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 Columbia, SC
8 credit unions are headquartered in Columbia, with 327,553 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
- 8
- Members
- 327,553
- Federal
- 5
- State-chartered
- 3
Credit unions vs payday loan stores in Columbia
Columbia has 25 payday, installment and title loan stores but only 8 credit unions headquartered here — about 3.1 loan stores for every credit union. Local credit unions count 327,553 members — roughly 95 memberships per 100 residents.
Credit unions
8
2.3 per 100k residents
327,553 members
Payday & loan stores
25
7.2 per 100k residents
9 store chains
Biggest loan store chains in Columbia: TitleMax (7), OneMain Financial (4), ACE Cash Express (3), Security Finance (3), Advance America (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 Columbia
- Median household income
- $58,909
- Payday fee of $75, share of two weeks' income
- 3.3%
- Hours of work to pay the $75 fee
- 4.5 hours
- PAL payment of $174.50, share of monthly income
- 3.6%
- A $400 emergency equals
- 2.5 days of income
- Households earning under $25,000
- 20.0%
- Residents below the poverty line
- 20.5%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Columbia 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 Columbia
| Credit union | Address | Members | Website |
|---|---|---|---|
| Allsouth Federal Credit UnionFederal | 730 Elmwood Ave Columbia, SC 29201 | 119,460 | allsouth.org |
| S. C. State Federal Credit UnionFederal | P.O. Box 726 Columbia, SC 29202 | 93,521 | scscu.com |
| Palmetto Citizens Federal Credit UnionFederal | P.O. Box 5846 Columbia, SC 29250 | 86,899 | palmettocitizens.org |
| Caro Federal Credit UnionFederal | 4480 Rosewood Drive Columbia, SC 29209 | 10,650 | smartcaro.org |
| Curis Financial Credit UnionState-chartered | PO Box 100167 Columbia, SC 29202 | 9,251 | curisfinancial.org |
| South Carolina National Guard Federal Credit UnionFederal | PO Box 9366 Columbia, SC 29290 | 5,584 | allsouth.org |
| Columbia Post Office Credit UnionState-chartered | P. O. Box 985 Columbia, SC 29202 | 1,202 | columbiapostalcreditunion.com |
| South Carolina Methodist Conf Credit UnionState-chartered | PO Box 11335 Columbia, SC 29211 | 986 | scmccu.org |
Payday and installment loan stores in Columbia
For comparison: storefront payday, installment and title lenders in Columbia 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 |
|---|---|---|---|
| 3038 Broad River Rd Columbia, SC 29210 | (803) 750-0005 | — | 4.9 |
| 3100 Two Notch Rd Columbia, SC 29204 | (803) 376-0079 | — | 5.0 |
| 331 Killian Rd Ste B-1 Columbia, SC 29203 | (803) 509-5430 | — | 5.0 |
| 3908 N Main St Columbia, SC 29203 | (803) 788-4836 | — | 5.0 |
| 6157A St Andrews Rd Ste A Columbia, SC 29212 | (803) 731-8540 | — | 5.0 |
| 7301 Two Notch Rd Ste A Columbia, SC 29223 | (803) 788-0700 | — | 5.0 |
| 7354 Garners Ferry Rd Columbia, SC 29209 | (803) 783-8360 | — | 5.0 |
| 110 Forum Dr Ste 3 Columbia, SC 29229 | (803) 736-4785 | — | 4.3 |
| 2130 N Beltline Blvd #102 Columbia, SC 29204 | (803) 782-3811 | — | 4.4 |
| 275 Harbison Blvd ste j Columbia, SC 29212 | (803) 732-2076 | — | 4.7 |
| 7457 Patterson Rd #103 Columbia, SC 29209 | (803) 783-2472 | — | 3.9 |
| 1520 Broad River Rd Columbia, SC 29210 | (803) 772-0508 | — | 4.9 |
| 2324 Taylor St Columbia, SC 29204 | (803) 988-7021 | — | 4.9 |
| 6432 Two Notch Rd K Columbia, SC 29223 | (803) 735-1747 | — | 4.8 |
| Sunbelt Credit 1950 Bush River Rd Ste 7 Columbia, SC 29210 | (803) 786-1100 | — | 4.9 |
| 2101 Main St Ste D Columbia, SC 29201 | (803) 765-9670 | — | 4.8 |
| 3902 Two Notch Rd Ste D Columbia, SC 29204 | (803) 714-7100 | — | 4.9 |
| 7535-A Garners Ferry Rd. Columbia, SC 29209 | (803) 776-3397 | Mon–Fri 9:00 AM – 5:30 PM Sat 9:00 AM – 12:00 PM Sun closed |
— |
| 9003 Two Notch Rd., Ste. 11 Columbia, SC 29223 | (803) 419-1935 | Mon–Fri 9:00 AM – 5:30 PM Sat–Sun closed |
— |
| 7358 Garners Ferry Rd STE 131 Columbia, SC 29209 | (803) 769-3178 | — | 5.0 |
| 7358 Two Notch Rd Ste A Columbia, SC 29223 | (803) 419-1331 | — | 4.9 |
| 10136 Two Notch Rd Suite 3 Columbia, SC 29229 | (803) 462-1668 | — | 3.1 |
| 7001 St Andrews Rd Unit A-18 Columbia, SC 29212 | (803) 407-9099 | — | 4.8 |
| 9003 Two Notch Rd Ste 9H Columbia, SC 29223 | (803) 462-6960 | — | 4.8 |
| 4611 Hard Scrabble Rd Ste 113 Columbia, SC 29229 | (803) 233-3020 | — | 5.0 |
More about Columbia
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 Columbia 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.