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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 Massachusetts
122 credit unions are headquartered in Massachusetts, with 2,250,082 members in total. 77 are federal credit unions and 45 are state-chartered; all are federally insured by the NCUA.
- Credit unions
- 122
- Members
- 2.3M
- Federal
- 77
- State-chartered
- 45
- Members per 100 people
- 32
- CUs per 100k people
- 1.7
Credit unions vs payday loan stores in Massachusetts
Massachusetts has 122 credit unions headquartered here and 4 payday, installment and title loan stores. Local credit unions count 2,250,082 members — roughly 32 memberships per 100 residents.
Credit unions
122
1.7 per 100k residents
2.3M members
Payday & loan stores
4
0.1 per 100k residents
1 store chain
Biggest loan store chains in Massachusetts: loanDepot (4).
Borrowing $500 for 6 months in Massachusetts
| Option | Payment | Total cost of borrowing |
|---|---|---|
| Installment loan at the Massachusetts rate cap (23% APR) | $89.01/mo | $34.07 |
| Credit union PAL (28% APR) | $90.27/mo | $41.62 |
| Payday loan renewed every 2 weeks (typical $15 per $100, not available in Massachusetts) | $75.00 every 2 weeks | $975.00 |
- Monthly payment at the Massachusetts rate cap vs median monthly household income
- 1.0%
Example calculation with fixed monthly payments; the payday row shows typical out-of-state pricing for comparison. Actual rates and terms vary by lender.
What it means for a household in Massachusetts
- Median household income
- $109,539
- A $400 emergency equals
- 1.3 days of income
- Households earning under $25,000
- 13.3%
- Residents below the poverty line
- 10.1%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Massachusetts are population-weighted and approximate. Hours of work are based on the median individual income.
Payday loans vs credit union PALs: the rules in Massachusetts
| Payday loan in MA | Credit union PAL | |
|---|---|---|
| Legal status | Not allowed — storefront payday loans are banned | Offered by many federal credit unions |
| Rate cap | Capped at 23% APR | 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: Massachusetts law as summarized on our Massachusetts 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 by city in Massachusetts
Credit unions are headquartered in 73 cities and towns across Massachusetts. Pick a city for addresses and websites, or scroll down for the smaller towns.
All credit unions in Massachusetts
| Credit union | Headquarters | Members | Website |
|---|---|---|---|
| Metro Credit UnionState-chartered | Chelsea | 215,295 | metrocu.org |
| Rockland Federal Credit UnionFederal | Rockland | 213,896 | rfcu.com |
| Workers Federal Credit UnionFederal | Littleton | 119,644 | wcu.com |
| Brightbridge Credit UnionState-chartered | Lawrence | 116,769 | brightbridge.org |
| Greylock Federal Credit UnionFederal | Pittsfield | 106,155 | greylock.org |
| Jeanne D'Arc Credit UnionState-chartered | Lowell | 101,712 | jdcu.com |
| Hanscom Federal Credit UnionFederal | Hanscom Afb | 96,606 | hfcu.org |
| Webster First Federal Credit UnionFederal | Worcester | 84,905 | websterfirst.com |
| Sharon & Crescent United Credit UnionState-chartered | Sharon | 70,338 | scucu.com |
| St. Anne's Credit UnionState-chartered | Fall River | 61,731 | stannes.com |
| Harvard Federal Credit UnionFederal | Cambridge | 58,845 | harvardfcu.org |
| St. Mary's Credit UnionState-chartered | Marlborough | 56,730 | stmaryscu.org |
| Umassfive College Federal Credit UnionFederal | Hadley | 51,124 | umassfive.coop |
| First Citizens' Federal Credit UnionFederal | Fairhaven | 42,903 | firstcitizens.org |
| Quincy Credit UnionState-chartered | Quincy | 39,322 | qcu.org |
| Central One Federal Credit UnionFederal | Shrewsbury | 39,109 | centralfcu.com |
| I-C Federal Credit UnionFederal | Fitchburg | 36,874 | iccreditunion.org |
| All One Credit UnionState-chartered | Leominster | 36,606 | all-onecu.com |
| Mass. Institute of Tech. Federal Credit UnionFederal | Lexington | 35,226 | mitfcu.org |
| Gfa Federal Credit UnionFederal | Gardner | 33,415 | gfafcu.com |
| Freedom Credit UnionState-chartered | Springfield | 31,707 | freedom.coop |
| City of Boston Credit UnionState-chartered | South Boston | 31,228 | cityofbostoncu.com |
| Millbury Federal Credit UnionFederal | Millbury | 30,003 | millburycu.com |
| Polish National Credit UnionState-chartered | Chicopee | 28,647 | pncu.com |
| Align Credit UnionState-chartered | Lowell | 26,989 | aligncu.com |
| Direct Federal Credit UnionFederal | Needham | 23,538 | direct.com |
| Liberty Bay Credit UnionState-chartered | Braintree | 21,692 | lbcu.org |
| Holyoke Credit UnionState-chartered | Holyoke | 21,601 | holyokecu.com |
| Taunton Federal Credit UnionFederal | Taunton | 19,214 | tfed.com |
| St. Jean's Credit UnionState-chartered | Lynn | 18,143 | stjeanscu.com |
| Mass Bay Credit UnionState-chartered | South Boston | 17,688 | massbaycu.org |
| Members Plus Credit UnionState-chartered | Medford | 13,687 | memberspluscu.org |
| Massmutual Federal Credit UnionFederal | Springfield | 13,582 | massmutualfcu.org |
| Fall River Municipal Credit UnionState-chartered | Fall River | 13,082 | frmcu.com |
| Alden Credit UnionState-chartered | Chicopee | 12,757 | aldencu.com |
| Tremont Credit UnionState-chartered | Boston | 12,744 | tremontcu.org |
| Boston Firefighters Credit UnionState-chartered | Dorchester | 12,049 | bosfirecu.com |
| Somerset Federal Credit UnionFederal | Somerset | 11,688 | somersetfcu.com |
| Pioneer Valley Federal Credit UnionFederal | Springfield | 11,570 | pvcu.org |
| Alltrust Credit UnionState-chartered | Fairhaven | 11,512 | alltrustcu.org |
| Southbridge Credit UnionState-chartered | Southbridge | 11,310 | southbridgecu.com |
| Greater Springfield Credit UnionState-chartered | Springfield | 10,953 | grscu.org |
| New Bedford Credit UnionState-chartered | New Bedford | 10,582 | nbcu4u.com |
| Shrewsbury Federal Credit UnionFederal | Shrewsbury | 9,664 | shrewsburycu.com |
| Luso-American Credit UnionState-chartered | Peabody | 9,326 | luso-american.com |
| Luso Federal Credit UnionFederal | Ludlow | 7,926 | lusofederal.com |
| Nesc Federal Credit UnionFederal | Methuen | 7,872 | nescfcu.org |
| Franklin First Federal Credit UnionFederal | Greenfield | 7,387 | franklinfirst.org |
| Metrowest Community Federal Credit UnionFederal | Framingham | 7,000 | mwcfcu.com |
| Homefield Credit UnionState-chartered | North Grafton | 6,883 | homefieldcu.com |
| Naveo Credit UnionState-chartered | Somerville | 6,681 | naveo.org |
| Worcester Credit UnionState-chartered | Worcester | 6,355 | worcestercu.com |
| Athol Credit UnionState-chartered | Athol | 6,279 | atholcu.com |
| Westport Federal Credit UnionFederal | Westport | 6,169 | westport.org |
| Tewksbury Federal Credit UnionFederal | Tewksbury | 6,033 | tewksburyfcu.com |
| First Priority Credit UnionState-chartered | Boston | 5,861 | firstprioritycu.com |
| Common Trust Federal Credit UnionFederal | Woburn | 5,788 | commontrustfcu.org |
| Energy Credit UnionState-chartered | West Roxbury | 5,616 | energycreditunion.org |
| River Works Credit UnionState-chartered | Lynn | 5,341 | rwcu.com |
| Brotherhood Credit UnionState-chartered | Lynn | 5,177 | brotherhoodcu.org |
| Southcoast Federal Credit UnionFederal | New Bedford | 4,315 | southcoastcu.org |
| Stoneham Municipal Employees Federal Credit UnionFederal | Stoneham | 4,143 | smefcu.org |
| New England Teamsters Federal Credit UnionFederal | Charlestown | 4,023 | netfcu.org |
| Allcom Credit UnionState-chartered | Worcester | 3,823 | allcomcu.org |
| Alpha Credit UnionState-chartered | Boston | 3,765 | alphacu.com |
| Norfolk Community Federal Credit UnionFederal | Norfolk | 3,589 | norfolkcommunityfcu.org |
| Cranberry Federal Credit UnionFederal | West Wareham | 3,447 | cranberryfcu.org |
| St. Michaels Fall River Federal Credit UnionFederal | Fall River | 3,165 | smfcu.org |
| Notre Dame Community Federal Credit UnionFederal | Fall River | 3,110 | notredamecommunityfcu.com |
| Mills42 Federal Credit UnionFederal | Lowell | 2,938 | mills42fcu.com |
| Goldmark Federal Credit UnionFederal | Attleboro | 2,929 | goldmarkfcu.com |
| Mycom Federal Credit UnionFederal | Pittsfield | 2,719 | mycomcu.org |
| Methuen Federal Credit UnionFederal | Methuen | 2,541 | methuencreditunion.com |
| Brookline Municipal Credit UnionState-chartered | Brookline | 2,484 | brooklinecu.com |
| Chelsea Employees Federal Credit UnionFederal | Chelsea | 2,248 | chelseaefcu.org |
| Somerville Municipal Federal Credit UnionFederal | Somerville | 2,200 | somervillescu.com |
| The Andovers Federal Credit UnionFederal | Andover | 2,152 | andoverfcu.com |
| Worcester Fire Dept. Credit UnionState-chartered | Worcester | 2,058 | wfdcu.org |
| Santo Christo Federal Credit UnionFederal | Fall River | 1,978 | santochristocu.com |
| Beverly Municipal Federal Credit UnionFederal | Beverly | 1,893 | beverlyfcu.com |
| Rah Federal Credit UnionFederal | Randolph | 1,852 | rahfcu.org |
| Lowell Firefighters Credit UnionState-chartered | Lowell | 1,850 | lffcu.com |
| Htm Credit UnionState-chartered | Haverhill | 1,792 | htmcreditunion.com |
| Taupa Lithuanian Federal Credit UnionFederal | South Boston | 1,780 | taupaboston.com |
| Leominster Employees Federal Credit UnionFederal | Leominster | 1,696 | leomefcu.org |
| St. Anthony of Padua Federal Credit UnionFederal | Fall River | 1,649 | sapfcu.com |
| Lynn Firemens Federal Credit UnionFederal | Lynn | 1,605 | lynnffcu.com |
| Malden Federal Credit UnionFederal | Malden | 1,554 | maldenfcu.com |
| Attleboro M E Federal Credit UnionFederal | Attleboro | 1,514 | attleborofcu.org |
| 600 Atlantic Federal Credit UnionFederal | Boston | 1,452 | 600atlanticfcu.org |
| Massachusetts Family Federal Credit UnionFederal | Lynn | 1,389 | massfamilycu.com |
| Somerville School Employees Federal Credit UnionFederal | Somerville | 1,381 | ssefcu.org |
| Cambridge Municipal Employees Federal Credit UnionFederal | Cambridge | 1,292 | cambridgefcu.com |
| Lowell Municipal Employees Federal Credit UnionFederal | Lowell | 1,278 | lmefcu.net |
| Worcester Police Department Federal Credit UnionFederal | Worcester | 1,268 | wpdfcu.com |
| Billerica Municipal Employees Credit UnionState-chartered | Billerica | 1,258 | billericamecu.com |
| Health Alliance Federal Credit UnionFederal | Somerville | 1,239 | healthalliancefcu.com |
| Marblehead Municipal Federal Credit UnionFederal | Marblehead | 1,230 | marbleheadcu.com |
| Haverhill Fire Department Credit UnionState-chartered | Haverhill | 1,197 | hfdcu.com |
| Burlington Municipal Employees Federal Credit UnionFederal | Burlington | 1,156 | burlingtonmefcu.com |
| Danvers Municipal Federal Credit UnionFederal | Danvers | 1,076 | dmfcu.org |
| Dedham Town Employees Federal Credit UnionFederal | Dedham | 1,063 | dedhamcu.com |
| Lynn Police Credit UnionState-chartered | Lynn | 1,022 | — |
| Arlington Municipal Federal Credit UnionFederal | Arlington | 907 | arlfcu.org |
| Morton Federal Credit UnionFederal | Taunton | 891 | mortonfedcu.com |
| Cambridge Firefighters Federal Credit UnionFederal | Cambridge | 864 | cffcu.com |
| Medford Municipal Employees Federal Credit UnionFederal | Medford | 758 | — |
| Norwood Town Employees Federal Credit UnionFederal | Norwood | 745 | norwoodcreditunion.com |
| Lynn Teachers Credit UnionState-chartered | Lynn | 667 | lynnteacherscu.com |
| Watertown Municipal Credit UnionState-chartered | Watertown | 661 | watertownmcu.com |
| Middlesex-Essex Postal Employees Federal Credit UnionFederal | North Reading | 620 | — |
| Stoughton Town Employees Federal Credit UnionFederal | Stoughton | 478 | — |
| Belmont Municipal Federal Credit UnionFederal | Belmont | 383 | — |
| Boston Customs Federal Credit UnionFederal | Boston | 364 | bostoncustomsfcu.org |
| North Adams M E Federal Credit UnionFederal | North Adams | 328 | — |
| Manchester Federal Credit UnionFederal | Manchester | 296 | — |
| Somerville Mass Firefighters Federal Credit UnionFederal | Somerville | 285 | sommfcu.com |
| M.O.S.E.S. Federal Credit UnionFederal | Boston | 267 | moses-ma.org |
| New England Lee Federal Credit UnionFederal | Boston | 256 | — |
| Revere Firefighters Federal Credit UnionFederal | Revere | 232 | — |
| Messiah Baptist-Jubilee Federal Credit UnionFederal | Brockton | 229 | mbjfcu.org |
| Symphony Federal Credit UnionFederal | Boston | 209 | — |
Credit unions in smaller towns of Massachusetts
Other cities and towns in Massachusetts where credit unions are headquartered, and how many there are in each.
- Andover 1
- Arlington 1
- Athol 1
- Attleboro 2
- Belmont 1
- Beverly 1
- Billerica 1
- Braintree 1
- Burlington 1
- Charlestown 1
- Chelsea 2
- Danvers 1
- Dedham 1
- Fairhaven 2
- Fitchburg 1
- Gardner 1
- Greenfield 1
- Hadley 1
- Hanscom Afb 1
- Holyoke 1
- Leominster 2
- Lexington 1
- Littleton 1
- Ludlow 1
- Manchester 1
- Marblehead 1
- Marlborough 1
- Millbury 1
- Needham 1
- Norfolk 1
- North Adams 1
- North Grafton 1
- North Reading 1
- Norwood 1
- Pittsfield 2
- Randolph 1
- Rockland 1
- Sharon 1
- Shrewsbury 2
- Somerset 1
- South Boston 3
- Southbridge 1
- Stoneham 1
- Stoughton 1
- Tewksbury 1
- Watertown 1
- West Roxbury 1
- West Wareham 1
- Westport 1
- Woburn 1
Credit unions are listed in the city of their headquarters; many have branches in other cities and accept members from across the state or the country, so members per 100 people is an approximation.