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 Owensboro, KY
4 credit unions are headquartered in Owensboro, with 19,040 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
- 4
- Members
- 19,040
- Federal
- 4
- State-chartered
- 0
Credit unions vs payday loan stores in Owensboro
Owensboro has 6 payday, installment and title loan stores but only 4 credit unions headquartered here — about 1.5 loan stores for every credit union. Local credit unions count 19,040 members — roughly 22 memberships per 100 residents.
Credit unions
4
4.6 per 100k residents
19,040 members
Payday & loan stores
6
6.9 per 100k residents
6 store chains
Biggest loan store chains in Owensboro: 1st Franklin Financial (1), Advance America (1), Check Into Cash (1), Lendmark Financial Services (1), Mariner Finance (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 Owensboro
- Median household income
- $62,491
- Payday fee of $75, share of two weeks' income
- 3.1%
- Hours of work to pay the $75 fee
- 4.4 hours
- PAL payment of $174.50, share of monthly income
- 3.4%
- A $400 emergency equals
- 2.3 days of income
- Households earning under $25,000
- 20.2%
- Residents below the poverty line
- 16.6%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Owensboro 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 Owensboro
| Credit union | Address | Members | Website |
|---|---|---|---|
| Owensboro Federal Credit UnionFederal | 717 Harvard Drive Owensboro, KY 42301 | 6,071 | owensborofcu.org |
| Daviess County Teachers Federal Credit UnionFederal | P O Box 1986 Owensboro, KY 42302 | 5,432 | dctfcu.com |
| Green River Area Federal Credit UnionFederal | 3000 Highway 144 Owensboro, KY 42303 | 4,970 | greenriverafcu.com |
| Audubon Federal Credit UnionFederal | P O Box 1009 Owensboro, KY 42302 | 2,567 | audubonfcu.net |
Payday and installment loan stores in Owensboro
For comparison: storefront payday, installment and title lenders in Owensboro 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 |
|---|---|---|---|
| 303 E 14th St Apt 6 Owensboro, KY 42303 | (270) 683-6727 | — | 5.0 |
| 3333 Frederica, #3 Owensboro, KY 42301 | (270) 684-6408 | Mon 10:00 AM – 6:00 PM Tue 10:00 AM – 4:00 PM Wed 9:00 AM – 6:00 PM Thu 10:00 AM – 6:00 PM Fri 9:00 AM – 6:00 PM Sat 10:00 AM – 1:00 PM Sun closed |
— |
| 3525 Frederica St Ste 2 Owensboro, KY 42301 | (270) 683-3250 | — | 4.9 |
| 2928 Heartland Xing Blvd B Owensboro, KY 42303 | (270) 926-6836 | — | 5.0 |
| 5140 Frederica St Ste B Owensboro, KY 42301 | (270) 228-2631 | — | 4.8 |
| 4764 Frederica St #5 Owensboro, KY 42301 | (270) 684-6264 | — | 3.9 |
More about Owensboro
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 Owensboro 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.