Credit Unions vs Payday Loans in Ohio

159 credit unions are headquartered in Ohio, with 2,963,089 members in total. 106 are federal credit unions and 53 are state-chartered; all are federally insured by the NCUA.

Credit unions

159

Members

3.0M

Federal

106

State-chartered

53

Members per 100 people

25

CUs per 100k people

1.3

Credit unions vs payday loan stores in Ohio

Ohio has 205 payday, installment and title loan stores but only 159 credit unions headquartered here — about 1.3 loan stores for every credit union. Local credit unions count 2,963,089 members — roughly 25 memberships per 100 residents.

Biggest loan store chains in Ohio: OneMain Financial (77), Lendmark Financial Services (37), Mariner Finance (29), ACE Cash Express (25), Advance America (25).

What a $500 loan costs over 3 months

You keep with a credit union PAL over 3 months

$406.49 payday costs 10× more

Payday: a typical fee of $75 on a $500 loan for 2 weeks (OH limits are not set in dollars), paid 6 times in 3 months. PAL: payday alternative loan from a federal credit union, capped at 28% APR with an application fee of up to $20.

What it means for a household in Ohio

Median household income

$74,030

Payday fee of $75, share of two weeks' income

2.6%

Hours of work to pay the $75 fee

3.9 hours

PAL payment of $174.50, share of monthly income

2.8%

A $400 emergency equals

2.0 days of income

Households earning under $25,000

16.4%

Residents below the poverty line

13.3%

Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Ohio are population-weighted and approximate. Hours of work are based on the median individual income.

Payday loans vs credit union PALs: the rules in Ohio

Payday rules: Ohio law as summarized on our Ohio 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 by city in Ohio

Credit unions are headquartered in 99 cities and towns across Ohio. Pick a city for addresses and websites, or scroll down for the smaller towns.

• Cincinnati · 11
• Toledo · 11
• Cleveland · 6
• Columbus · 5
• Painesville · 5
• Akron · 4
• Canton · 3
• Dayton · 3
• Youngstown · 3
• Chillicothe · 2
• Dublin · 2
• Lima · 2
• Middletown · 2
• Findlay · 1
• Hamilton · 1
• Hilliard · 1
• Lakewood · 1
• Lancaster · 1
• Mansfield · 1
• Marion · 1
• Mason · 1
• Massillon · 1
• Mentor · 1
• Newark · 1
• Warren · 1
• West Chester · 1
• Zanesville · 1

All credit unions in Ohio

Credit unions in smaller towns of Ohio

Other cities and towns in Ohio where credit unions are headquartered, and how many there are in each.

• Amherst 1
• Ashland 1
• Ashtabula 2
• Athens 1
• Avon Lake 1
• Barberton 2
• Batavia 1
• Beavercreek 1
• Bellevue 1
• Belpre 1
• Blue Ash 1
• Brewster 1
• Brook Park 1
• Bryan 1
• Burton 1
• Cambridge 1
• Carey 1
• Celina 1
• Clarington 1
• Cleves 1
• Clyde 1
• Conneaut 1
• Cridersville 1
• Defiance 1
• Dover 1
• Eastlake 1
• Elmore 1
• Euclid 1
• Fremont 1
• Gahanna 1
• Garfield Hts 1
• Groveport 1
• Harrison 2
• Heath 2
• Highland Height 1
• Holland 1
• Independence 2
• Kenton 1
• Kettering 1
• Lisbon 1
• Martins Ferry 1
• Marysville 2
• Maumee 2
• Mc Donald 1
• Minerva 1
• Mount Gilead 1
• Mount Vernon 1
• New Knoxville 1
• Ney 1
• North Canton 4
• Northwood 1
• Oak Harbor 1
• Oregon 1
• Oxford 1
• Parma 4
• Piketon 1
• Portsmouth 1
• Powell 1
• Rittman 1
• Rossford 1
• Saint Clairsvil 1
• Sandusky 2
• Shaker Heights 1
• Smithville 1
• Solon 1
• Steubenville 1
• Sylvania 1
• Tiffin 1
• Tiltonsville 1
• Wadsworth 1
• Willoughby 1
• Wintersville 1