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 Niagara Falls, NY
6 credit unions are headquartered in Niagara Falls, with 35,737 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
- 6
- Members
- 35,737
- Federal
- 6
- State-chartered
- 0
Credit unions vs payday loan stores in Niagara Falls
Niagara Falls has 6 credit unions headquartered here, and we found no storefront payday loan chains. Local credit unions count 35,737 members — roughly 56 memberships per 100 residents.
Credit unions
6
9.5 per 100k residents
35,737 members
Payday & loan stores
0
0 store chains
Borrowing $500 for 6 months in Niagara Falls
| 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
- 2.0%
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 Niagara Falls
- Median household income
- $53,987
- A $400 emergency equals
- 2.7 days of income
- Households earning under $25,000
- 24.3%
- Residents below the poverty line
- 21.0%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Niagara Falls 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 Niagara Falls
| Credit union | Address | Members | Website |
|---|---|---|---|
| Niagara's Choice Federal Credit UnionFederal | 3619 Packard Rd Niagara Falls, NY 14303 | 21,796 | niagaraschoice.org |
| Greater Niagara Federal Credit UnionFederal | 2901 Military Rd Niagara Falls, NY 14304 | 7,862 | greatertogethercu.com |
| Encompass Niagara Federal Credit UnionFederal | 2525 Military Rd Niagara Falls, NY 14304 | 2,758 | encompassniagara.com |
| Niagara Falls A F Federal Credit UnionFederal | 2420 Olmstead St Niagara Falls, NY 14304 | 1,678 | niagarafallsafcu.com |
| Niagara Falls Teachers Federal Credit UnionFederal | 6040 Lindbergh Ave Niagara Falls, NY 14304 | 1,473 | nftfcu.org |
| Saint John A M E Federal Credit UnionFederal | 917 Garden Ave Niagara Falls, NY 14305 | 170 | stjohnamenf.com |
More about Niagara Falls
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 Niagara Falls 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.