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 Rochester, NY
11 credit unions are headquartered in Rochester, with 683,639 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
- 683,639
- Federal
- 11
- State-chartered
- 0
Credit unions vs payday loan stores in Rochester
Rochester has 11 credit unions headquartered here and 2 payday, installment and title loan stores. Local credit unions count 683,639 members — roughly 143 memberships per 100 residents.
Credit unions
11
2.3 per 100k residents
683,639 members
Payday & loan stores
2
0.4 per 100k residents
2 store chains
Biggest loan store chains in Rochester: Mariner Finance (1), OneMain Financial (1).
Borrowing $500 for 6 months in Rochester
| 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
- 1.6%
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 Rochester
- Median household income
- $66,568
- A $400 emergency equals
- 2.2 days of income
- Households earning under $25,000
- 19.7%
- Residents below the poverty line
- 17.2%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Rochester 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 Rochester
| Credit union | Address | Members | Website |
|---|---|---|---|
| Esl Federal Credit UnionFederal | 225 Chestnut St Rochester, NY 14604 | 485,309 | esl.org |
| The Summit Federal Credit UnionFederal | 100 Marina Dr Rochester, NY 14626 | 97,655 | summitfcu.com |
| Advantage Federal Credit UnionFederal | 70 Metro Park Rochester, NY 14623 | 34,494 | advantagefcu.org |
| Ukrainian Federal Credit UnionFederal | 824 E Ridge Rd Rochester, NY 14621 | 28,253 | ukrainianfcu.org |
| Family First of Ny Federal Credit UnionFederal | 2520 Browncroft Blvd Rochester, NY 14625 | 15,381 | familyfirstny.com |
| Ever $ Green Federal Credit UnionFederal | 2215 E Henrietta Rd Rochester, NY 14623 | 5,253 | evergreenfcu.com |
| St. Pius X Church Federal Credit UnionFederal | 2998 Chili Avenue Rochester, NY 14624 | 5,103 | saintpiustenth.org |
| Genesee Co-Op Federal Credit UnionFederal | 395 Gregory St Rochester, NY 14620 | 4,528 | genesee.coop |
| Rochester & Monroe Co Emp Federal Credit UnionFederal | 460 N Goodman St Rochester, NY 14609 | 4,100 | rocmon.org |
| Gates Chili Federal Credit UnionFederal | 2870 Buffalo Rd Rochester, NY 14624 | 2,222 | gateschilifcu.org |
| Greece Community Federal Credit UnionFederal | 1795 English Rd Rochester, NY 14616 | 1,341 | greecefcu.com |
Payday and installment loan stores in Rochester
For comparison: storefront payday, installment and title lenders in Rochester 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 |
|---|---|---|---|
| 2496 W Ridge Rd ste a-1 Rochester, NY 14626 | (585) 865-1130 | — | 4.8 |
| 2518 Ridgeway Ave Rochester, NY 14626 | (585) 227-4660 | — | 4.0 |
More about Rochester
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 Rochester 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.