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 Lexington, KY
7 credit unions are headquartered in Lexington, with 198,934 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
- 7
- Members
- 198,934
- Federal
- 3
- State-chartered
- 4
Credit unions vs payday loan stores in Lexington
Lexington has 9 payday, installment and title loan stores but only 7 credit unions headquartered here — about 1.3 loan stores for every credit union. Local credit unions count 198,934 members — roughly 62 memberships per 100 residents.
Credit unions
7
2.2 per 100k residents
198,934 members
Payday & loan stores
9
2.8 per 100k residents
6 store chains
Biggest loan store chains in Lexington: Advance America (2), Check Into Cash (2), OneMain Financial (2), 1st Franklin Financial (1), Lendmark Financial Services (1).
What a $500 loan costs over 3 months
| Option | Payment | Total cost |
|---|---|---|
| Payday loan, re-borrowed 6 times (~391% 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: the KY maximum — $75 on a $500 loan for 2 weeks, paid again each time the loan is renewed or taken out again (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 Lexington
- Median household income
- $71,202
- Payday fee of $75, share of two weeks' income
- 2.7%
- Hours of work to pay the $75 fee
- 3.9 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
- 16.8%
- Residents below the poverty line
- 15.9%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Lexington are population-weighted and approximate. Hours of work are based on the median individual income.
Payday loans vs credit union PALs: the rules in Kentucky
| Payday loan in KY | Credit union PAL | |
|---|---|---|
| Legal status | Allowed | Offered by many federal credit unions |
| Loan amount | $500 | $200 – $2,000 |
| Fee limit | $15 per $100 advanced ($75) | Application fee up to $20 |
| Typical APR | ~391% | 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: Kentucky law as summarized on our Kentucky 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 Lexington
| Credit union | Address | Members | Website |
|---|---|---|---|
| University of Kentucky Federal Credit UnionFederal | 1730 Alysheba Way Lexington, KY 40509 | 112,948 | ukfcu.org |
| Members Heritage Credit UnionState-chartered | 440 Park Pl Lexington, KY 40511 | 54,828 | membersheritage.org |
| The Health & Education Federal Credit UnionFederal | 424 Park Pl Lexington, KY 40511 | 12,288 | thefcu.com |
| Greater Kentucky Credit Union, Inc.State-chartered | 1001 Red Mile Road Lexington, KY 40504 | 9,295 | gtkycu.com |
| Metro Plus Credit UnionState-chartered | 1565 Mcgrathiana Pkwy Lexington, KY 40511 | 4,685 | metroplus.org |
| Kue Federal Credit UnionFederal | 1 Quality St Lexington, KY 40507 | 2,760 | kuefcu.com |
| Lexington Postal Community Credit UnionState-chartered | 124 Louie Pl Lexington, KY 40511 | 2,130 | lexpccu.com |
Payday and installment loan stores in Lexington
For comparison: storefront payday, installment and title lenders in Lexington 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 |
|---|---|---|---|
| 1301 Winchester Rd., Suite 77 Lexington, KY 40505 | (859) 255-6378 | Mon–Thu 10:00 AM – 6:00 PM Fri 9:00 AM – 6:00 PM Sat 9:00 AM – 1:00 PM Sun closed |
— |
| 352 Southland Drive Lexington, KY 40503 | (859) 277-2264 | Mon–Thu 10:00 AM – 6:00 PM Fri 9:00 AM – 6:00 PM Sat 9:00 AM – 1:00 PM Sun closed |
— |
| 1555 E New Circle Rd #166 Lexington, KY 40509 | (859) 266-4048 | — | 4.9 |
| 1801 Alexandria Dr Ste 188 Lexington, KY 40504 | (859) 277-9828 | — | 5.0 |
| 126 Towne Center Dr Lexington, KY 40511 | (859) 246-1453 | — | 3.9 |
| 2358 Nicholasville Rd #150 Lexington, KY 40503 | (859) 260-8830 | — | 4.1 |
| 3101 Richmond Rd #304 Lexington, KY 40509 | (859) 268-3028 | — | 4.9 |
| 152 W Tiverton Way Suite 110 Lexington, KY 40503 | (859) 335-0187 | — | 3.9 |
| 1260 Winchester Rd Lexington, KY 40505 | (859) 266-8585 | — | 4.7 |
More about Lexington
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 Lexington 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.