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 Lancaster, PA
6 credit unions are headquartered in Lancaster, with 43,934 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
- 43,934
- Federal
- 6
- State-chartered
- 0
Credit unions vs payday loan stores in Lancaster
Lancaster has 6 payday, installment and title loan stores but only 6 credit unions headquartered here — about 1.0 loan stores for every credit union. Local credit unions count 43,934 members — roughly 25 memberships per 100 residents.
Credit unions
6
3.4 per 100k residents
43,934 members
Payday & loan stores
6
3.4 per 100k residents
4 store chains
Biggest loan store chains in Lancaster: Lendmark Financial Services (2), OneMain Financial (2), Mariner Finance (1), loanDepot (1).
Borrowing $500 for 6 months in Lancaster
| 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
- 1.3%
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 Lancaster
- Median household income
- $81,785
- A $400 emergency equals
- 1.8 days of income
- Households earning under $25,000
- 12.2%
- Residents below the poverty line
- 11.4%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Lancaster 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 Lancaster
| Credit union | Address | Members | Website |
|---|---|---|---|
| Everence Federal Credit UnionFederal | 2160 Lincoln Hwy E Ste 20 Lancaster, PA 17602 | 24,692 | everence.com |
| Lanco Federal Credit UnionFederal | 349 W Roseville Rd Lancaster, PA 17601 | 9,983 | lancofcu.com |
| Wheatland Federal Credit UnionFederal | 611 Centerville Rd Lancaster, PA 17601 | 4,926 | wheatlandcu.com |
| Finanta Federal Credit UnionFederal | 51 S Duke St Lancaster, PA 17602 | 1,802 | finanta.org |
| Penlanco Federal Credit UnionFederal | 20E East Roseville Rd Lancaster, PA 17601 | 1,719 | penlancofcu.com |
| Team First Federal Credit UnionFederal | 111 Centerville Rd Lancaster, PA 17603 | 812 | teamfirstfcu.org |
Payday and installment loan stores in Lancaster
For comparison: storefront payday, installment and title lenders in Lancaster 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 |
|---|---|---|---|
| 2054 Fruitville Pike Lancaster, PA 17601 | (717) 560-4230 | — | 4.2 |
| 2350 Lincoln Hwy E Suite 620 Lancaster, PA 17602 | (717) 690-1831 | — | 4.4 |
| 1 Kennedy St Lancaster, PA 17602 | (717) 481-9611 | — | 4.7 |
| 1927 Fruitville Pike Lancaster, PA 17601 | (717) 560-2210 | — | 4.4 |
| 2044 Fruitville Pike Lancaster, PA 17601 | (717) 208-7025 | — | 4.5 |
| 20E E Roseville Rd Lancaster, PA 17601 | (717) 869-0775 | — | 3.9 |
More about Lancaster
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 Lancaster 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.