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 New York, NY
23 credit unions are headquartered in New York, with 775,930 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
- 23
- Members
- 775,930
- Federal
- 22
- State-chartered
- 1
Credit unions vs payday loan stores in New York
New York has 23 credit unions headquartered here and just 1 payday, installment or title loan store. Local credit unions count 775,930 members — roughly 48 memberships per 100 residents.
Credit unions
23
1.4 per 100k residents
775,930 members
Payday & loan stores
1
0.1 per 100k residents
1 store chain
Biggest loan store chains in New York: loanDepot (1).
Borrowing $500 for 6 months in New York
| 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
- 1.0%
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 New York
- Median household income
- $111,654
- A $400 emergency equals
- 1.3 days of income
- Households earning under $25,000
- 19.1%
- Residents below the poverty line
- 15.7%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for New York 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 New York
| Credit union | Address | Members | Website |
|---|---|---|---|
| Municipal Credit UnionState-chartered | 22 Cortlandt St New York, NY 10007 | 640,990 | nymcu.org |
| Self Reliance Financial Federal Credit UnionFederal | 108 2nd Ave New York, NY 10003 | 31,580 | selfrelianceny.org |
| Actors Federal Credit UnionFederal | 165 W 46th St, 14th Fl. New York, NY 10036 | 30,768 | actorsfcu.com |
| I Am Federal Credit UnionFederal | 498 Fashion Ave Fl 2 New York, NY 10018 | 15,233 | iamfedcu.org |
| The Finest Federal Credit UnionFederal | 215 Park Row, Suite 2 New York, NY 10038 | 12,316 | thefinestfcu.org |
| New York University Federal Credit UnionFederal | 726 Broadway Ste 110 New York, NY 10003 | 10,733 | nyu.edu |
| Lower East Side People's Federal Credit UnionFederal | 37 Avenue B New York, NY 10009 | 8,683 | lespfcu.org |
| Ukrainian National Federal Credit UnionFederal | PO Box 160, Cooper Station New York, NY 10276 | 6,472 | ukrnatfcu.org |
| Elektra Federal Credit UnionFederal | 124 W 30th St Rm 211 New York, NY 10001 | 5,767 | — |
| New York Times Employees Federal Credit UnionFederal | 620 8th Ave Fl 28 New York, NY 10018 | 4,143 | nytimescu.org |
| Neighborhood Trust Federal Credit UnionFederal | 1112 Saint Nicholas Ave New York, NY 10032 | 2,911 | neighborhoodtrustfcu.org |
| Transit Authority Division B Federal Credit UnionFederal | 3961 10th Avenue Room 230 New York, NY 10034 | 1,461 | divbfcu.com |
| Grand Central Terminal Employees Federal Credit UnionFederal | 15 Vanderbilt Ave Ste D41 New York, NY 10017 | 1,418 | — |
| Empirt 207 Federal Credit UnionFederal | 3961 10th Ave, Rm. 234 New York, NY 10034 | 828 | amimembernet.com |
| Penn South Cooperative Federal Credit UnionFederal | 321 8th Ave Fl 1 New York, NY 10001 | 711 | pennsouthcreditunion.org |
| New York Episcopal Federal Credit UnionFederal | Cathedral House, 1047 Amsterdam Ave New York, NY 10025 | 404 | communitygoodfcu.org |
| Fidelis Federal Credit UnionFederal | 448 West 152nd St New York, NY 10031 | 336 | fidelisfcu.org |
| St. Philip's Church Federal Credit UnionFederal | 204 W 134th St, Undercroft Room U-1 New York, NY 10030 | 299 | — |
| Generations United Federal Credit UnionFederal | 420 Lexington Ave Rm 850 New York, NY 10170 | 264 | gufcu.org |
| Church of the Master Federal Credit UnionFederal | 81 Morningside Ave New York, NY 10027 | 237 | — |
| Amnh Employees Federal Credit UnionFederal | 200 Central Park West New York, NY 10024 | 201 | — |
| Southern Baptist Church of New York Federal Credit UnionFederal | 12 West 108th Street New York, NY 10025 | 105 | thesouthernbaptistchurchofharlem.org |
| Urban Empowerment Federal Credit UnionFederal | 215 Park Row Ste. 1 New York, NY 10038 | 70 | ue-fcu.com |
Payday and installment loan stores in New York
For comparison: storefront payday, installment and title lenders in New York 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 |
|---|---|---|---|
| 3 Columbus Cir 15th, Fl Suite 1620 New York, NY 10019 | (212) 351-8000 | — | 3.8 |
More about New York
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 New York 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.