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 Erie, PA
11 credit unions are headquartered in Erie, with 157,557 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
- 157,557
- Federal
- 11
- State-chartered
- 0
Credit unions vs payday loan stores in Erie
Erie has 11 credit unions headquartered here and 3 payday, installment and title loan stores. Local credit unions count 157,557 members — roughly 88 memberships per 100 residents.
Credit unions
11
6.1 per 100k residents
157,557 members
Payday & loan stores
3
1.7 per 100k residents
2 store chains
Biggest loan store chains in Erie: OneMain Financial (2), Mariner Finance (1).
Borrowing $500 for 6 months in Erie
| Option | Payment | Total cost of borrowing |
|---|---|---|
| Installment loan at the Pennsylvania rate cap (24% APR) | $89.26/mo | $35.58 |
| Credit union PAL (28% APR) | $90.27/mo | $41.62 |
| Payday loan renewed every 2 weeks (typical $15 per $100, not available in Pennsylvania) | $75.00 every 2 weeks | $975.00 |
- Monthly payment at the Pennsylvania rate cap vs median monthly household income
- 1.8%
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 Erie
- Median household income
- $59,151
- A $400 emergency equals
- 2.5 days of income
- Households earning under $25,000
- 21.8%
- Residents below the poverty line
- 17.7%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Erie are population-weighted and approximate. Hours of work are based on the median individual income.
Payday loans vs credit union PALs: the rules in Pennsylvania
| Payday loan in PA | Credit union PAL | |
|---|---|---|
| Legal status | Not allowed — storefront payday loans are banned | Offered by many federal credit unions |
| Rate cap | Capped at 24% APR | 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: Pennsylvania law as summarized on our Pennsylvania 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 Erie
| Credit union | Address | Members | Website |
|---|---|---|---|
| Erie Federal Credit UnionFederal | 3503 Peach St Erie, PA 16508 | 81,063 | eriefcu.org |
| Widget Federal Credit UnionFederal | 2154 East Lake Road Erie, PA 16511 | 49,171 | widgetfinancial.com |
| Tendto Federal Credit UnionFederal | 1129 State Street Erie, PA 16501 | 11,651 | tendtocu.com |
| Americo Federal Credit UnionFederal | 4101 Main St Erie, PA 16511 | 7,375 | americofcu.com |
| Tri State Rail Federal Credit UnionFederal | 110 W 13th St Erie, PA 16501 | 2,202 | tristaterailfcu.com |
| Saint Vincent Erie Federal Credit UnionFederal | 2314 Sassafras St Ste 100 Erie, PA 16502 | 1,655 | svfcu.org |
| I B E W Local 56 Federal Credit UnionFederal | 962 West 20th Street Erie, PA 16502 | 1,544 | ibew56fcu.org |
| Locomotive & Control Employees Federal Credit UnionFederal | 1286 E 38th St Erie, PA 16504 | 901 | locomotivecontrolefcu.com |
| Erie City Employees Federal Credit UnionFederal | 5 E 34th St Erie, PA 16504 | 817 | wixsite.com |
| Erie Firefighters Federal Credit UnionFederal | 3204 Maple St Erie, PA 16508 | 750 | eriefirefightersfcu.com |
| Erie Police Federal Credit UnionFederal | 300 State St Ste 303 Erie, PA 16507 | 428 | eriepolicefcu.com |
Payday and installment loan stores in Erie
For comparison: storefront payday, installment and title lenders in Erie 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 |
|---|---|---|---|
| 2173 W 12th St Ste B-6 Erie, PA 16505 | (814) 866-0099 | — | 4.3 |
| 7200 Peach St Ste 430 Erie, PA 16509 | (814) 864-4961 | — | 4.9 |
| 1901 Rotunda Dr Ste B Erie, PA 16509 | (814) 806-2889 | — | 4.8 |
More about Erie
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 Erie 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.