicago
| Option | Payment | Total cost of borrowing |
|---|---|---|
| Installment loan at the Illinois rate cap (36% APR) | $92.30/mo | $53.79 |
| Credit union PAL (28% APR) | $90.27/mo | $41.62 |
| Payday loan renewed every 2 weeks (typical $15 per $100, not available in Illinois) | $75.00 every 2 weeks | $975.00 |
- Monthly payment at the Illinois rate cap vs median monthly household income
- 1.4%
Example calculation with fixed monthly payments; the payday row shows typical out-of-state pricing for comparison. Actual rates and terms vary by lender.
What it means for a household in Chicago
- Median household income
- $76,852
- A $400 emergency equals
- 1.9 days of income
- Households earning under $25,000
- 19.6%
- Residents below the poverty line
- 16.8%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Chicago are population-weighted and approximate. Hours of work are based on the median individual income.
Payday loans vs credit union PALs: the rules in Illinois
| Payday loan in IL | Credit union PAL | |
|---|---|---|
| Legal status | Not allowed — storefront payday loans are banned | Offered by many federal credit unions |
| Rate cap | Capped at 36% APR (PLPA 2021) | 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: Illinois law as summarized on our Illinois 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 Chicago
| Credit union | Address | Members | Website |
|---|---|---|---|
| Alliant Credit UnionState-chartered | 11545 W Touhy Ave Chicago, IL 60666 | 938,005 | alliantcreditunion.org |
| Selfreliance Federal Credit UnionFederal | 2332 W Chicago Ave Chicago, IL 60622 | 48,785 | selfreliance.com |
| National Police Federal Credit UnionFederal | 1407 W. Washington Chicago, IL 60607 | 42,349 | nationalpolicecu.com |
| First Northern Credit UnionState-chartered | 230 W Monroe St, Suite 2850 Chicago, IL 60606 | 21,345 | fncu.org |
| Vicinity Credit UnionState-chartered | 4444 S Pulaski Rd Chicago, IL 60632 | 17,576 | vicinitycreditunion.com |
| For Members Only Federal Credit UnionFederal | 5656 S Stony Island Ave Chicago, IL 60637 | 11,106 | akafmofcu.org |
| Maroon Financial Credit UnionState-chartered | 5525C S Ellis Ave Chicago, IL 60637 | 6,913 | maroonfinancialcu.org |
| Chicago Firefighter's Credit UnionState-chartered | 6230 S Central Ave Chicago, IL 60638 | 6,465 | chicagofirefighterscu.com |
| 77th Street Depot Federal Credit UnionFederal | 5401 S Wentworth Ave Ste 26 Chicago, IL 60609 | 4,596 | 77creditunion.org |
| Planites Credit UnionState-chartered | 300 E Randolph St, Cal 419 Chicago, IL 60601 | 3,910 | planites.org |
| Chicago Firemans Assoc Credit UnionState-chartered | 2453 S Archer Ave Chicago, IL 60616 | 2,991 | chicagofiremansacu.org |
| Elca Federal Credit UnionFederal | 8765 W Higgins Rd, Suite 675 Chicago, IL 60631 | 2,352 | elcafcu.org |
| Mwrd Employees Credit UnionState-chartered | 100 E Erie St Chicago, IL 60611 | 2,120 | mwrdecu.org |
| South Side Community Federal Credit UnionFederal | 5401 S Wentworth Ave, Suite 25 Chicago, IL 60609 | 1,550 | southsidecommunityfcu.org |
| Chicago's Bravest Credit UnionState-chartered | 10231 S Western Ave., Floor 2 Chicago, IL 60643 | 1,269 | chicagosbravestcu.com |
| Chicago Area Office Federal Credit UnionFederal | 600 W Madison St Chicago, IL 60661 | 1,254 | chicagoareafcu.org |
| Cta-74th Street Depot Federal Credit UnionFederal | 10057 S Western Ave Chicago, IL 60643 | 807 | 74thstdfcu.com |
| C T A F C Federal Credit UnionFederal | 14 S Ashland Ave Chicago, IL 60607 | 680 | — |
| Trinity U.C.C. Federal Credit UnionFederal | 400 W 95th S Chicago, IL 60628 | 669 | — |
| Chicago Avenue Garage Federal Credit UnionFederal | 4909 W Division Street, Suite 403 Chicago, IL 60651 | 563 | cagfcu.org |
| Fellowship Baptist Church Credit UnionState-chartered | 4543 S Princeton Ave Chicago, IL 60609 | 364 | fellowshipchicago.com |
| College and University Credit UnionState-chartered | 1901 W Carroll Ave Ste 200 Chicago, IL 60612 | 358 | cucu1600.com |
| Unified Homeowners of Illinois Federal Credit UnionFederal | 4464 N Milwaukee Ave Chicago, IL 60630 | 303 | uhifcu.virtualcu.net |
| Berean Credit UnionState-chartered | 5147 S. Dearborn Chicago, IL 60609 | 263 | bereancu.com |
| M.W.P.H. Grand Lodge of Illinois Federal Credit UnionFederal | 809 E 42nd Pl Chicago, IL 60653 | 259 | ilphgl.org |
| Park Manor Christian Church Credit UnionState-chartered | 600 East 73rd Street Chicago, IL 60619 | 252 | parkmanorchristianchurch.org |
| Israel Methcomm Federal Credit UnionFederal | PO Box 19144 Chicago, IL 60619 | 238 | imfcu.org |
| St. Gregory Parish Credit UnionState-chartered | 5545 N Paulina St Chicago, IL 60640 | 168 | motherofgodchicago.org |
| St. Mark Credit UnionState-chartered | 8441 S Saint Lawrence Ave Chicago, IL 60619 | 167 | stmarkcu.org |
| St. Helena Parish Credit UnionState-chartered | 1425 W 112th St Chicago, IL 60643 | 154 | st-helena-parish-cu.org |
| St. Martin De Porres Parish Federal Credit UnionFederal | PO Box 24174 Chicago, IL 60624 | 152 | stmartindeporresparish.com |
| Community Federal Credit UnionFederal | 4610 S. Prairie Ave Chicago, IL 60653 | 151 | — |
| Shiloh Englewood Federal Credit UnionFederal | 7058 South Racine Ave Chicago, IL 60636 | 143 | shilohenglewoodfcu.com |
| Pilgrim Baptist Credit UnionState-chartered | 3300 S. Indiana Ave. Chicago, IL 60616 | 137 | pbc-cu.com |
| Bethel A.M.E. Church Credit UnionState-chartered | 4440 S Michigan Ave, Bldg 2 - Secon Chicago, IL 60653 | 88 | — |
Payday and installment loan stores in Chicago
For comparison: storefront payday, installment and title lenders in Chicago 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 |
|---|---|---|---|
| 10660 S Western Ave Chicago, IL 60643 | (773) 779-2045 | — | 4.5 |
| 11844 S Western Ave Chicago, IL 60643 | (773) 445-2800 | — | 4.5 |
| 1418 W 18th St Chicago, IL 60608 | (773) 522-3800 | — | 3.5 |
| 2313 W 95th St Chicago, IL 60643 | (773) 445-7755 | — | 4.5 |
| 3051 N Central Ave D Chicago, IL 60634 | (773) 283-4211 | — | 3.9 |
| 3051 N Pulaski Rd Chicago, IL 60641 | (773) 777-0275 | — | 4.1 |
| 3172 N Lincoln Ave Chicago, IL 60657 | (773) 549-1211 | — | 3.8 |
| 3641 E 106th St Chicago, IL 60617 | (773) 375-7400 | — | 4.5 |
| 4750 W Fullerton Ave Chicago, IL 60639 | (773) 489-4195 | — | 4.3 |
| 6618 S Pulaski Rd Chicago, IL 60629 | (773) 581-0250 | — | 4.4 |
| 7070 N Clark St Ste A Chicago, IL 60626 | (773) 761-5205 | — | 3.7 |
| 856 W 35th St Chicago, IL 60609 | (773) 254-6630 | — | 4.0 |
| 1947 N Cicero Ave Chicago, IL 60639 | (312) 546-3678 | — | 4.9 |
| 3221 W Lawrence Ave Chicago, IL 60625 | (312) 386-5901 | — | 4.9 |
| 3329 N Milwaukee Ave Chicago, IL 60641 | (773) 756-5182 | — | 5.0 |
| 4013 W 26th St Chicago, IL 60623 | (312) 300-7158 | — | 4.9 |
| 4926 S Kedzie Ave Chicago, IL 60632 | (312) 300-7183 | — | 4.9 |
| 213 W Institute Pl #210 Chicago, IL 60610 | (312) 605-5777 | — | 3.1 |
| 939 W North Ave Suit 750 Chicago, IL 60642 | (312) 741-1270 | — | 5.0 |
More about Chicago
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 Chicago 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.