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 Cleveland, TN
5 credit unions are headquartered in Cleveland, with 8,698 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
- 5
- Members
- 8,698
- Federal
- 2
- State-chartered
- 3
Credit unions vs payday loan stores in Cleveland
Cleveland has 11 payday, installment and title loan stores but only 5 credit unions headquartered here — about 2.2 loan stores for every credit union. Local credit unions count 8,698 members — roughly 9 memberships per 100 residents.
Credit unions
5
5.1 per 100k residents
8,698 members
Payday & loan stores
11
11.1 per 100k residents
9 store chains
Biggest loan store chains in Cleveland: Check Into Cash (2), TitleMax (2), 1st Franklin Financial (1), Advance Financial (1), Lendmark Financial Services (1).
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 Cleveland
- Median household income
- $63,951
- Payday fee of $75, share of two weeks' income
- 3.0%
- Hours of work to pay the $75 fee
- 4.7 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
- 17.7%
- Residents below the poverty line
- 13.4%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Cleveland 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 Cleveland
| Credit union | Address | Members | Website |
|---|---|---|---|
| Cleveland-Bradley Cty Teacher Federal Credit UnionFederal | P.O. Box 4168 Cleveland, TN 37320 | 4,360 | cbctfcu.com |
| Appliance Credit UnionState-chartered | P.O. Box 1057 Cleveland, TN 37364 | 1,963 | appliancecu.com |
| Pathway Credit UnionState-chartered | P O Box 2035 Cleveland, TN 37320 | 999 | pathwaycredit.com |
| Smart Choice Credit UnionState-chartered | 1075 Blythe Ave SE Cleveland, TN 37311 | 890 | smartchoicecreditunion.com |
| B. M. H. Federal Credit UnionFederal | PO Box 3060 Cleveland, TN 37320 | 486 | bmhfcu.com |
Payday and installment loan stores in Cleveland
For comparison: storefront payday, installment and title lenders in Cleveland 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 |
|---|---|---|---|
| 201 Keith St SW Ste 5 Cleveland, TN 37311 | (423) 479-2000 | — | 4.9 |
| 2398 McGrady Dr SE Cleveland, TN 37323 | (423) 479-2166 | — | 4.9 |
| 104 Keith St SW Cleveland, TN 37311 | (423) 473-8904 | — | 4.9 |
| 3860 Keith St NW Ste 2 Cleveland, TN 37312 | (423) 559-1809 | — | 5.0 |
| 865 Keith St NW Cleveland, TN 37311 | (423) 479-4138 | — | 4.8 |
| 1695 25th St NW Cleveland, TN 37311 | (423) 438-1417 | — | 4.8 |
| 4460 Frontage Rd NW Cleveland, TN 37312 | (423) 641-0330 | — | 3.1 |
| 300 Paul Huff Pkwy NW Ste 700 Cleveland, TN 37312 | (423) 479-9615 | — | 4.7 |
| 2320 Treasury Dr SE Cleveland, TN 37323 | (423) 478-5353 | — | 4.3 |
| 2524 Keith St NW #1 Cleveland, TN 37312 | (423) 339-0400 | — | 4.9 |
| 808 25th St NW Cleveland, TN 37311 | (423) 339-5878 | — | 4.9 |
More about Cleveland
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 Cleveland 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.