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 Knoxville, TN
11 credit unions are headquartered in Knoxville, with 372,965 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
- 11
- Members
- 372,965
- Federal
- 5
- State-chartered
- 6
Credit unions vs payday loan stores in Knoxville
Knoxville has 31 payday, installment and title loan stores but only 11 credit unions headquartered here — about 2.8 loan stores for every credit union. Local credit unions count 372,965 members — roughly 90 memberships per 100 residents.
Credit unions
11
2.7 per 100k residents
372,965 members
Payday & loan stores
31
7.5 per 100k residents
10 store chains
Biggest loan store chains in Knoxville: Advance Financial (6), TitleMax (6), Speedy Cash (5), Mariner Finance (3), Advance America (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 Knoxville
- Median household income
- $71,857
- Payday fee of $75, share of two weeks' income
- 2.7%
- Hours of work to pay the $75 fee
- 4.0 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
- 17.0%
- Residents below the poverty line
- 14.4%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Knoxville 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 Knoxville
| Credit union | Address | Members | Website |
|---|---|---|---|
| Knoxville Tva Employees Credit UnionState-chartered | P.O. Box 36027 Knoxville, TN 37930 | 308,760 | tvacreditunion.com |
| U. T. Federal Credit UnionFederal | P.O. Box 51848 Knoxville, TN 37950 | 25,612 | utfcu.org |
| City Employees Credit UnionState-chartered | 1720 Western Ave Knoxville, TN 37921 | 8,461 | cecuknox.com |
| New South Credit UnionState-chartered | 3261 N Mall Rd Knoxville, TN 37924 | 6,745 | newsouthcu.com |
| Knoxville Teachers Federal Credit UnionFederal | 711 N. Hall Of Fame Drive Knoxville, TN 37917 | 6,618 | ktfcu.org |
| Tnconnect Credit UnionState-chartered | P.O. Box 52990 Knoxville, TN 37950 | 6,258 | tnconnectcu.org |
| First Choice Community Credit UnionState-chartered | 100 N 17th St Knoxville, TN 37921 | 3,557 | firstchoiceccu.org |
| Knox County Teachers Federal Credit UnionFederal | 6821 Maynardville Pike Knoxville, TN 37918 | 2,093 | kctfcu.org |
| Knoxville Firefighters Federal Credit UnionFederal | P.O.Box 12209 Knoxville, TN 37912 | 1,851 | knoxfirefcu.com |
| Knoxville Law Enforcement Federal Credit UnionFederal | 501 E. Summit Hill Drive Knoxville, TN 37915 | 1,666 | klefcu.com |
| Knox Co. Employees Credit UnionState-chartered | 400 W Main St Rm 355 Knoxville, TN 37902 | 1,344 | knoxcountyecu.com |
Payday and installment loan stores in Knoxville
For comparison: storefront payday, installment and title lenders in Knoxville 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 |
|---|---|---|---|
| 10511 Kingston Pike Knoxville, TN 37922 | (865) 685-5251 | — | 4.6 |
| 2823 N Broadway Knoxville, TN 37917 | (865) 856-1583 | — | 4.3 |
| 4531 Chapman Hwy Knoxville, TN 37920 | (865) 856-1606 | — | 4.6 |
| 4861 N Broadway Knoxville, TN 37918 | (865) 730-4085 | — | 4.8 |
| 5527 Clinton Hwy Knoxville, TN 37912 | (865) 338-5964 | — | 4.4 |
| 8024 Kingston Pike Knoxville, TN 37919 | (865) 494-1197 | — | 4.4 |
| 2522 E Magnolia Ave Knoxville, TN 37914 | (865) 673-6466 | — | 4.9 |
| 3009 N Broadway Knoxville, TN 37917 | (865) 281-8673 | — | 5.0 |
| 3917 Chapman Hwy Knoxville, TN 37920 | (865) 573-2489 | — | 4.9 |
| 5300 Clinton Hwy Knoxville, TN 37912 | (865) 219-9014 | — | 5.0 |
| 6533 Maynardville Pike Knoxville, TN 37918 | (865) 687-6933 | — | 4.9 |
| 8041 Kingston Pike Knoxville, TN 37919 | (865) 212-0045 | — | 4.9 |
| 106 Knox Rd Knoxville, TN 37918 | (865) 687-9028 | — | 4.9 |
| 2201 N Broadway Knoxville, TN 37917 | (865) 622-5934 | — | 4.9 |
| 4403 Chapman Hwy Knoxville, TN 37920 | (865) 577-8656 | — | 4.9 |
| 5632 Clinton Hwy Knoxville, TN 37912 | (865) 686-5737 | — | 4.9 |
| 6720 Kingston Pike Knoxville, TN 37919 | (865) 588-0660 | — | 4.9 |
| 2435 Callahan Dr Knoxville, TN 37912 | (865) 512-2233 | — | 4.8 |
| 4848 Harvest Mill Way Knoxville, TN 37918 | (865) 688-4144 | — | 4.8 |
| 8078 Kingston Pike #114 Knoxville, TN 37919 | (865) 357-1100 | — | 4.9 |
| 4222 Asheville Hwy. Knoxville, TN 37914 | (865) 633-4924 | Mon–Fri 9:00 AM – 5:30 PM Sat–Sun closed |
— |
| 4419 Western Ave., Ste. 104 + 105 Knoxville, TN 37921 | (865) 544-4139 | Mon–Fri 10:00 AM – 6:00 PM Sat 10:00 AM – 2:00 PM Sun closed |
— |
| 4000 Chapman Hwy Knoxville, TN 37920 | (865) 577-3113 | — | 4.8 |
| 6724 Maynardville Pike Knoxville, TN 37918 | (865) 922-3829 | — | 4.6 |
| 5551 Clinton Hwy Knoxville, TN 37912 | (865) 299-6880 | — | 4.0 |
| 7337 Chapman Hwy Knoxville, TN 37920 | (865) 327-2585 | — | 5.0 |
| 510 Merchant Dr Knoxville, TN 37912 | (865) 688-0011 | — | 4.0 |
| 8331 E Walker Springs Ln #200 Knoxville, TN 37923 | (865) 947-5655 | — | 4.3 |
| 2039 N Broadway Knoxville, TN 37917 | (865) 637-0357 | — | 4.8 |
| Sunbelt Credit 4409 Chapman Hwy STE Y Knoxville, TN 37920 | (865) 577-9560 | — | — |
| 101 Sherlake Ln #107 Knoxville, TN 37922 | (615) 865-7100 | — | 5.0 |
More about Knoxville
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 Knoxville 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.