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 Greenwood, SC
4 credit unions are headquartered in Greenwood, with 17,617 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
- 4
- Members
- 17,617
- Federal
- 4
- State-chartered
- 0
Credit unions vs payday loan stores in Greenwood
Greenwood has 8 payday, installment and title loan stores but only 4 credit unions headquartered here — about 2.0 loan stores for every credit union. Local credit unions count 17,617 members — roughly 33 memberships per 100 residents.
Credit unions
4
7.4 per 100k residents
17,617 members
Payday & loan stores
8
14.8 per 100k residents
8 store chains
Biggest loan store chains in Greenwood: 1st Franklin Financial (1), Advance America (1), Check 'n Go (1), Check Into Cash (1), Lendmark Financial Services (1).
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 Greenwood
- Median household income
- $48,611
- Payday fee of $75, share of two weeks' income
- 4.0%
- Hours of work to pay the $75 fee
- 4.9 hours
- PAL payment of $174.50, share of monthly income
- 4.3%
- A $400 emergency equals
- 3.0 days of income
- Households earning under $25,000
- 26.7%
- Residents below the poverty line
- 16.7%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Greenwood 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 Greenwood
| Credit union | Address | Members | Website |
|---|---|---|---|
| Tru Federal Credit UnionFederal | 617 Durst Ave E Greenwood, SC 29649 | 7,343 | trufcu.com |
| Neighbors United Federal Credit UnionFederal | PO Box 50777 Greenwood, SC 29649 | 7,234 | neighborsunitedfcu.org |
| Self Memorial Hospital Federal Credit UnionFederal | 315 Epting Ave Greenwood, SC 29646 | 1,838 | selfregional.org |
| Emerald Credit Association Federal Credit UnionFederal | 2117 Kateway Greenwood, SC 29646 | 1,202 | emeraldcu.com |
Payday and installment loan stores in Greenwood
For comparison: storefront payday, installment and title lenders in Greenwood 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 |
|---|---|---|---|
| 805J Montague Ave Greenwood, SC 29649 | (864) 223-4303 | — | 4.9 |
| 220 Bypass 72 NW, Ste. B Greenwood, SC 29649 | (864) 223-1987 | Mon–Fri 9:00 AM – 5:30 PM Sat 9:00 AM – 12:00 PM Sun closed |
— |
| 1320 Bypass 25 NE Greenwood, SC 29649 | (864) 229-6399 | — | 5.0 |
| 521 SC-72 Greenwood, SC 29646 | (864) 227-9432 | — | 4.7 |
| 479 By-pass 72 NW Ste 111 Greenwood, SC 29649 | (864) 803-0580 | — | 4.5 |
| 534 By-pass 72 NW Greenwood, SC 29649 | (864) 223-4670 | — | 3.8 |
| 521 SC-72 Ste C Greenwood, SC 29649 | (864) 223-4379 | — | 4.4 |
| 1004 Montague Ave Greenwood, SC 29649 | (864) 942-0193 | — | 5.0 |
More about Greenwood
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 Greenwood 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.