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 New Orleans, LA
17 credit unions are headquartered in New Orleans, with 38,129 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
- 17
- Members
- 38,129
- Federal
- 13
- State-chartered
- 4
Credit unions vs payday loan stores in New Orleans
New Orleans has 17 credit unions headquartered here and 8 payday, installment and title loan stores. Local credit unions count 38,129 members — roughly 9 memberships per 100 residents.
Credit unions
17
4.1 per 100k residents
38,129 members
Payday & loan stores
8
1.9 per 100k residents
3 store chains
Biggest loan store chains in New Orleans: ACE Cash Express (6), Advance America (1), OneMain Financial (1).
What a $350 loan costs over 3 months
| Option | Payment | Total cost |
|---|---|---|
| Payday loan, re-borrowed 6 times (~780% APR) | $68.62 every 2 weeks | $411.72 |
| Credit union PAL, 3 monthly payments (28% APR + $20 fee) | $122.15 a month | $36.46 |
- You keep with a credit union PAL over 3 months
- $375.26 payday costs 11× more
Payday: the LA maximum — $68.62 on a $350 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 New Orleans
- Median household income
- $59,924
- Payday fee of $68.62, share of two weeks' income
- 3.0%
- Hours of work to pay the $68.62 fee
- 4.1 hours
- PAL payment of $122.15, share of monthly income
- 2.4%
- A $400 emergency equals
- 2.4 days of income
- Households earning under $25,000
- 27.1%
- Residents below the poverty line
- 21.5%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for New Orleans are population-weighted and approximate. Hours of work are based on the median individual income.
Payday loans vs credit union PALs: the rules in Louisiana
| Payday loan in LA | Credit union PAL | |
|---|---|---|
| Legal status | Allowed | Offered by many federal credit unions |
| Loan amount | $350 | $200 – $2,000 |
| Fee limit | 16.75% of face value + $10 doc fee ($68.62) | Application fee up to $20 |
| Typical APR | ~780% | 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: Louisiana law as summarized on our Louisiana 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 New Orleans
| Credit union | Address | Members | Website |
|---|---|---|---|
| Riverland Federal Credit UnionFederal | 639 Loyola Ave Ste 220 New Orleans, LA 70113 | 16,380 | riverlandfcu.org |
| Instep Federal Credit UnionFederal | 400 Russell Ave., Bldg. #509 New Orleans, LA 70143 | 4,818 | instepmembers.com |
| Uno Federal Credit UnionFederal | University Of New Orleans, 2000 Lak New Orleans, LA 70148 | 4,267 | unofcu.org |
| Tulane/Loyola Federal Credit UnionFederal | 1440 Canal St Ste 101 New Orleans, LA 70112 | 3,175 | tulane-loyolafcu.com |
| New Orleans Police Department Emp. Credit UnionState-chartered | 1615 Poydras St Ste 110 New Orleans, LA 70112 | 1,711 | nopdecu.com |
| Internal Revenue Federal Credit UnionFederal | 1555 Poydras Street, Suite 250 New Orleans, LA 70112 | 1,514 | irfcuno.com |
| Sewerage & Water Board Employees Federal Credit UnionFederal | 625 Saint Joseph St - B13 New Orleans, LA 70165 | 1,456 | swbfcu.com |
| Southeast Louisiana Veterans Health Federal Credit UnionFederal | 2400 Canal Street, Ste 1Q130 New Orleans, LA 70119 | 982 | va.gov |
| Orleans Parish Sheriff's Credit UnionState-chartered | 2800 Perdido Street New Orleans, LA 70119 | 886 | — |
| Coast Guard Employees Credit UnionState-chartered | 500 Poydras St Rm 1228 New Orleans, LA 70130 | 585 | coastguardecu.net |
| N.O. Port Commission Employees Credit UnionState-chartered | P O Box 60046 New Orleans, LA 70130 | 581 | portnocu.com |
| Teamsters Local Union #270 Federal Credit UnionFederal | 701 Elysian Fields Ave New Orleans, LA 70117 | 499 | teamsters270.com |
| Xavier University Federal Credit UnionFederal | 1 Drexel Dr New Orleans, LA 70125 | 368 | xula.edu |
| Judicial & Justice Federal Credit UnionFederal | 600 S Maestri Pl Rm 166, F Edward New Orleans, LA 70130 | 366 | jjfcu.com |
| Arabi Sugar Workers Federal Credit UnionFederal | 11448 S Easterlyn Cir New Orleans, LA 70128 | 269 | — |
| New Orleans Public Belt Railroad Federal Credit UnionFederal | P O Box 11231 New Orleans, LA 70181 | 140 | — |
| G G W Federal Credit UnionFederal | 2128 Jackson Ave New Orleans, LA 70113 | 132 | — |
Payday and installment loan stores in New Orleans
For comparison: storefront payday, installment and title lenders in New Orleans 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 |
|---|---|---|---|
| 1026 Canal St New Orleans, LA 70112 | (504) 566-1683 | — | 4.9 |
| 2729 St Claude Ave New Orleans, LA 70117 | (504) 948-9327 | — | 5.0 |
| 3150 Gentilly Blvd New Orleans, LA 70122 | (504) 944-2274 | — | 4.9 |
| 401 S Claiborne Ave New Orleans, LA 70112 | (504) 529-5219 | — | 5.0 |
| 4103 Jefferson Hwy Jefferson, LA 70121 | (504) 837-6552 | — | 4.9 |
| 4638 Washington Ave New Orleans, LA 70125 | (504) 486-8950 | — | 5.0 |
| 2093 Caton St. New Orleans, LA 70122 | (504) 288-6538 | Mon–Thu 10:00 AM – 6:00 PM Fri 9:00 AM – 6:00 PM Sat 9:00 AM – 1:00 PM Sun closed |
— |
| 6600 Franklin Ave Ste A9 New Orleans, LA 70122 | (504) 282-0286 | — | 4.4 |
More about New Orleans
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 New Orleans 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.