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 Philadelphia, PA
16 credit unions are headquartered in Philadelphia, with 904,669 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
- 16
- Members
- 904,669
- Federal
- 16
- State-chartered
- 0
Credit unions vs payday loan stores in Philadelphia
Philadelphia has 24 payday, installment and title loan stores but only 16 credit unions headquartered here — about 1.5 loan stores for every credit union. Local credit unions count 904,669 members — roughly 57 memberships per 100 residents.
Credit unions
16
1.0 per 100k residents
904,669 members
Payday & loan stores
24
1.5 per 100k residents
4 store chains
Biggest loan store chains in Philadelphia: ACE Cash Express (18), OneMain Financial (4), Mariner Finance (1), loanDepot (1).
Borrowing $500 for 6 months in Philadelphia
| 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
- 1.7%
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 Philadelphia
- Median household income
- $61,810
- A $400 emergency equals
- 2.4 days of income
- Households earning under $25,000
- 24.5%
- Residents below the poverty line
- 22.2%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Philadelphia 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 Philadelphia
| Credit union | Address | Members | Website |
|---|---|---|---|
| Police & Fire Federal Credit UnionFederal | 901 Arch St Philadelphia, PA 19107 | 438,038 | pffcu.org |
| American Heritage Federal Credit UnionFederal | 2060 Red Lion Road Philadelphia, PA 19115 | 329,657 | ahfcu.org |
| Philadelphia Federal Credit UnionFederal | 12800 Townsend Rd Philadelphia, PA 19154 | 122,105 | pfcu.com |
| Penn Federal Credit UnionFederal | 3131 Walnut St Philadelphia, PA 19104 | 6,604 | penncu.org |
| Transit Workers Federal Credit UnionFederal | 919 E Cayuga St Philadelphia, PA 19124 | 3,600 | twfcu.org |
| Paper Converters Local 286/1034 Federal Credit UnionFederal | 410 N 8th St Philadelphia, PA 19123 | 2,081 | — |
| University of Pennsylvania Students Federal Credit UnionFederal | 3401 Walnut St, Frnt 431A Philadelphia, PA 19104 | 666 | upennsfcu.org |
| New Life Federal Credit UnionFederal | 1152 N 63rd St Philadelphia, PA 19151 | 551 | — |
| Asbestos Workers Local 14 Federal Credit UnionFederal | 2014 Hornig Rd Philadelphia, PA 19116 | 490 | insulators14.com |
| Northwood Federal Credit UnionFederal | 6836 Castor Ave Philadelphia, PA 19149 | 296 | northwoodfcu.com |
| M.A.B.C. Federal Credit UnionFederal | 2012 69th Ave Philadelphia, PA 19138 | 130 | — |
| Holy Trinity Baptist Federal Credit UnionFederal | 1818 Bainbridge St Philadelphia, PA 19146 | 107 | — |
| Mount Carmel Baptist Federal Credit UnionFederal | 5800 Race St Philadelphia, PA 19139 | 102 | — |
| Pinn Memorial Federal Credit UnionFederal | 2251 N 54th St Philadelphia, PA 19131 | 93 | — |
| Wayland Temple Baptist Federal Credit UnionFederal | 2500 Cecil B Moore Ave Philadelphia, PA 19121 | 75 | waylandtemple.org |
| S I Philadelphia Federal Credit UnionFederal | 636 N 43rd Street Philadelphia, PA 19104 | 74 | — |
Payday and installment loan stores in Philadelphia
For comparison: storefront payday, installment and title lenders in Philadelphia 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 |
|---|---|---|---|
| 1206 N 52nd St Philadelphia, PA 19131 | (215) 473-3171 | — | 4.9 |
| 1349 W Olney Ave Philadelphia, PA 19141 | (215) 424-7070 | — | 4.9 |
| 1503 E Wadsworth Ave Philadelphia, PA 19150 | (215) 248-2800 | — | 4.9 |
| 1548 Pratt St Philadelphia, PA 19124 | (215) 533-5365 | — | 4.9 |
| 2 W Chelten Ave Philadelphia, PA 19144 | (215) 843-5297 | — | 4.9 |
| 2129 W Diamond St Philadelphia, PA 19121 | (215) 236-6639 | — | 4.9 |
| 22 N 60th St #26 Philadelphia, PA 19139 | (215) 747-4910 | — | 4.8 |
| 2840 W Girard Ave Philadelphia, PA 19130 | (215) 236-5406 | — | 4.9 |
| 3544 Germantown Ave #46 Philadelphia, PA 19140 | (215) 225-6336 | — | 4.9 |
| 3714 N Broad St Philadelphia, PA 19140 | (215) 227-7030 | — | 4.9 |
| 4244 N Broad St Philadelphia, PA 19140 | (215) 324-4560 | — | 4.9 |
| 5045 Wayne Ave Philadelphia, PA 19144 | (215) 849-9089 | — | 4.9 |
| 5450 N 5th St Philadelphia, PA 19120 | (215) 548-2988 | — | 4.9 |
| 6 S 52nd St Philadelphia, PA 19139 | (215) 747-2275 | — | 4.9 |
| 6137 Woodland Ave Philadelphia, PA 19142 | (215) 724-6221 | — | 4.8 |
| 6303 Stenton Ave Philadelphia, PA 19138 | (215) 549-5170 | — | 4.9 |
| 738 S 52nd St Philadelphia, PA 19143 | (215) 474-7358 | — | 4.9 |
| 8 N 52nd St Philadelphia, PA 19139 | (215) 476-1240 | — | 4.9 |
| 330 Oregon Ave Ste f Philadelphia, PA 19148 | (215) 755-1615 | — | 4.2 |
| 3400 Aramingo Ave Ste 13A Philadelphia, PA 19134 | (215) 338-7550 | — | 4.0 |
| 6131 Ridge Ave Philadelphia, PA 19128 | (215) 706-2040 | — | 4.2 |
| 6420 Frankford Ave Unit 13 Philadelphia, PA 19135 | (215) 333-7725 | — | 1.0 |
| 2141 Cottman Ave Ste. A Philadelphia, PA 19149 | (267) 350-3701 | — | 4.7 |
| 1515 Market St #1530 Philadelphia, PA 19102 | (215) 238-5680 | — | 4.2 |
More about Philadelphia
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 Philadelphia 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.