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 Boston, MA
8 credit unions are headquartered in Boston, with 24,918 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
- 8
- Members
- 24,918
- Federal
- 5
- State-chartered
- 3
Credit unions vs payday loan stores in Boston
Boston has 8 credit unions headquartered here and just 1 payday, installment or title loan store. Local credit unions count 24,918 members — roughly 16 memberships per 100 residents.
Credit unions
8
5.3 per 100k residents
24,918 members
Payday & loan stores
1
0.7 per 100k residents
1 store chain
Biggest loan store chains in Boston: loanDepot (1).
Borrowing $500 for 6 months in Boston
| 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
- 1.1%
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 Boston
- Median household income
- $98,700
- A $400 emergency equals
- 1.5 days of income
- Households earning under $25,000
- 23.7%
- Residents below the poverty line
- 22.2%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Boston 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 headquartered in Boston
| Credit union | Address | Members | Website |
|---|---|---|---|
| Tremont Credit UnionState-chartered | P.O. Box 220730 Boston, MA 02122 | 12,744 | tremontcu.org |
| First Priority Credit UnionState-chartered | 25 Dorchester Ave Boston, MA 02205 | 5,861 | firstprioritycu.com |
| Alpha Credit UnionState-chartered | One Deaconess Rd Boston, MA 02215 | 3,765 | alphacu.com |
| 600 Atlantic Federal Credit UnionFederal | 600 Atlantic Ave Boston, MA 02210 | 1,452 | 600atlanticfcu.org |
| Boston Customs Federal Credit UnionFederal | 10 Causeway Street, Room 436 Boston, MA 02222 | 364 | bostoncustomsfcu.org |
| M.O.S.E.S. Federal Credit UnionFederal | 90 North Washington St, Ste 3 Boston, MA 02114 | 267 | moses-ma.org |
| New England Lee Federal Credit UnionFederal | PO Box 120226 Boston, MA 02112 | 256 | — |
| Symphony Federal Credit UnionFederal | 301 Massachusetts Ave Boston, MA 02115 | 209 | — |
Payday and installment loan stores in Boston
For comparison: storefront payday, installment and title lenders in Boston 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 |
|---|---|---|---|
| 671 Tremont St Ste 1 Boston, MA 02118 | (617) 896-1827 | — | 2.6 |
More about Boston
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 Boston 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.