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 Chattanooga, TN
13 credit unions are headquartered in Chattanooga, with 232,526 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
- 13
- Members
- 232,526
- Federal
- 7
- State-chartered
- 6
Credit unions vs payday loan stores in Chattanooga
Chattanooga has 21 payday, installment and title loan stores but only 13 credit unions headquartered here — about 1.6 loan stores for every credit union. Local credit unions count 232,526 members — roughly 109 memberships per 100 residents.
Credit unions
13
6.1 per 100k residents
232,526 members
Payday & loan stores
21
9.9 per 100k residents
10 store chains
Biggest loan store chains in Chattanooga: Advance Financial (5), TitleMax (4), Speedy Cash (3), Advance America (2), OneMain Financial (2).
What a $500 loan costs over 3 months
| Option | Payment | Total cost |
|---|---|---|
| Payday loan, re-borrowed 6 times (~460% 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 TN 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 Chattanooga
- Median household income
- $64,021
- Payday fee of $75, share of two weeks' income
- 3.0%
- Hours of work to pay the $75 fee
- 4.3 hours
- PAL payment of $174.50, share of monthly income
- 3.3%
- A $400 emergency equals
- 2.3 days of income
- Households earning under $25,000
- 18.7%
- Residents below the poverty line
- 16.9%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Chattanooga are population-weighted and approximate. Hours of work are based on the median individual income.
Payday loans vs credit union PALs: the rules in Tennessee
| Payday loan in TN | Credit union PAL | |
|---|---|---|
| Legal status | Allowed | Offered by many federal credit unions |
| Loan amount | $500 | $200 – $2,000 |
| Fee limit | 15% of check amount ($75) | Application fee up to $20 |
| Typical APR | ~460% | 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: Tennessee law as summarized on our Tennessee 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 Chattanooga
| Credit union | Address | Members | Website |
|---|---|---|---|
| Tennessee Valley Federal Credit UnionFederal | PO Box 23967 Chattanooga, TN 37422 | 178,561 | tvfcu.com |
| Comtrust Federal Credit UnionFederal | 1020 Riverfront Pkwy Chattanooga, TN 37402 | 17,550 | comtrustfcu.com |
| Chattanooga Area Schools Federal Credit UnionFederal | PO Box 3529 Chattanooga, TN 37404 | 12,339 | casfcu.com |
| Trust Federal Credit UnionFederal | 7386 Applegate Lane Chattanooga, TN 37421 | 7,617 | trustfcu.com |
| Healthcare Services Credit UnionState-chartered | 946 E 3rd St Chattanooga, TN 37403 | 3,124 | hscu.net |
| Chattanooga Federal Employees Credit UnionState-chartered | P.O. Box 22205 Chattanooga, TN 37422 | 2,843 | cfecu.org |
| Epb Employees Credit UnionState-chartered | 1500 Mccallie Ave Chattanooga, TN 37404 | 2,486 | epbecu.com |
| I B E W 175 Federal Credit UnionFederal | 3922 Volunteer Dr Ste11 Chattanooga, TN 37416 | 1,641 | ibew175.com |
| Southern Credit UnionState-chartered | 508 National Ave Chattanooga, TN 37404 | 1,632 | southerncu.com |
| Bcbst Employees Credit UnionState-chartered | 1 Cameron Hill Cir Chattanooga, TN 37402 | 1,558 | bcbstecu.com |
| Chattanooga First Federal Credit UnionFederal | 3120 Broad Street Chattanooga, TN 37408 | 1,492 | chattfirst.org |
| Memorial Credit UnionState-chartered | 6800 Longview Rd Chattanooga, TN 37421 | 1,276 | memorialcreditunion.com |
| Basf Chattanooga Federal Credit UnionFederal | 2120 Polymer Dr Chattanooga, TN 37421 | 407 | basffcu.com |
Payday and installment loan stores in Chattanooga
For comparison: storefront payday, installment and title lenders in Chattanooga 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 |
|---|---|---|---|
| 3401 Rossville Blvd Chattanooga, TN 37407 | (423) 388-4468 | — | 4.3 |
| 3516 Dayton Blvd Chattanooga, TN 37415 | (423) 254-5117 | — | 5.0 |
| 3536 Brainerd Rd 108 Suite 108 Chattanooga, TN 37411 | (423) 353-9290 | — | 4.5 |
| 3975 Hixson Pike Chattanooga, TN 37415 | (423) 389-9087 | — | 3.3 |
| 4727 TN-58 Chattanooga, TN 37416 | (423) 426-5123 | — | 4.7 |
| 4317 Ringgold Rd East Ridge, TN 37412 | (423) 624-0004 | — | 4.9 |
| 4425 TN-58 Chattanooga, TN 37416 | (423) 553-1160 | — | 4.9 |
| 4720 Rossville Blvd Chattanooga, TN 37407 | (423) 867-8099 | — | 4.9 |
| 6215 Lee Hwy Ste. A Chattanooga, TN 37421 | (423) 553-0055 | — | 4.9 |
| 5900 Brainerd Rd Chattanooga, TN 37411 | (423) 892-3294 | — | 4.9 |
| 6101 Ringgold Rd East Ridge, TN 37412 | (423) 499-5900 | — | 4.9 |
| 7200 Shallowford Rd Ste 113 Chattanooga, TN 37421 | (423) 933-3750 | — | 4.8 |
| 4340 Ringgold Road, Ste. 160 East Ridge, TN 37412 | (423) 629-1657 | Mon–Fri 10:00 AM – 6:00 PM Sat–Sun closed |
— |
| 5250 Brainerd Road, Ste. 102 Chattanooga, TN 37411 | (423) 855-1903 | Mon–Fri 10:00 AM – 6:00 PM Sat–Sun closed |
— |
| 4345 Ringgold Rd #101 East Ridge, TN 37412 | (423) 697-0714 | — | 3.9 |
| 6231 Perimeter Dr #183 Chattanooga, TN 37421 | (423) 899-2456 | — | 4.6 |
| 3800 Tennessee Ave #136 Chattanooga, TN 37409 | (423) 822-9803 | — | 5.0 |
| 2372 Lifestyle Way #170 Chattanooga, TN 37421 | (423) 892-6561 | — | 4.0 |
| 7000 Lee Hwy #400 Chattanooga, TN 37421 | (423) 805-5373 | — | 4.8 |
| 3736 Ringgold Rd Chattanooga, TN 37412 | (423) 892-3311 | — | 4.9 |
| 200 W M.L.K. Blvd #1052 Chattanooga, TN 37402 | (615) 627-4010 | — | 4.8 |
More about Chattanooga
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 Chattanooga 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.