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 Portland, ME
4 credit unions are headquartered in Portland, with 83,537 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
- 83,537
- Federal
- 2
- State-chartered
- 2
Credit unions vs payday loan stores in Portland
Portland has 4 credit unions headquartered here, and we found no storefront payday loan chains. Local credit unions count 83,537 members — roughly 123 memberships per 100 residents.
Credit unions
4
5.9 per 100k residents
83,537 members
Payday & loan stores
0
0 store chains
Borrowing $500 for 6 months in Portland
| Option | Payment | Total cost of borrowing |
|---|---|---|
| Installment loan at the Maine rate cap (30% APR) | $90.77/mo | $44.65 |
| Credit union PAL (28% APR) | $90.27/mo | $41.62 |
| Payday loan renewed every 2 weeks (typical $15 per $100, not available in Maine) | $75.00 every 2 weeks | $975.00 |
- Monthly payment at the Maine 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 Portland
- Median household income
- $79,745
- A $400 emergency equals
- 1.8 days of income
- Households earning under $25,000
- 15.1%
- Residents below the poverty line
- 11.2%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Portland are population-weighted and approximate. Hours of work are based on the median individual income.
Payday loans vs credit union PALs: the rules in Maine
| Payday loan in ME | Credit union PAL | |
|---|---|---|
| Legal status | Not allowed — storefront payday loans are banned | Offered by many federal credit unions |
| Rate cap | Capped at 30% 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: Maine law as summarized on our Maine 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 Portland
| Credit union | Address | Members | Website |
|---|---|---|---|
| Cport Credit UnionState-chartered | PO Box 777 Portland, ME 04104 | 37,387 | cportcu.org |
| Evergreen Credit UnionState-chartered | PO Box 1038 Portland, ME 04104 | 32,688 | egcu.org |
| Truchoice Federal Credit UnionFederal | PO Box 10659 Portland, ME 04104 | 12,579 | trufcu.com |
| Maine Media Federal Credit UnionFederal | PO Box 7702 Portland, ME 04112 | 883 | mainemedia.com |
More about Portland
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 Portland 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.