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 Memphis, TN
15 credit unions are headquartered in Memphis, with 249,196 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
- 15
- Members
- 249,196
- Federal
- 11
- State-chartered
- 4
Credit unions vs payday loan stores in Memphis
Memphis has 69 payday, installment and title loan stores but only 15 credit unions headquartered here — about 4.6 loan stores for every credit union. Local credit unions count 249,196 members — roughly 37 memberships per 100 residents.
Credit unions
15
2.2 per 100k residents
249,196 members
Payday & loan stores
69
10.2 per 100k residents
6 store chains
Biggest loan store chains in Memphis: ACE Cash Express (29), TitleMax (23), Speedy Cash (9), OneMain Financial (6), Advance America (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 Memphis
- Median household income
- $55,965
- Payday fee of $75, share of two weeks' income
- 3.5%
- Hours of work to pay the $75 fee
- 4.6 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
- 23.5%
- Residents below the poverty line
- 21.8%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Memphis 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 Memphis
| Credit union | Address | Members | Website |
|---|---|---|---|
| Fedex Employees Credit Association Federal Credit UnionFederal | 2731 S Nonconnah Blvd Memphis, TN 38132 | 96,185 | fecca.com |
| Orion Federal Credit UnionFederal | 400 Monroe Ave Memphis, TN 38103 | 69,342 | orionfcu.com |
| Memphis City Employees Credit UnionState-chartered | 2686 Mount Moriah Ter Memphis, TN 38115 | 44,001 | cityofmemphiscu.org |
| Kimberly Clark Credit UnionState-chartered | 1520 N 2nd St Memphis, TN 38107 | 8,240 | orionfcu.com |
| F A A Federal Credit UnionFederal | 3920 Whitebrook Dr Memphis, TN 38118 | 7,656 | faafcu.org |
| Ups Employees Credit UnionState-chartered | 1814 E Brooks Rd Memphis, TN 38116 | 6,151 | upscu.org |
| L G & W Federal Credit UnionFederal | 1616 Whitten Rd Memphis, TN 38134 | 5,707 | lgwfcu.com |
| Kennedy Va Employees Federal Credit UnionFederal | 1030 Jefferson Ave Memphis, TN 38104 | 3,364 | kennedyvaefcu.org |
| Memphis Municipal Employees Federal Credit UnionFederal | 577 Dr Ml King Jr Ave Memphis, TN 38126 | 3,181 | mmefcu.org |
| Fedtrust Federal Credit UnionFederal | 167 N Main St., Ste 102 Memphis, TN 38103 | 2,897 | fedtrustcu.com |
| Cn/Ic Employees Credit UnionState-chartered | 2005 Nonconnah Blvd Suite 7 Memphis, TN 38132 | 1,219 | cnicecu.net |
| Kellogg Memphis Employees Federal Credit UnionFederal | 2168 Frisco Ave Memphis, TN 38114 | 530 | — |
| Bulab Employees Federal Credit UnionFederal | 1256 N Mclean Blvd Memphis, TN 38108 | 297 | — |
| Delta Refining Co Emp Federal Credit UnionFederal | 2385 Riverport Rd Memphis, TN 38109 | 259 | — |
| Tva Mid-South Federal Credit UnionFederal | PO Box 918 Memphis, TN 38101 | 167 | — |
Payday and installment loan stores in Memphis
For comparison: storefront payday, installment and title lenders in Memphis 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 |
|---|---|---|---|
| 1330 E Shelby Dr Memphis, TN 38116 | (901) 345-5597 | — | 4.9 |
| 1386 Elvis Presley Blvd Memphis, TN 38106 | (901) 942-3726 | — | 4.9 |
| 1414 Getwell Rd #101 Memphis, TN 38111 | (901) 744-0551 | — | 4.9 |
| 1631 Poplar Ave Memphis, TN 38104 | (901) 272-9685 | — | 4.9 |
| 1882 Winchester Rd Memphis, TN 38116 | (901) 396-0520 | — | 4.9 |
| 1979 S Third St Ste A Memphis, TN 38109 | (901) 942-1927 | — | 4.9 |
| 2117 Sycamore View Rd Memphis, TN 38134 | (901) 383-2274 | — | 4.9 |
| 2139 Lamar Ave Memphis, TN 38114 | (901) 276-1020 | — | 5.0 |
| 2474 Covington Pike Memphis, TN 38128 | (901) 388-2316 | — | 4.9 |
| 2628 Frayser Blvd Memphis, TN 38127 | (901) 357-2792 | — | 5.0 |
| 2989 Lamar Ave Memphis, TN 38114 | (901) 743-1924 | — | 4.9 |
| 3102 Austin Peay Hwy Memphis, TN 38128 | (901) 937-0897 | — | 4.9 |
| 3109 S Perkins Rd Memphis, TN 38118 | (901) 794-2363 | — | 4.9 |
| 3174 Summer Ave Memphis, TN 38112 | (901) 452-8601 | — | 4.8 |
| 32 S 2nd St Memphis, TN 38103 | (901) 525-6544 | — | 4.9 |
| 3201 S Third St Memphis, TN 38109 | (901) 398-9957 | — | 4.9 |
| 3310 Jackson Ave Memphis, TN 38122 | (901) 324-9965 | — | 4.9 |
| 3317 Winchester Rd Memphis, TN 38118 | (901) 795-5046 | — | 4.9 |
| 3394 N Watkins St Memphis, TN 38127 | (901) 353-0895 | — | 4.9 |
| 376 N Cleveland St #101 Memphis, TN 38104 | (901) 726-4200 | — | 4.9 |
| 3858 E Shelby Dr Memphis, TN 38118 | (901) 546-9724 | — | 5.0 |
| 416 E E.H.Crump Blvd Memphis, TN 38126 | (901) 948-2402 | — | 4.9 |
| 4221 Elvis Presley Blvd Memphis, TN 38116 | (901) 398-2323 | — | 4.9 |
| 4437 S Third St Memphis, TN 38109 | (901) 789-3397 | — | 5.0 |
| 5129 Yale Rd Memphis, TN 38134 | (901) 266-0225 | — | 5.0 |
| 5169 Winchester Rd Memphis, TN 38118 | (901) 795-4690 | — | 4.9 |
| 5820 Winchester Rd Memphis, TN 38115 | (901) 367-8922 | — | 4.9 |
| 6657 Winchester Rd Memphis, TN 38115 | (901) 363-1967 | — | 4.9 |
| 7444 Winchester Rd #107 Memphis, TN 38125 | (901) 309-9416 | — | 4.9 |
| 1623 Getwell Rd Memphis, TN 38111 | (901) 743-5725 | — | 5.0 |
| 1646 Sycamore View Rd Memphis, TN 38134 | (901) 969-0425 | — | 5.0 |
| 1930 S Third St Memphis, TN 38109 | (901) 774-0157 | — | 5.0 |
| 2265 Lamar Ave Memphis, TN 38114 | (901) 590-1255 | — | 5.0 |
| 2365 Frayser Blvd Memphis, TN 38127 | (901) 353-1628 | — | 5.0 |
| 2961 Covington Pike Memphis, TN 38128 | (901) 969-0440 | — | 5.0 |
| 3024 S Third St Memphis, TN 38109 | (901) 590-1143 | — | 5.0 |
| 3037 Thomas St Memphis, TN 38127 | (901) 353-0629 | — | 5.0 |
| 3130 Austin Peay Hwy Memphis, TN 38128 | (901) 590-1210 | — | 4.9 |
| 319 N Cleveland St Memphis, TN 38104 | (901) 969-0420 | — | 4.9 |
| 3190 Summer Ave Memphis, TN 38112 | (901) 590-1139 | — | 5.0 |
| 3450 Millbranch Rd Memphis, TN 38116 | (901) 346-3332 | — | 5.0 |
| 3798 Park Ave Memphis, TN 38111 | (901) 969-0770 | — | 5.0 |
| 3956 Jackson Ave Memphis, TN 38128 | (901) 372-2450 | — | 5.0 |
| 4440 Elvis Presley Blvd Memphis, TN 38116 | (901) 332-9644 | — | 5.0 |
| 4671 Riverdale Rd Memphis, TN 38141 | (901) 590-1265 | — | 5.0 |
| 4894 Summer Ave Memphis, TN 38122 | (901) 590-1371 | — | 5.0 |
| 5231 Winchester Rd Memphis, TN 38118 | (901) 969-0310 | — | 5.0 |
| 5343 Knight Arnold Rd Memphis, TN 38115 | (901) 590-1162 | — | 5.0 |
| 5409 Elvis Presley Blvd Memphis, TN 38116 | (901) 590-1238 | — | 5.0 |
| 5996 Mt Moriah Rd Memphis, TN 38115 | (901) 794-3575 | — | 5.0 |
| 6330 Winchester Rd #101 Memphis, TN 38115 | (901) 590-1246 | — | 5.0 |
| 7243 Stage Rd Memphis, TN 38133 | (901) 590-1357 | — | 5.0 |
| 1213 Getwell Rd Memphis, TN 38111 | (901) 327-8383 | — | 5.0 |
| 2926 Lamar Ave Ste 109 Memphis, TN 38114 | (901) 744-3230 | — | 4.9 |
| 3303 Austin Peay Hwy Memphis, TN 38128 | (901) 384-9488 | — | 4.9 |
| 4041 Elvis Presley Blvd Memphis, TN 38116 | (901) 396-5737 | — | 4.9 |
| 4109 Getwell Rd Memphis, TN 38118 | (901) 360-8883 | — | 4.9 |
| 5126 Summer Ave #103 Memphis, TN 38122 | (901) 767-5834 | — | 4.9 |
| 6636 Winchester Rd #150 Memphis, TN 38115 | (901) 375-4677 | — | 4.9 |
| 6838 Stage Rd Bartlett, TN 38134 | (901) 373-3232 | — | 5.0 |
| 8385 US-64 Suite 118 Memphis, TN 38133 | (901) 377-9722 | — | 5.0 |
| 2857 Kirby Rd Ste 105 Memphis, TN 38119 | (901) 624-7575 | — | 4.6 |
| 2887 Poplar Ave Memphis, TN 38111 | (901) 327-6084 | — | 4.6 |
| 4093 Summer Ave Memphis, TN 38122 | (901) 452-1157 | — | 4.0 |
| 4665 Elvis Presley Blvd Memphis, TN 38116 | (901) 396-7871 | — | 4.1 |
| 6045 Stage Rd Ste 62 Bartlett, TN 38134 | (901) 382-0390 | — | 4.6 |
| 7825 Winchester Rd Ste 109 Memphis, TN 38125 | (901) 756-1671 | — | 4.3 |
| 3431 Austin Peay Hwy. Memphis, TN 38128 | (901) 386-3017 | Mon–Thu 10:00 AM – 6:00 PM Fri 9:00 AM – 6:00 PM Sat 10:00 AM – 2:00 PM Sun closed |
— |
| 6000 Poplar Ave 250 251 Memphis, TN 38119 | (601) 340-7078 | — | — |
More about Memphis
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 Memphis 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.