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 Warwick, RI
3 credit unions are headquartered in Warwick, with 93,853 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
- 3
- Members
- 93,853
- Federal
- 1
- State-chartered
- 2
Credit unions vs payday loan stores in Warwick
Warwick has 3 credit unions headquartered here and 2 payday, installment and title loan stores. Local credit unions count 93,853 members — roughly 121 memberships per 100 residents.
Credit unions
3
3.9 per 100k residents
93,853 members
Payday & loan stores
2
2.6 per 100k residents
1 store chain
Biggest loan store chains in Warwick: Advance America (2).
What a $500 loan costs over 3 months
| Option | Payment | Total cost |
|---|---|---|
| Payday loan, re-borrowed 6 times (~261% 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 RI 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 Warwick
- Median household income
- $88,549
- Payday fee of $50, share of two weeks' income
- 1.5%
- Hours of work to pay the $50 fee
- 2.3 hours
- PAL payment of $174.50, share of monthly income
- 2.4%
- A $400 emergency equals
- 1.6 days of income
- Households earning under $25,000
- 13.7%
- Residents below the poverty line
- 7.3%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Warwick are population-weighted and approximate. Hours of work are based on the median individual income.
Payday loans vs credit union PALs: the rules in Rhode Island
| Payday loan in RI | Credit union PAL | |
|---|---|---|
| Legal status | Allowed | Offered by many federal credit unions |
| Loan amount | $500 | $200 – $2,000 |
| Fee limit | 10% of check amount ($50) | Application fee up to $20 |
| Typical APR | ~261% | 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: Rhode Island law as summarized on our Rhode Island 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 Warwick
| Credit union | Address | Members | Website |
|---|---|---|---|
| Greenwood Credit UnionState-chartered | 2700 Post Rd Warwick, RI 02886 | 59,046 | greenwoodcu.org |
| Rhode Island Credit UnionState-chartered | 95 Jefferson Blvd Warwick, RI 02888 | 27,935 | ricu.com |
| Wave Federal Credit UnionFederal | 480 Greenwich Ave Warwick, RI 02886 | 6,872 | wavefcu.org |
Payday and installment loan stores in Warwick
For comparison: storefront payday, installment and title lenders in Warwick 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 |
|---|---|---|---|
| 400 Warwick Ave., Ste. 2 Warwick, RI 02888 | (401) 461-2890 | Mon–Thu 10:00 AM – 6:00 PM Fri 9:00 AM – 6:00 PM Sat 10:00 AM – 2:00 PM Sun closed |
— |
| 775 Bald Hill Rd. Warwick, RI 02886 | (401) 821-4018 | Mon–Thu 10:00 AM – 6:00 PM Fri 9:00 AM – 6:00 PM Sat 10:00 AM – 2:00 PM Sun closed |
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More about Warwick
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 Warwick 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.