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 Cookeville, TN
1 credit union is headquartered in Cookeville, with 5,516 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
- 5,516
- Federal
- 1
- State-chartered
- 0
Credit unions vs payday loan stores in Cookeville
Cookeville has 8 payday, installment and title loan stores but only 1 credit unions headquartered here — about 8.0 loan stores for every credit union. Local credit unions count 5,516 members — roughly 8 memberships per 100 residents.
Credit unions
1
1.4 per 100k residents
5,516 members
Payday & loan stores
8
11.0 per 100k residents
8 store chains
Biggest loan store chains in Cookeville: 1st Franklin Financial (1), Advance Financial (1), Check Into Cash (1), Lendmark Financial Services (1), Mariner Finance (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 Cookeville
- Median household income
- $55,913
- Payday fee of $75, share of two weeks' income
- 3.5%
- Hours of work to pay the $75 fee
- 5.3 hours
- PAL payment of $174.50, share of monthly income
- 3.7%
- A $400 emergency equals
- 2.6 days of income
- Households earning under $25,000
- 23.9%
- Residents below the poverty line
- 17.3%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Cookeville 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 Cookeville
| Credit union | Address | Members | Website |
|---|---|---|---|
| Middle Tennessee Federal Credit UnionFederal | P.O Box 3238 Cookeville, TN 38502 | 5,516 | midtnfcu.com |
Payday and installment loan stores in Cookeville
For comparison: storefront payday, installment and title lenders in Cookeville 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 |
|---|---|---|---|
| 124 S Willow Ave Cookeville, TN 38501 | (931) 526-3240 | — | 4.7 |
| 820 N Jefferson Ave Cookeville, TN 38501 | (931) 563-0045 | — | 4.2 |
| 136 S Willow Ave Cookeville, TN 38501 | (931) 528-2900 | — | 4.9 |
| 416 W Jackson St B Cookeville, TN 38501 | (931) 545-4595 | — | 4.1 |
| 921 S Willow Ave Ste. E Cookeville, TN 38501 | (931) 854-1173 | — | 4.8 |
| 377 W Jackson St #14 Cookeville, TN 38501 | (931) 526-9741 | — | 3.9 |
| 620 S Jefferson Ave Ste 106 Cookeville, TN 38501 | (931) 526-2815 | — | 4.8 |
| 800 S Jefferson Ave Cookeville, TN 38501 | (931) 520-0661 | — | 4.9 |
More about Cookeville
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 Cookeville 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.