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 Clarksville, TN
2 credit unions are headquartered in Clarksville, with 86,137 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
- 2
- Members
- 86,137
- Federal
- 1
- State-chartered
- 1
Credit unions vs payday loan stores in Clarksville
Clarksville has 19 payday, installment and title loan stores but only 2 credit unions headquartered here — about 9.5 loan stores for every credit union. Local credit unions count 86,137 members — roughly 42 memberships per 100 residents.
Credit unions
2
1.0 per 100k residents
86,137 members
Payday & loan stores
19
9.3 per 100k residents
10 store chains
Biggest loan store chains in Clarksville: Advance Financial (4), TitleMax (3), Mariner Finance (2), OneMain Financial (2), Security Finance (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 Clarksville
- Median household income
- $73,218
- Payday fee of $75, share of two weeks' income
- 2.7%
- Hours of work to pay the $75 fee
- 3.9 hours
- PAL payment of $174.50, share of monthly income
- 2.9%
- A $400 emergency equals
- 2.0 days of income
- Households earning under $25,000
- 12.9%
- Residents below the poverty line
- 11.8%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Clarksville 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 Clarksville
| Credit union | Address | Members | Website |
|---|---|---|---|
| Fortera Federal Credit UnionFederal | 2050 Lowes Dr Clarksville, TN 37040 | 83,977 | forteracu.com |
| Gateway Credit UnionState-chartered | 100 Otis Smith Dr Clarksville, TN 37043 | 2,160 | gatewaycreditunion.com |
Payday and installment loan stores in Clarksville
For comparison: storefront payday, installment and title lenders in Clarksville 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 |
|---|---|---|---|
| 2068 Wilma Rudolph Blvd Unit A Clarksville, TN 37040 | (931) 347-4038 | — | 4.8 |
| 2721 Fort Campbell Blvd Clarksville, TN 37042 | (931) 450-7077 | — | 4.9 |
| 501 Heritage Pointe Dr Clarksville, TN 37042 | (931) 450-7087 | — | 4.7 |
| 601-A S Riverside Dr Clarksville, TN 37040 | (931) 287-2716 | — | 4.9 |
| 1687 Fort Campbell Blvd Clarksville, TN 37042 | (931) 906-2933 | — | 4.9 |
| 1986 Fort Campbell Blvd Clarksville, TN 37042 | (931) 245-3168 | — | 5.0 |
| 2168 Wilma Rudolph Blvd Clarksville, TN 37040 | (931) 647-7104 | — | 4.9 |
| 1820 Madison St Ste C Clarksville, TN 37043 | (931) 503-1444 | — | 4.9 |
| 2870 Wilma Rudolph Blvd Clarksville, TN 37040 | (931) 472-1400 | — | 4.7 |
| 2088 Lowes Dr E Clarksville, TN 37040 | (931) 572-9777 | — | 4.1 |
| 2856 Wilma Rudolph Blvd Clarksville, TN 37040 | (931) 552-7991 | — | 4.0 |
| 1933 Madison St Clarksville, TN 37043 | (931) 648-0400 | — | 4.9 |
| Sunbelt Credit 401 Tiny Town Rd D Clarksville, TN 37042 | (931) 431-6200 | — | 5.0 |
| 1655 Fort Campbell Blvd Clarksville, TN 37042 | (931) 920-0396 | — | 4.9 |
| 602 S Riverside Dr Ste a Clarksville, TN 37040 | (931) 542-4811 | — | 4.8 |
| 1825 Madison St Ste E Clarksville, TN 37043 | (931) 542-9006 | — | 4.9 |
| 1637 Ft. Campbell Blvd. Clarksville, TN 37042 | (931) 542-5661 | Mon–Thu 10:00 AM – 6:00 PM Fri 9:00 AM – 6:00 PM Sat 10:00 AM – 2:00 PM Sun closed |
— |
| 1960 Madison St E Clarksville, TN 37043 | (931) 645-5550 | — | 5.0 |
| 2088-F Lowes Dr Clarksville, TN 37040 | (931) 647-8272 | — | 4.4 |
More about Clarksville
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 Clarksville 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.