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 Lowell, MA
5 credit unions are headquartered in Lowell, with 134,767 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
- 5
- Members
- 134,767
- Federal
- 2
- State-chartered
- 3
Credit unions vs payday loan stores in Lowell
Lowell has 5 credit unions headquartered here, and we found no storefront payday loan chains. Local credit unions count 134,767 members — roughly 117 memberships per 100 residents.
Credit unions
5
4.4 per 100k residents
134,767 members
Payday & loan stores
0
0 store chains
Borrowing $500 for 6 months in Lowell
| 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
- 1.4%
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 Lowell
- Median household income
- $77,053
- A $400 emergency equals
- 1.9 days of income
- Households earning under $25,000
- 18.6%
- Residents below the poverty line
- 16.0%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Lowell 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 Lowell
| Credit union | Address | Members | Website |
|---|---|---|---|
| Jeanne D'Arc Credit UnionState-chartered | 581 Merrimack St Lowell, MA 01854 | 101,712 | jdcu.com |
| Align Credit UnionState-chartered | 87 Hale St Lowell, MA 01851 | 26,989 | aligncu.com |
| Mills42 Federal Credit UnionFederal | 83 Merrimack St Lowell, MA 01852 | 2,938 | mills42fcu.com |
| Lowell Firefighters Credit UnionState-chartered | 642 Chelmsford St Lowell, MA 01851 | 1,850 | lffcu.com |
| Lowell Municipal Employees Federal Credit UnionFederal | 375 Merrimack St Lowell, MA 01852 | 1,278 | lmefcu.net |
More about Lowell
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 Lowell 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.