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 Corvallis, OR
2 credit unions are headquartered in Corvallis, with 159,859 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
- 2
- Members
- 159,859
- Federal
- 0
- State-chartered
- 2
Credit unions vs payday loan stores in Corvallis
Corvallis has 2 credit unions headquartered here, and we found no storefront payday loan chains. Local credit unions count 159,859 members — roughly 223 memberships per 100 residents.
Credit unions
2
2.8 per 100k residents
159,859 members
Payday & loan stores
0
0 store chains
What a $500 loan costs over 3 months
| Option | Payment | Total cost |
|---|---|---|
| Payday loan, re-borrowed 6 times (~154% APR) | $50.00 every 2 weeks | $300.00 |
| 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
- $256.49 payday costs 7× more
Payday: the OR maximum — $50 on a $500 loan for 2 weeks, paid again each time the loan is renewed or taken out again (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 Corvallis
- Median household income
- $67,548
- Payday fee of $50, share of two weeks' income
- 1.9%
- Hours of work to pay the $50 fee
- 3.5 hours
- PAL payment of $174.50, share of monthly income
- 3.1%
- A $400 emergency equals
- 2.2 days of income
- Households earning under $25,000
- 22.1%
- Residents below the poverty line
- 22.6%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Corvallis are population-weighted and approximate. Hours of work are based on the median individual income.
Payday loans vs credit union PALs: the rules in Oregon
| Payday loan in OR | Credit union PAL | |
|---|---|---|
| Legal status | Allowed | Offered by many federal credit unions |
| Loan amount | $500 | $200 – $2,000 |
| Fee limit | Capped at 36% APR + $10 per $100 max fee ($50) | Application fee up to $20 |
| Typical APR | ~154% | 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: Oregon law as summarized on our Oregon 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 Corvallis
| Credit union | Address | Members | Website |
|---|---|---|---|
| Oregon State Credit UnionState-chartered | PO Box 306 Corvallis, OR 97339 | 157,508 | oregonstatecu.com |
| Benton County Schools Credit UnionState-chartered | PO Box 1012 Corvallis, OR 97339 | 2,351 | bcscu.org |
More about Corvallis
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 Corvallis 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.