Credit Unions vs Payday Loans in Indiana

116 credit unions are headquartered in Indiana, with 2,631,605 members in total. 93 are federal credit unions and 23 are state-chartered; all are federally insured by the NCUA.

Credit unions

116

Members

2.6M

Federal

93

State-chartered

23

Members per 100 people

39

CUs per 100k people

1.7

Credit unions vs payday loan stores in Indiana

Indiana has 166 payday, installment and title loan stores but only 116 credit unions headquartered here — about 1.4 loan stores for every credit union. Local credit unions count 2,631,605 members — roughly 39 memberships per 100 residents.

Biggest loan store chains in Indiana: OneMain Financial (56), Mariner Finance (41), Advance America (25), ACE Cash Express (23), Check Into Cash (17).

What a $500 loan costs over 3 months

You keep with a credit union PAL over 3 months

$406.49 payday costs 10× more

Payday: a typical fee of $75 on a $500 loan for 2 weeks (IN limits are not set in dollars), paid 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 Indiana

Median household income

$73,437

Payday fee of $75, share of two weeks' income

2.7%

Hours of work to pay the $75 fee

4.0 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

15.4%

Residents below the poverty line

12.4%

Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Indiana are population-weighted and approximate. Hours of work are based on the median individual income.

Payday loans vs credit union PALs: the rules in Indiana

Payday rules: Indiana law as summarized on our Indiana 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 by city in Indiana

Credit unions are headquartered in 56 cities and towns across Indiana. Pick a city for addresses and websites, or scroll down for the smaller towns.

• Indianapolis · 11
• Fort Wayne · 9
• Kokomo · 6
• Evansville · 5
• South Bend · 5
• Muncie · 4
• Terre Haute · 4
• Anderson · 3
• Columbus · 3
• Gary · 3
• Elkhart · 2
• Lafayette · 2
• Bloomington · 1
• Crown Point · 1
• Hammond · 1
• Mishawaka · 1
• West Lafayette · 1

All credit unions in Indiana

Credit unions in smaller towns of Indiana

Other cities and towns in Indiana where credit unions are headquartered, and how many there are in each.

• Attica 1
• Bedford 1
• Burns Harbor 1
• Clarksville 1
• Columbia City 1
• Decatur 1
• Hagerstown 1
• Hobart 1
• Huntington 1
• Jasper 1
• La Porte 2
• Laporte 1
• Lawrenceburg 1
• Linton 1
• Logansport 1
• Loogootee 1
• Madison 2
• Marion 4
• Merrillville 5
• Michigan City 2
• Monticello 1
• Munster 1
• New Castle 1
• Newburgh 1
• Notre Dame 1
• Odon 1
• Peru 1
• Portage 2
• Portland 1
• Richmond 4
• Schererville 1
• St Joe 1
• Tipton 1
• Wabash 2
• Warsaw 1
• Whiting 1
• Winchester 1
• Winfield 1
• Woodburn 1