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 Louisville, KY
14 credit unions are headquartered in Louisville, with 324,736 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
- 14
- Members
- 324,736
- Federal
- 7
- State-chartered
- 7
Credit unions vs payday loan stores in Louisville
Louisville has 18 payday, installment and title loan stores but only 14 credit unions headquartered here — about 1.3 loan stores for every credit union. Local credit unions count 324,736 members — roughly 42 memberships per 100 residents.
Credit unions
14
1.8 per 100k residents
324,736 members
Payday & loan stores
18
2.4 per 100k residents
7 store chains
Biggest loan store chains in Louisville: OneMain Financial (5), Advance America (4), Check Into Cash (3), Lendmark Financial Services (2), Mariner Finance (2).
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 Louisville
- Median household income
- $70,176
- Payday fee of $75, share of two weeks' income
- 2.8%
- Hours of work to pay the $75 fee
- 3.9 hours
- PAL payment of $174.50, share of monthly income
- 3.0%
- A $400 emergency equals
- 2.1 days of income
- Households earning under $25,000
- 17.1%
- Residents below the poverty line
- 14.8%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Louisville 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 Louisville
| Credit union | Address | Members | Website |
|---|---|---|---|
| L & N Federal Credit UnionFederal | 9115 Smyrna Pkwy Louisville, KY 40229 | 121,597 | lnfcu.com |
| Park Federal Credit UnionFederal | 2515 Blankenbaker Pkwy Louisville, KY 40299 | 80,908 | parkcommunity.com |
| Transcend Credit UnionState-chartered | P. O. Box 18303 Louisville, KY 40261 | 50,358 | transcendcu.com |
| Class Act Federal Credit UnionFederal | 3620 Fern Valley Rd Louisville, KY 40219 | 23,195 | classact.org |
| Autotruck Financial Credit UnionState-chartered | 7651 Jefferson Green Way Louisville, KY 40219 | 17,263 | ccuky.org |
| Advanz Federal Credit UnionFederal | P.O. Box 22289 Louisville, KY 40252 | 9,375 | advanzcu.org |
| Beacon Community Credit UnionState-chartered | 7910 National Turnpike Louisville, KY 40214 | 8,909 | beaconccu.org |
| Kemba Louisville Credit UnionState-chartered | 4017 Poplar Level Rd Louisville, KY 40213 | 4,009 | kembaky.org |
| Louisville Gas and Electric Company Credit UnionState-chartered | PO Box 32040 Louisville, KY 40232 | 2,717 | lgecu.org |
| Louisville Federal Credit UnionState-chartered | PO Box 33303 Louisville, KY 40232 | 2,184 | louisvillefcu.com |
| K I T Federal Credit UnionFederal | 9711 Linn Station Rd Louisville, KY 40223 | 1,844 | kitfcu.org |
| Brown-Forman Employees Credit UnionState-chartered | 850 Dixie Hwy Louisville, KY 40210 | 1,303 | homecu.net |
| Msd Federal Credit UnionFederal | 700 W Liberty St Louisville, KY 40203 | 886 | louisvillemsd.org |
| Young Community Federal Credit UnionFederal | 2200 Greene Way Louisville, KY 40220 | 188 | yccu.org |
Payday and installment loan stores in Louisville
For comparison: storefront payday, installment and title lenders in Louisville 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 |
|---|---|---|---|
| 10304 Shelbyville Rd Louisville, KY 40223 | (502) 254-1620 | — | 4.7 |
| 10635 Dixie Hwy Louisville, KY 40272 | (502) 935-0394 | — | 4.4 |
| 1253 Goss Ave Louisville, KY 40217 | (502) 638-0779 | — | 4.3 |
| 6517 Bardstown Rd Louisville, KY 40291 | (502) 762-9632 | — | 4.3 |
| 7031 Raggard Rd Louisville, KY 40216 | (502) 449-0293 | — | 4.5 |
| 3348 Hikes Lane, Ste. 109 Louisville, KY 40220 | (502) 459-3818 | Mon–Fri 10:00 AM – 6:00 PM Sat 10:00 AM – 1:00 PM Sun closed |
— |
| 3943 Dixie Highway, Suite A Louisville, KY 40216 | (502) 447-8411 | Mon 10:00 AM – 6:00 PM Tue 10:00 AM – 4:00 PM Wed–Fri 10:00 AM – 6:00 PM Sat 10:00 AM – 1:00 PM Sun closed |
— |
| 4412 Outer Loop Hwy. Louisville, KY 40219 | (502) 966-9877 | Mon–Fri 10:00 AM – 6:00 PM Sat 10:00 AM – 1:00 PM Sun closed |
— |
| 5510 New Cut Road Louisville, KY 40214 | (502) 380-3726 | Mon–Fri 10:00 AM – 6:00 PM Sat 10:00 AM – 1:00 PM Sun closed |
— |
| 3929 Taylorsville Rd Louisville, KY 40220 | (502) 451-6412 | — | 4.8 |
| 525 N 22nd St C Louisville, KY 40203 | (502) 776-9046 | — | 4.9 |
| 8520 Preston Hwy Louisville, KY 40219 | (502) 966-0285 | — | 3.0 |
| 6801 Dixie Hwy #164 Louisville, KY 40258 | (502) 856-6010 | — | 3.7 |
| 9346 Cedar Center Way Louisville, KY 40291 | (502) 253-9712 | — | 4.6 |
| 1850 S Hurstbourne Pkwy #135 Louisville, KY 40220 | (502) 365-1716 | — | 4.7 |
| 8800 Dixie Hwy B Louisville, KY 40258 | (502) 271-3676 | — | 4.7 |
| 6439 Bardstown Rd Louisville, KY 40291 | (502) 231-5464 | — | 4.9 |
| 8915 Stone Green Way Louisville, KY 40220 | (502) 702-5050 | — | 1.0 |
More about Louisville
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 Louisville 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.