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 Indianapolis, IN
11 credit unions are headquartered in Indianapolis, with 516,001 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
- 516,001
- Federal
- 4
- State-chartered
- 7
Credit unions vs payday loan stores in Indianapolis
Indianapolis has 32 payday, installment and title loan stores but only 11 credit unions headquartered here — about 2.9 loan stores for every credit union. Local credit unions count 516,001 members — roughly 53 memberships per 100 residents.
Credit unions
11
1.1 per 100k residents
516,001 members
Payday & loan stores
32
3.3 per 100k residents
4 store chains
Biggest loan store chains in Indianapolis: ACE Cash Express (19), OneMain Financial (6), Mariner Finance (4), Advance America (3).
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 Indianapolis
- Median household income
- $67,417
- Payday fee of $75, share of two weeks' income
- 2.9%
- Hours of work to pay the $75 fee
- 4.0 hours
- PAL payment of $174.50, share of monthly income
- 3.1%
- A $400 emergency equals
- 2.2 days of income
- Households earning under $25,000
- 17.6%
- Residents below the poverty line
- 15.0%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Indianapolis 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 Indianapolis
| Credit union | Address | Members | Website |
|---|---|---|---|
| Indiana Members Credit UnionState-chartered | P.O. Box 47769 Indianapolis, IN 46247 | 165,204 | imcu.com |
| Forum Credit UnionState-chartered | P.O. Box 50738 Indianapolis, IN 46250 | 165,080 | forumcu.com |
| Elements Financial Federal Credit UnionFederal | PO Box 7123 Indianapolis, IN 46202 | 100,051 | elements.org |
| Financial Center First Credit UnionState-chartered | 7101 E 56th St Indianapolis, IN 46226 | 56,289 | fcfcu.com |
| Family Horizons Credit UnionState-chartered | 6665 E 21st St Indianapolis, IN 46219 | 8,972 | familyhorizons.com |
| Financial Health Federal Credit UnionFederal | P.O. Box 1367 Indianapolis, IN 46202 | 6,544 | fhfcu.org |
| Harvester Financial Credit UnionState-chartered | 7020 Brookville Rd Indianapolis, IN 46239 | 6,395 | harvesterfcu.org |
| Energy Plus Credit UnionState-chartered | 1230 W Morris St Indianapolis, IN 46221 | 3,840 | energypluscu.org |
| Hoosier United Credit UnionState-chartered | 1828 N Meridian St Ste 102 Indianapolis, IN 46202 | 3,283 | hoosierunitedcu.com |
| H A L E Federal Credit UnionFederal | 5745 Lee Rd Indianapolis, IN 46216 | 192 | — |
| Mt Zion Indianapolis Federal Credit UnionFederal | 3549 Boulevard Pl Indianapolis, IN 46208 | 151 | mzbchurch.org |
Payday and installment loan stores in Indianapolis
For comparison: storefront payday, installment and title lenders in Indianapolis 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 |
|---|---|---|---|
| 1115 E 86th St Indianapolis, IN 46240 | (317) 475-0197 | — | 4.7 |
| 2321 E 38th St Ste A Indianapolis, IN 46218 | (317) 923-8249 | — | 4.9 |
| 2435 N Sherman Dr Indianapolis, IN 46218 | (317) 543-0727 | — | 4.8 |
| 2620 Madison Ave Indianapolis, IN 46225 | (317) 791-8619 | — | 4.9 |
| 3105 English Ave D Indianapolis, IN 46201 | (317) 964-0083 | — | 4.9 |
| 3406 W 16th St Indianapolis, IN 46222 | (317) 423-0732 | — | 4.8 |
| 40 N Delaware St Indianapolis, IN 46204 | (317) 638-0712 | — | 4.9 |
| 4856 S Emerson Ave Indianapolis, IN 46203 | (317) 791-9287 | — | 4.9 |
| 5103 W Washington St Indianapolis, IN 46241 | (317) 381-0786 | — | 4.7 |
| 5608 Georgetown Rd Indianapolis, IN 46254 | (317) 290-1150 | — | 4.9 |
| 5841 Crawfordsville Rd Ste 102 Indianapolis, IN 46224 | (317) 481-1844 | — | 4.9 |
| 6000 E 10th St Indianapolis, IN 46219 | (317) 353-0693 | — | 4.8 |
| 7025 Pendleton Pike Indianapolis, IN 46226 | (317) 549-3718 | — | 4.8 |
| 7237 Michigan Rd Indianapolis, IN 46268 | (317) 291-4172 | — | 4.9 |
| 7301 W 10th St Ste C Indianapolis, IN 46214 | (317) 209-8385 | — | 4.8 |
| 8027 Pendleton Pike Indianapolis, IN 46226 | (317) 895-1179 | — | 4.8 |
| 8091 Madison Ave Indianapolis, IN 46227 | (317) 889-3220 | — | 4.8 |
| 8605 Michigan Rd Indianapolis, IN 46268 | (317) 872-3285 | — | 4.9 |
| 8975 E Washington St Ste 101 Indianapolis, IN 46219 | (317) 897-5874 | — | 4.9 |
| 4086 Pendleton Way Indianapolis, IN 46226 | (317) 545-8511 | — | 3.9 |
| 4951 S Emerson Ave Indianapolis, IN 46203 | (317) 783-3366 | — | 4.0 |
| 5749 E 86th St Indianapolis, IN 46250 | (317) 842-1122 | — | — |
| 5945 Crawfordsville Rd E Indianapolis, IN 46224 | (317) 241-8984 | — | 3.9 |
| 6423 S East St Ste A Indianapolis, IN 46227 | (317) 272-8571 | — | 1.8 |
| 9719 E Washington St Indianapolis, IN 46229 | (317) 895-1518 | — | 4.3 |
| 10053 E Washington St Indianapolis, IN 46229 | (317) 899-1497 | — | 4.9 |
| 5375 E Thompson Rd Ste A Indianapolis, IN 46237 | (317) 786-8047 | — | 4.8 |
| 7411 Shadeland Ave Indianapolis, IN 46250 | (317) 348-3318 | — | 4.9 |
| 8330 N Michigan Rd Ste 300 Indianapolis, IN 46268 | (317) 334-8704 | — | 4.7 |
| 10930 Pendleton Pike, Ste. 105 Indianapolis, IN 46236 | (317) 823-3994 | Mon–Fri 10:00 AM – 6:00 PM Sat 10:00 AM – 2:00 PM Sun closed |
— |
| 1985 E. Stop 13 Road Indianapolis, IN 46227 | (317) 881-6328 | Mon–Fri 10:00 AM – 6:00 PM Sat 10:00 AM – 2:00 PM Sun closed |
— |
| 5621 Georgetown Rd Indianapolis, IN 46254 | (317) 328-7894 | Mon–Fri 10:00 AM – 6:00 PM Sat 10:00 AM – 2:00 PM Sun closed |
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More about Indianapolis
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 Indianapolis 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.