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 Brooklyn, NY
11 credit unions are headquartered in Brooklyn, with 142,877 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
- 11
- Members
- 142,877
- Federal
- 11
- State-chartered
- 0
Credit unions vs payday loan stores in Brooklyn
Brooklyn has 11 credit unions headquartered here, and we found no storefront payday loan chains. Local credit unions count 142,877 members — roughly 5 memberships per 100 residents.
Credit unions
11
0.4 per 100k residents
142,877 members
Payday & loan stores
0
0 store chains
Borrowing $500 for 6 months in Brooklyn
| Option | Payment | Total cost of borrowing |
|---|---|---|
| Installment loan at the New York rate cap (25% APR) | $89.51/mo | $37.08 |
| Credit union PAL (28% APR) | $90.27/mo | $41.62 |
| Payday loan renewed every 2 weeks (typical $15 per $100, not available in New York) | $75.00 every 2 weeks | $975.00 |
- Monthly payment at the New York rate cap vs median monthly household income
- 1.3%
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 Brooklyn
- Median household income
- $82,649
- A $400 emergency equals
- 1.8 days of income
- Households earning under $25,000
- 19.6%
- Residents below the poverty line
- 18.9%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Brooklyn are population-weighted and approximate. Hours of work are based on the median individual income.
Payday loans vs credit union PALs: the rules in New York
| Payday loan in NY | Credit union PAL | |
|---|---|---|
| Legal status | Not allowed — storefront payday loans are banned | Offered by many federal credit unions |
| Rate cap | Capped at 25% APR (Criminal Usury) | 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: New York law as summarized on our New York 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 Brooklyn
| Credit union | Address | Members | Website |
|---|---|---|---|
| Polish & Slavic Federal Credit UnionFederal | 100 Mcguinness Blvd Brooklyn, NY 11222 | 127,100 | psfcu.com |
| Brooklyn Cooperative Federal Credit UnionFederal | 1308 Myrtle Ave Brooklyn, NY 11221 | 6,274 | brooklyn.coop |
| Consumers Federal Credit UnionFederal | 425 Neptune Ave Brooklyn, NY 11224 | 3,245 | consumersfcu.org |
| Transfiguration Parish Federal Credit UnionFederal | 429 Broadway Brooklyn, NY 11211 | 2,181 | transfigurationfcu.org |
| Nym Federal Credit UnionFederal | 501 6th St Apt 2F Brooklyn, NY 11215 | 2,120 | nymfcu.org |
| Bykota Federal Credit UnionFederal | 457 Grand Ave Brooklyn, NY 11238 | 901 | — |
| Concord Federal Credit UnionFederal | 833 Marcy Ave Brooklyn, NY 11216 | 439 | concordfcu.org |
| I R E B Federal Credit UnionFederal | 2 Metrotech Ctr Fl 7 Brooklyn, NY 11201 | 234 | — |
| Spc Brooklyn Federal Credit UnionFederal | 29 Claver Pl Brooklyn, NY 11238 | 187 | — |
| Sts Peter & Paul Federal Credit UnionFederal | 429 Broadway Brooklyn, NY 11211 | 101 | — |
| Berea Federal Credit UnionFederal | 1641 Bergen Street Brooklyn, NY 11213 | 95 | — |
More about Brooklyn
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 Brooklyn 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.