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 Springfield, MA
4 credit unions are headquartered in Springfield, with 67,812 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
- 67,812
- Federal
- 2
- State-chartered
- 2
Credit unions vs payday loan stores in Springfield
Springfield has 4 credit unions headquartered here, and we found no storefront payday loan chains. Local credit unions count 67,812 members — roughly 47 memberships per 100 residents.
Credit unions
4
2.8 per 100k residents
67,812 members
Payday & loan stores
0
0 store chains
Borrowing $500 for 6 months in Springfield
| 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
- 2.1%
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 Springfield
- Median household income
- $51,959
- A $400 emergency equals
- 2.8 days of income
- Households earning under $25,000
- 28.4%
- Residents below the poverty line
- 25.7%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Springfield 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 Springfield
| Credit union | Address | Members | Website |
|---|---|---|---|
| Freedom Credit UnionState-chartered | PO Box 3009 Springfield, MA 01101 | 31,707 | freedom.coop |
| Massmutual Federal Credit UnionFederal | 1295 State St Springfield, MA 01111 | 13,582 | massmutualfcu.org |
| Pioneer Valley Federal Credit UnionFederal | 246 Brookdale Dr Springfield, MA 01104 | 11,570 | pvcu.org |
| Greater Springfield Credit UnionState-chartered | 1030 Wilbraham Rd Springfield, MA 01109 | 10,953 | grscu.org |
More about Springfield
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 Springfield 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.