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 Fort Wayne, IN
9 credit unions are headquartered in Fort Wayne, with 340,424 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
- 9
- Members
- 340,424
- Federal
- 8
- State-chartered
- 1
Credit unions vs payday loan stores in Fort Wayne
Fort Wayne has 10 payday, installment and title loan stores but only 9 credit unions headquartered here — about 1.1 loan stores for every credit union. Local credit unions count 340,424 members — roughly 102 memberships per 100 residents.
Credit unions
9
2.7 per 100k residents
340,424 members
Payday & loan stores
10
3.0 per 100k residents
6 store chains
Biggest loan store chains in Fort Wayne: OneMain Financial (3), ACE Cash Express (2), Mariner Finance (2), Advance America (1), Check Into Cash (1).
What a $500 loan costs over 3 months
| Option | Payment | Total cost |
|---|---|---|
| Payday loan, re-borrowed 6 times (~382% APR) | $75.00 every 2 weeks | $450.00 |
| 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
- $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 Fort Wayne
- Median household income
- $71,201
- 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
- 2.1 days of income
- Households earning under $25,000
- 15.1%
- Residents below the poverty line
- 13.6%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Fort Wayne 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 loan in IN | Credit union PAL | |
|---|---|---|
| Legal status | Allowed | Offered by many federal credit unions |
| Loan amount | $605 | $200 – $2,000 |
| Fee limit | 15% up to $250; 13% $251-$400; 10% $401+ (Varies) | Application fee up to $20 |
| Typical APR | ~382% | 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: 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 headquartered in Fort Wayne
| Credit union | Address | Members | Website |
|---|---|---|---|
| Three Rivers Federal Credit UnionFederal | PO Box 2573 Fort Wayne, IN 46801 | 138,447 | 3riversfcu.org |
| Profed Federal Credit UnionFederal | PO Box 5466 Fort Wayne, IN 46895 | 64,547 | profedcu.org |
| Midwest America Federal Credit UnionFederal | 1104 Medical Park Dr Fort Wayne, IN 46825 | 51,712 | mwafcu.org |
| Partners 1st Federal Credit UnionFederal | 1330 Directors Row Fort Wayne, IN 46808 | 44,515 | partners1stcu.org |
| Fort Financial Federal Credit UnionFederal | 8815 Lima Rd Fort Wayne, IN 46818 | 23,413 | fortfinancial.org |
| Fire Police City County Federal Credit UnionFederal | 3306 N Clinton St Fort Wayne, IN 46805 | 11,247 | summitchoice.org |
| Public Service #3 Credit UnionState-chartered | 4025 W Jefferson Blvd Fort Wayne, IN 46804 | 4,967 | mypscu.com |
| Power One Federal Credit UnionFederal | 1520 Spy Run Ave Fort Wayne, IN 46805 | 1,285 | poweronefcu.org |
| Urban Beginnings Choice Federal Credit UnionFederal | 1830 Wayne Trce, Ste 204 Fort Wayne, IN 46803 | 291 | ubcfcu.org |
Payday and installment loan stores in Fort Wayne
For comparison: storefront payday, installment and title lenders in Fort Wayne 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 |
|---|---|---|---|
| 10353 Illinois Rd Fort Wayne, IN 46814 | (260) 483-0021 | — | 4.3 |
| 10376 Leo Rd Ste E Fort Wayne, IN 46825 | (260) 471-6646 | — | 4.3 |
| 7619 N Southtown Crossing Fort Wayne, IN 46816 | (260) 447-5506 | — | 4.2 |
| 1017 E Coliseum Blvd Fort Wayne, IN 46805 | (260) 484-0099 | — | 4.9 |
| 1575 Goshen Ave Fort Wayne, IN 46808 | (260) 471-2274 | — | 4.9 |
| 530 E Coliseum Blvd Fort Wayne, IN 46805 | (260) 222-9260 | — | 4.8 |
| 6445 W Jefferson Blvd Fort Wayne, IN 46804 | (260) 444-5749 | — | 4.9 |
| 6716 East State Boulevard Fort Wayne, IN 46815 | (260) 749-6431 | Mon–Fri 10:00 AM – 6:00 PM Sat 10:00 AM – 2:00 PM Sun closed |
— |
| 1010 E Coliseum Blvd Fort Wayne, IN 46805 | (260) 471-4640 | — | 4.2 |
| 2841 E Dupont Rd Ste A Fort Wayne, IN 46825 | (260) 201-3395 | — | 3.5 |
More about Fort Wayne
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 Fort Wayne 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.