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 Myrtle Beach, SC
1 credit union is headquartered in Myrtle Beach, with 40,399 members. 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
- 1
- Members
- 40,399
- Federal
- 1
- State-chartered
- 0
Credit unions vs payday loan stores in Myrtle Beach
Myrtle Beach has 9 payday, installment and title loan stores but only 1 credit unions headquartered here — about 9.0 loan stores for every credit union. Local credit unions count 40,399 members — roughly 23 memberships per 100 residents.
Credit unions
1
0.6 per 100k residents
40,399 members
Payday & loan stores
9
5.2 per 100k residents
8 store chains
Biggest loan store chains in Myrtle Beach: TitleMax (2), 1st Franklin Financial (1), Advance America (1), Check 'n Go (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 Myrtle Beach
- Median household income
- $66,179
- Payday fee of $75, share of two weeks' income
- 2.9%
- Hours of work to pay the $75 fee
- 4.5 hours
- PAL payment of $174.50, share of monthly income
- 3.2%
- A $400 emergency equals
- 2.2 days of income
- Households earning under $25,000
- 15.3%
- Residents below the poverty line
- 12.0%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Myrtle Beach 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 Myrtle Beach
| Credit union | Address | Members | Website |
|---|---|---|---|
| Carolina Trust Federal Credit UnionFederal | 1010 21st Ave N, P.O.Box 780004 Myrtle Beach, SC 29578 | 40,399 | carolinatrust.org |
Payday and installment loan stores in Myrtle Beach
For comparison: storefront payday, installment and title lenders in Myrtle Beach 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 |
|---|---|---|---|
| 1627 US-501 Ste A Myrtle Beach, SC 29577 | (843) 444-4641 | — | 4.9 |
| 4811 US Highway 17 Bypass South Ste 1 Myrtle Beach, SC 29577 | (843) 735-5297 | — | 4.9 |
| 3076 Dick Pond Rd Ste 3 Myrtle Beach, SC 29588 | (843) 294-1212 | — | 4.8 |
| 5022 Dick Pond Road, #3 Myrtle Beach, SC 29588 | (843) 293-0184 | Mon–Fri 9:00 AM – 5:30 PM Sat–Sun closed |
— |
| 612 S Kings Hwy Myrtle Beach, SC 29577 | (843) 445-9985 | — | 4.9 |
| 1399 S Commons Dr Unit B1 Myrtle Beach, SC 29588 | (843) 492-6272 | — | 4.7 |
| 10772 Kings Rd Myrtle Beach, SC 29572 | (843) 353-2370 | — | 4.8 |
| 1620 Farrow Pkwy Ste A6 Myrtle Beach, SC 29577 | (843) 448-4326 | — | 3.7 |
| 854 Jason Blvd D Myrtle Beach, SC 29577 | (843) 448-9095 | — | 4.8 |
More about Myrtle Beach
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 Myrtle Beach 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.