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 Charleston, SC
2 credit unions are headquartered in Charleston, with 72,599 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
- 72,599
- Federal
- 2
- State-chartered
- 0
Credit unions vs payday loan stores in Charleston
Charleston has 21 payday, installment and title loan stores but only 2 credit unions headquartered here — about 10.5 loan stores for every credit union. Local credit unions count 72,599 members — roughly 35 memberships per 100 residents.
Credit unions
2
1.0 per 100k residents
72,599 members
Payday & loan stores
21
10.1 per 100k residents
11 store chains
Biggest loan store chains in Charleston: TitleMax (4), 1st Franklin Financial (2), Check 'n Go (2), Lendmark Financial Services (2), Mariner Finance (2).
What a $500 loan costs over 3 months
| Option | Payment | Total cost |
|---|---|---|
| Payday loan, re-borrowed 6 times (~391% APR) | $75.00 every 2 weeks | $450.00 |
| 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
- $406.49 payday costs 10× more
Payday: the SC maximum — $75 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 Charleston
- Median household income
- $84,177
- Payday fee of $75, share of two weeks' income
- 2.3%
- Hours of work to pay the $75 fee
- 3.4 hours
- PAL payment of $174.50, share of monthly income
- 2.5%
- A $400 emergency equals
- 1.7 days of income
- Households earning under $25,000
- 14.3%
- Residents below the poverty line
- 13.7%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Charleston are population-weighted and approximate. Hours of work are based on the median individual income.
Payday loans vs credit union PALs: the rules in South Carolina
| Payday loan in SC | Credit union PAL | |
|---|---|---|
| Legal status | Allowed | Offered by many federal credit unions |
| Loan amount | $500 | $200 – $2,000 |
| Fee limit | 15% of face value ($75) | Application fee up to $20 |
| Typical APR | ~391% | 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: South Carolina law as summarized on our South Carolina 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 Charleston
| Credit union | Address | Members | Website |
|---|---|---|---|
| Rev Federal Credit UnionFederal | PO Box 118000 Charleston, SC 29423 | 66,276 | revfcu.com |
| Latitude 32 Federal Credit UnionFederal | 1845 Sam Rittenberg Charleston, SC 29407 | 6,323 | latitude32.org |
Payday and installment loan stores in Charleston
For comparison: storefront payday, installment and title lenders in Charleston 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 |
|---|---|---|---|
| 1735 Sam Rittenberg Blvd Charleston, SC 29407 | (843) 852-9610 | — | 5.0 |
| 1738 Savannah Hwy Charleston, SC 29407 | (843) 763-0044 | — | 5.0 |
| 5973 Rivers Ave North Charleston, SC 29406 | (843) 529-3643 | — | 5.0 |
| 761 Folly Rd Charleston, SC 29412 | (843) 795-2412 | — | 4.9 |
| 1890 Sam Rittenberg Blvd Ste 116 Charleston, SC 29407 | (843) 573-9980 | — | 5.0 |
| 8988 University Blvd Unit 106 North Charleston, SC 29406 | (843) 824-5550 | — | 5.0 |
| 2000 Sam Rittenberg Blvd #110 Charleston, SC 29407 | (843) 769-5633 | — | 5.0 |
| 8316 Rivers Ave B Charleston, SC 29406 | (843) 553-8989 | — | 4.9 |
| 1662 Savannah Hwy Ste 130 Charleston, SC 29407 | (843) 628-1023 | — | 4.4 |
| 7800 Rivers Ave Ste 1210 - A North Charleston, SC 29406 | (843) 553-5724 | — | 4.5 |
| 1660 Sam Rittenberg Blvd #8 Charleston, SC 29407 | (843) 766-4660 | — | 5.0 |
| 6185 Rivers Ave Ste D-1 North Charleston, SC 29406 | (843) 747-4001 | — | 4.5 |
| 1836 Ashley River Rd Ste k Charleston, SC 29407 | (843) 556-6556 | — | 4.0 |
| 6185 Rivers Ave Ste A-1 North Charleston, SC 29406 | (843) 553-5868 | — | 4.2 |
| Sunbelt Credit 1669 Savannah Hwy C Charleston, SC 29407 | (843) 556-4737 | — | 5.0 |
| 946 Orleans Rd Unit F-6 Charleston, SC 29407 | (843) 577-3220 | — | 5.0 |
| 170 Meeting St Ste 110 Office # 202 Charleston, SC 29401 | (843) 804-8610 | — | 2.3 |
| 611 Burroughs & Chapin Blvd, Ste 208 Myrtle Beach, SC 29403 | (843) 380-2050 | — | 5.0 |
| 1604 Sam Rittenberg Blvd Charleston, SC 29407 | (843) 571-1827 | — | 4.9 |
| Savannah Hwy B Charleston, SC 29407 | (843) 573-0530 | — | 4.7 |
| 1669-north, 1669 Savannah Hwy Charleston, SC 29407 | (843) 573-0530 | — | 5.0 |
More about Charleston
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 Charleston 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.