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 Cleveland, OH
6 credit unions are headquartered in Cleveland, with 14,854 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
- 14,854
- Federal
- 4
- State-chartered
- 2
Credit unions vs payday loan stores in Cleveland
Cleveland has 20 payday, installment and title loan stores but only 6 credit unions headquartered here — about 3.3 loan stores for every credit union. Local credit unions count 14,854 members — roughly 2 memberships per 100 residents.
Credit unions
6
0.8 per 100k residents
14,854 members
Payday & loan stores
20
2.7 per 100k residents
5 store chains
Biggest loan store chains in Cleveland: ACE Cash Express (12), OneMain Financial (3), Lendmark Financial Services (2), Mariner Finance (2), Advance America (1).
What a $500 loan costs over 3 months
| Option | Payment | Total cost |
|---|---|---|
| Payday loan, re-borrowed 6 times (~28% APR) | $75.00 every 2 weeks | $450.00 |
| Credit union PAL, 3 monthly payments (28% APR + $20 fee) | $174.50 a month | $43.51 |
- 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 Cleveland
- Median household income
- $54,454
- Payday fee of $75, share of two weeks' income
- 3.6%
- Hours of work to pay the $75 fee
- 4.7 hours
- PAL payment of $174.50, share of monthly income
- 3.8%
- A $400 emergency equals
- 2.7 days of income
- Households earning under $25,000
- 25.4%
- Residents below the poverty line
- 21.6%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Cleveland 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 loan in OH | Credit union PAL | |
|---|---|---|
| Legal status | Allowed | Offered by many federal credit unions |
| Loan amount | $1,000 | $200 – $2,000 |
| Fee limit | 28% APR + max $20 monthly fee (Varies) | Application fee up to $20 |
| Typical APR | ~28% | 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: 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 headquartered in Cleveland
| Credit union | Address | Members | Website |
|---|---|---|---|
| Cleveland Police Credit UnionState-chartered | 2301 Payne Avenue Cleveland, OH 44114 | 4,797 | clevepolicecu.com |
| Steel Valley Federal Credit UnionFederal | 3840 Pearl Rd Cleveland, OH 44109 | 3,206 | steelvalleyfcu.org |
| Greater Cleveland Community Credit UnionState-chartered | 601 Lakeside Ave E Rm 3 Cleveland, OH 44114 | 2,965 | greaterclevcu.com |
| St. Colman & Affiliates Federal Credit UnionFederal | 6637 Lorain Ave Cleveland, OH 44102 | 2,849 | stcolmanaffiliatesfcu.com |
| Noteworthy Federal Credit UnionFederal | 1900 Superior Ave E Ste 126 Cleveland, OH 44114 | 692 | cardinalcu.com |
| Cleveland Church of Christ Federal Credit UnionFederal | 1035 E. 105th Street Cleveland, OH 44108 | 345 | clevelandchurch.org |
Payday and installment loan stores in Cleveland
For comparison: storefront payday, installment and title lenders in Cleveland 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 |
|---|---|---|---|
| 10589 St Clair Ave. Cleveland, OH 44108 | (216) 851-8077 | — | 4.9 |
| 11411 Buckeye Rd Cleveland, OH 44104 | (216) 862-8039 | — | 4.9 |
| 11648 Lorain Ave Cleveland, OH 44111 | (216) 251-3169 | — | 4.8 |
| 14002 Triskett Rd Cleveland, OH 44111 | (216) 252-5351 | — | 4.7 |
| 1409 E 9th St Cleveland, OH 44114 | (216) 348-0080 | — | 4.9 |
| 14101 Kinsman Rd Cleveland, OH 44120 | (216) 295-8135 | — | 4.9 |
| 1499 E 55th St Cleveland, OH 44103 | (216) 431-0500 | — | 4.9 |
| 15500 Euclid Ave East Cleveland, OH 44112 | (216) 268-4100 | — | 4.7 |
| 2167 S Taylor Rd University Heights, OH 44118 | (216) 932-6940 | — | 4.9 |
| 5311 Memphis Ave Cleveland, OH 44144 | (216) 661-1036 | — | 4.8 |
| 7310 Harvard Ave B Cleveland, OH 44105 | (216) 641-7614 | — | 4.9 |
| 7933 Euclid Ave #33 Cleveland, OH 44103 | (216) 721-5803 | — | 4.9 |
| 1253 SOM Ctr Rd Mayfield Heights, OH 44124 | (440) 449-5700 | — | 4.3 |
| 5265 Broadview Rd Parma, OH 44134 | (216) 741-1490 | — | 4.5 |
| 7560 Pearl Rd Ste 9 Cleveland, OH 44130 | (440) 234-0200 | — | 3.8 |
| 15180 Bagley Rd Middleburg Heights, OH 44130 | (440) 613-0501 | — | 4.1 |
| 9531 Vista Way Unit 3C Garfield Heights, OH 44125 | (216) 518-0104 | — | 4.6 |
| 1257 B Rockside Rd Parma, OH 44134 | (440) 358-3682 | — | 5.0 |
| 1623 Golden Gate Plz Mayfield Heights, OH 44124 | (440) 709-3405 | — | 4.9 |
| 6750 Biddulph Rd., Unit 102 Brooklyn, OH 44144 | (216) 739-9442 | Mon–Thu 10:00 AM – 6:00 PM Fri 9:00 AM – 6:00 PM Sat–Sun closed |
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More about Cleveland
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 Cleveland 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.