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 Toledo, OH
11 credit unions are headquartered in Toledo, with 136,662 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
- 136,662
- Federal
- 7
- State-chartered
- 4
Credit unions vs payday loan stores in Toledo
Toledo has 11 credit unions headquartered here and 5 payday, installment and title loan stores. Local credit unions count 136,662 members — roughly 46 memberships per 100 residents.
Credit unions
11
3.7 per 100k residents
136,662 members
Payday & loan stores
5
1.7 per 100k residents
4 store chains
Biggest loan store chains in Toledo: OneMain Financial (2), Advance America (1), Lendmark Financial Services (1), Mariner Finance (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 Toledo
- Median household income
- $52,956
- Payday fee of $75, share of two weeks' income
- 3.7%
- Hours of work to pay the $75 fee
- 4.9 hours
- PAL payment of $174.50, share of monthly income
- 4.0%
- A $400 emergency equals
- 2.8 days of income
- Households earning under $25,000
- 25.2%
- Residents below the poverty line
- 22.7%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Toledo 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 Toledo
| Credit union | Address | Members | Website |
|---|---|---|---|
| Directions Credit UnionState-chartered | 200 N St Clair St, Suite 1600 Toledo, OH 43604 | 97,389 | directionscu.org |
| Promedica Federal Credit UnionFederal | 245 N Summit St Toledo, OH 43604 | 6,557 | promedicafcu.com |
| Champion Credit UnionState-chartered | 4140 W Laskey Rd Toledo, OH 43623 | 5,482 | championcu.org |
| Educational Community Alliance Credit UnionState-chartered | 3845 Angola Rd Toledo, OH 43615 | 5,286 | educacu.com |
| University of Toledo Federal Credit UnionFederal | 5248 Hill Ave Toledo, OH 43615 | 5,173 | uoftfcu.com |
| Toledo Metro Federal Credit UnionFederal | 1212 Adams St Toledo, OH 43604 | 4,864 | toledometro.com |
| Toledo Urban Federal Credit UnionFederal | 1441 Dorr St Toledo, OH 43607 | 3,456 | toledourban.net |
| Toledo Police Federal Credit UnionFederal | 2340 S. Reynolds Road Toledo, OH 43614 | 3,147 | tpolcu.com |
| Toledo Fire Fighters Federal Credit UnionFederal | 2800 W Laskey Rd Toledo, OH 43613 | 2,764 | tfffcu.com |
| Parish Federal Credit UnionFederal | 5138 N Summit St Toledo, OH 43611 | 1,734 | parishfcu.coop |
| Nueva Esperanza Community Credit UnionState-chartered | PO Box 9875 Toledo, OH 43697 | 810 | nuevaesperanzaccu.org |
Payday and installment loan stores in Toledo
For comparison: storefront payday, installment and title lenders in Toledo 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 |
|---|---|---|---|
| 5215 Monroe St Toledo, OH 43623 | (419) 843-4208 | — | 4.1 |
| 5950 Airport Hwy Ste 1 Toledo, OH 43615 | (419) 866-4333 | — | 4.4 |
| 1744 W. Laskey Road Toledo, OH 43613 | (419) 474-2223 | Mon–Thu 10:00 AM – 6:00 PM Fri 9:00 AM – 6:00 PM Sat–Sun closed |
— |
| 5380 Monroe St Ste 1 Toledo, OH 43623 | (419) 882-2712 | — | 4.3 |
| 4038 Talmadge Rd #102 Toledo, OH 43623 | (567) 316-6088 | — | 4.9 |
More about Toledo
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 Toledo 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.