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 Spartanburg, SC
1 credit union is headquartered in Spartanburg, with 19,389 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
- 19,389
- Federal
- 1
- State-chartered
- 0
Credit unions vs payday loan stores in Spartanburg
Spartanburg has 11 payday, installment and title loan stores but only 1 credit unions headquartered here — about 11.0 loan stores for every credit union. Local credit unions count 19,389 members — roughly 16 memberships per 100 residents.
Credit unions
1
0.8 per 100k residents
19,389 members
Payday & loan stores
11
9.3 per 100k residents
8 store chains
Biggest loan store chains in Spartanburg: TitleMax (3), Security Finance (2), 1st Franklin Financial (1), Advance America (1), Check 'n Go (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 Spartanburg
- Median household income
- $55,526
- Payday fee of $75, share of two weeks' income
- 3.5%
- Hours of work to pay the $75 fee
- 5.1 hours
- PAL payment of $174.50, share of monthly income
- 3.8%
- A $400 emergency equals
- 2.6 days of income
- Households earning under $25,000
- 22.6%
- Residents below the poverty line
- 20.3%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Spartanburg 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 Spartanburg
| Credit union | Address | Members | Website |
|---|---|---|---|
| Carolina Foothills Federal Credit UnionFederal | PO Box 1411 Spartanburg, SC 29304 | 19,389 | carolinafoothillsfcu.coop |
Payday and installment loan stores in Spartanburg
For comparison: storefront payday, installment and title lenders in Spartanburg 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 |
|---|---|---|---|
| 1394 W O. Ezell Blvd Spartanburg, SC 29301 | (864) 504-3578 | — | 5.0 |
| 1777 Asheville Hwy Spartanburg, SC 29303 | (864) 573-6701 | — | 5.0 |
| 1940 E Main St Spartanburg, SC 29307 | (864) 582-1260 | — | 5.0 |
| Sunbelt Credit 1450 W O. Ezell Blvd Ste 230 Spartanburg, SC 29301 | (864) 582-5421 | — | 4.9 |
| 2225 E Main St Ste E Spartanburg, SC 29307 | (864) 582-5486 | — | 4.1 |
| 1735 John B White Sr Blvd Ste 11 Spartanburg, SC 29301 | (864) 587-1021 | — | 4.8 |
| 975 Beaumont Ave. Spartanburg, SC 29303 | (864) 542-0982 | Mon–Fri 9:00 AM – 5:30 PM Sat 9:00 AM – 12:00 PM Sun closed |
— |
| 227 E Blackstock Rd Ste 300 Spartanburg, SC 29301 | (864) 576-3224 | — | 4.9 |
| 1703 John B White Sr Blvd Ste E Spartanburg, SC 29301 | (864) 587-7342 | — | 4.1 |
| 7750 Warren H Abernathy Hwy Ste D Spartanburg, SC 29301 | (864) 595-5934 | — | 4.8 |
| 1450 W O. Ezell Blvd Ste 240 Spartanburg, SC 29301 | (864) 576-5552 | — | 3.9 |
More about Spartanburg
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 Spartanburg 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.