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 Buffalo, NY
11 credit unions are headquartered in Buffalo, with 49,563 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
- 49,563
- Federal
- 10
- State-chartered
- 1
Credit unions vs payday loan stores in Buffalo
Buffalo has 11 credit unions headquartered here and just 1 payday, installment or title loan store. Local credit unions count 49,563 members — roughly 8 memberships per 100 residents.
Credit unions
11
1.9 per 100k residents
49,563 members
Payday & loan stores
1
0.2 per 100k residents
1 store chain
Biggest loan store chains in Buffalo: Mariner Finance (1).
Borrowing $500 for 6 months in Buffalo
| 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
- 1.7%
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 Buffalo
- Median household income
- $63,542
- A $400 emergency equals
- 2.3 days of income
- Households earning under $25,000
- 21.6%
- Residents below the poverty line
- 18.5%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Buffalo 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 Buffalo
| Credit union | Address | Members | Website |
|---|---|---|---|
| Buffalo Metropolitan Federal Credit UnionFederal | 62 S Elmwood Ave Buffalo, NY 14202 | 17,293 | bflometrocu.org |
| Sjp Federal Credit UnionFederal | 341 Englewood Ave Buffalo, NY 14223 | 7,258 | sjpfcu.org |
| Tonawanda Community Federal Credit UnionFederal | 257 Highland Pkwy Buffalo, NY 14223 | 5,280 | — |
| Erie County Employees Credit UnionState-chartered | 95 Franklin St, Room 111 Buffalo, NY 14202 | 3,853 | eriecountycreditunion.net |
| Kenmore N. Y. Teachers Federal Credit UnionFederal | 2265 Sheridan Dr Buffalo, NY 14223 | 3,780 | kenteachfcu.com |
| Kaleida Health Federal Credit UnionFederal | 100 High St Buffalo, NY 14203 | 3,244 | kaleidahealth.org |
| Morton Lane Federal Credit UnionFederal | 388 Englewood Ave Buffalo, NY 14223 | 3,068 | mortonlanedirect.com |
| Buffalo Police Federal Credit UnionFederal | 68 Court St Rm 180 Buffalo, NY 14202 | 2,532 | buffalopolicefcu.org |
| Dunlop Employees Federal Credit UnionFederal | PO Box 1109 Buffalo, NY 14240 | 1,469 | — |
| Sister's Hospital Employees Federal Credit UnionFederal | 2157 Main Street Buffalo, NY 14214 | 1,375 | shefcu.org |
| St. John United Federal Credit UnionFederal | 184 Goodell St Buffalo, NY 14204 | 411 | stjohnunitedfcu.com |
Payday and installment loan stores in Buffalo
For comparison: storefront payday, installment and title lenders in Buffalo 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 |
|---|---|---|---|
| 4405 Milestrip Rd Ste 5B Buffalo, NY 14219 | (716) 677-0413 | — | 4.8 |
More about Buffalo
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 Buffalo 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.