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 Johnson City, TN
3 credit unions are headquartered in Johnson City, with 11,684 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
- 3
- Members
- 11,684
- Federal
- 1
- State-chartered
- 2
Credit unions vs payday loan stores in Johnson City
Johnson City has 11 payday, installment and title loan stores but only 3 credit unions headquartered here — about 3.7 loan stores for every credit union. Local credit unions count 11,684 members — roughly 12 memberships per 100 residents.
Credit unions
3
3.0 per 100k residents
11,684 members
Payday & loan stores
11
10.8 per 100k residents
9 store chains
Biggest loan store chains in Johnson City: Advance Financial (2), TitleMax (2), 1st Franklin Financial (1), Advance America (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 Johnson City
- Median household income
- $55,298
- 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
- 24.3%
- Residents below the poverty line
- 19.0%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Johnson City 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 Johnson City
| Credit union | Address | Members | Website |
|---|---|---|---|
| Select Seven Federal Credit UnionFederal | 181 Marketplace Blvd Johnson City, TN 37604 | 5,213 | selectsevencu.org |
| Greater Experience Credit UnionState-chartered | PO Box 5130 Johnson City, TN 37602 | 4,302 | greatereastern.org |
| Beacon Financial Credit UnionState-chartered | 1102 W Market St Ste 20 Johnson City, TN 37604 | 2,169 | beaconfcu.org |
Payday and installment loan stores in Johnson City
For comparison: storefront payday, installment and title lenders in Johnson City 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 |
|---|---|---|---|
| 2920 N Roan St Johnson City, TN 37601 | (423) 438-1342 | — | 4.4 |
| 929 W Market St Johnson City, TN 37604 | (423) 438-1676 | — | 4.4 |
| 1918 S Roan St Johnson City, TN 37601 | (423) 928-3456 | — | 4.9 |
| 2617 N Roan St Johnson City, TN 37601 | (423) 929-2345 | — | 4.9 |
| 3120 E Oakland Ave Johnson City, TN 37601 | (423) 979-0509 | — | 4.9 |
| 509 N. State of Franklin Rd., Ste. 1 Johnson City, TN 37604 | (423) 926-7413 | Mon–Fri 9:00 AM – 5:30 PM Sat–Sun closed |
— |
| 3135 Peoples St Unit 302 Johnson City, TN 37604 | (423) 430-8860 | — | 4.3 |
| 1065 Hamilton Pl Johnson City, TN 37604 | (423) 328-7166 | — | 4.7 |
| 600 N State of Franklin Rd Johnson City, TN 37604 | (423) 928-3141 | — | 3.8 |
| 1012 W Market St Ste 3 Johnson City, TN 37604 | (423) 929-8113 | — | 4.9 |
| 2221 N Roan St Johnson City, TN 37601 | (423) 491-7100 | — | 2.9 |
More about Johnson City
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 Johnson City 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.