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 Kokomo, IN
6 credit unions are headquartered in Kokomo, with 49,210 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
- 6
- Members
- 49,210
- Federal
- 6
- State-chartered
- 0
Credit unions vs payday loan stores in Kokomo
Kokomo has 6 credit unions headquartered here and 4 payday, installment and title loan stores. Local credit unions count 49,210 members — roughly 66 memberships per 100 residents.
Credit unions
6
8.0 per 100k residents
49,210 members
Payday & loan stores
4
5.3 per 100k residents
4 store chains
Biggest loan store chains in Kokomo: Advance America (1), Check Into Cash (1), Mariner Finance (1), OneMain Financial (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 Kokomo
- Median household income
- $60,311
- Payday fee of $75, share of two weeks' income
- 3.2%
- Hours of work to pay the $75 fee
- 4.4 hours
- PAL payment of $174.50, share of monthly income
- 3.5%
- A $400 emergency equals
- 2.4 days of income
- Households earning under $25,000
- 17.2%
- Residents below the poverty line
- 13.4%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Kokomo 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 Kokomo
| Credit union | Address | Members | Website |
|---|---|---|---|
| Solidarity Community Federal Credit UnionFederal | P.O. Box 2499 Kokomo, IN 46904 | 23,763 | solfcu.org |
| Financial Builders Federal Credit UnionFederal | 2828 S Lafountain St Kokomo, IN 46902 | 10,144 | financial.builders |
| Indiana Heartland Federal Credit UnionFederal | 402 S Berkley Rd Kokomo, IN 46901 | 5,332 | indianaheartland.org |
| Haynes Community Federal Credit UnionFederal | PO Box 2148 Kokomo, IN 46904 | 3,986 | haynesfcu.org |
| City of Firsts Community Federal Credit UnionFederal | PO Box 187 Kokomo, IN 46903 | 3,550 | cityoffirstscfcu.org |
| Howard County School Em Federal Credit UnionFederal | 105 W Southway Blvd Kokomo, IN 46902 | 2,435 | hcsefcu.org |
Payday and installment loan stores in Kokomo
For comparison: storefront payday, installment and title lenders in Kokomo 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 |
|---|---|---|---|
| 1812 E. Hoffer St. Kokomo, IN 46902 | (765) 868-9958 | Mon–Fri 10:00 AM – 6:00 PM Sat 10:00 AM – 2:00 PM Sun closed |
— |
| 605 S Reed Rd Ste 5 Kokomo, IN 46901 | (765) 868-7000 | — | 5.0 |
| 1818 E Hoffer St Kokomo, IN 46902 | (765) 452-3023 | — | 4.9 |
| 1611 E Markland Ave Kokomo, IN 46901 | (765) 457-8321 | — | 4.4 |
More about Kokomo
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 Kokomo 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.