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 Nashville, TN
17 credit unions are headquartered in Nashville, with 153,700 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
- 17
- Members
- 153,700
- Federal
- 1
- State-chartered
- 16
Credit unions vs payday loan stores in Nashville
Nashville has 41 payday, installment and title loan stores but only 17 credit unions headquartered here — about 2.4 loan stores for every credit union. Local credit unions count 153,700 members — roughly 32 memberships per 100 residents.
Credit unions
17
3.6 per 100k residents
153,700 members
Payday & loan stores
41
8.6 per 100k residents
8 store chains
Biggest loan store chains in Nashville: Advance Financial (14), TitleMax (10), Speedy Cash (7), ACE Cash Express (4), OneMain Financial (3).
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 Nashville
- Median household income
- $82,142
- Payday fee of $75, share of two weeks' income
- 2.4%
- Hours of work to pay the $75 fee
- 3.3 hours
- PAL payment of $174.50, share of monthly income
- 2.5%
- A $400 emergency equals
- 1.8 days of income
- Households earning under $25,000
- 14.7%
- Residents below the poverty line
- 14.2%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Nashville 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 Nashville
| Credit union | Address | Members | Website |
|---|---|---|---|
| Resound Credit UnionState-chartered | P.O. Box 120729 Nashville, TN 37212 | 50,001 | resoundcu.org |
| Us Community Credit UnionState-chartered | PO Box 140570 Nashville, TN 37214 | 25,463 | usccu.org |
| Old Hickory Credit UnionState-chartered | PO Box 140478 Nashville, TN 37214 | 21,656 | ohcu.org |
| Ten Credit UnionState-chartered | 1400 8th Avenue South Nashville, TN 37203 | 18,401 | tencu.com |
| Vanderbilt Credit UnionState-chartered | P. O. Box 128426 Nashville, TN 37212 | 6,886 | vanderbiltcu.org |
| Enbright Credit UnionState-chartered | 2340 Jackson Downs Blvd Nashville, TN 37214 | 6,866 | enbrightcu.com |
| Nashville Post Office Credit UnionState-chartered | PO Box 291233 Nashville, TN 37229 | 4,080 | npocu.org |
| Nashville Firemen's Credit UnionState-chartered | 908 Woodland St Nashville, TN 37206 | 3,230 | nashvillefirecu.org |
| Tennessee Employees Credit UnionState-chartered | 220 French Landing Nashville, TN 37243 | 2,956 | tnecu.org |
| M.P.D. Community Credit UnionState-chartered | 2711 Old Lebanon Pike Nashville, TN 37214 | 2,953 | mpdcommunitycu.org |
| St. Thomas Credit UnionState-chartered | 4230 Harding Pike Ste 103 Nashville, TN 37205 | 2,417 | stthomascreditunion.com |
| Parthenon Federal Credit UnionFederal | 2290 Rosa L Parks Blvd Nashville, TN 37228 | 1,778 | parthenonfcu.org |
| Your Best Credit UnionState-chartered | 26 Century Blvd, Ste 3 Nashville, TN 37214 | 1,745 | yourbestcu.com |
| Tennessee Department of Safety Credit UnionState-chartered | 1150 Foster Ave Nashville, TN 37243 | 1,677 | tdoscu.com |
| Skyline Credit UnionState-chartered | 3443 Dickerson Pike #G10 Nashville, TN 37207 | 1,605 | skylinecreditunion.com |
| Metropolitan Teachers Credit UnionState-chartered | 1605 Jefferson Street Nashville, TN 37208 | 1,163 | metrotcu.org |
| Dixie Line Credit UnionState-chartered | 567 Veritas St Nashville, TN 37211 | 823 | dixieline.org |
Payday and installment loan stores in Nashville
For comparison: storefront payday, installment and title lenders in Nashville 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 |
|---|---|---|---|
| 100 Oceanside Dr Nashville, TN 37204 | (615) 341-5900 | — | 4.4 |
| 1133 Vultee Blvd Nashville, TN 37217 | (615) 375-3641 | — | 4.6 |
| 2403 Nolensville Pk #101 Nashville, TN 37211 | (615) 358-5745 | — | 4.9 |
| 2500 Murfreesboro Pike #102 Nashville, TN 37217 | (615) 510-3250 | — | 4.4 |
| 2845 Lebanon Pike Nashville, TN 37214 | (615) 866-5175 | — | 4.7 |
| 3041 Dickerson Pike E Nashville, TN 37207 | (615) 823-3290 | — | 4.2 |
| 3615 Nolensville Pk Suite B20 Nashville, TN 37211 | (615) 903-9255 | — | 4.9 |
| 3713 Clarksville Pike Nashville, TN 37218 | (615) 538-1028 | — | 4.9 |
| 401 Harding Pl Nashville, TN 37211 | (615) 510-3770 | — | 4.7 |
| 404 Morrow Rd Nashville, TN 37209 | (615) 358-5544 | — | 4.8 |
| 6410 Charlotte Pike #103 Nashville, TN 37209 | (615) 510-3418 | — | 4.8 |
| 7120 Hwy 70 S Nashville, TN 37221 | (615) 486-3706 | — | 4.8 |
| 800 Jefferson St Nashville, TN 37208 | (615) 486-3722 | — | 4.7 |
| 930 Gallatin Ave Nashville, TN 37206 | (615) 603-3777 | — | 4.5 |
| 1050 Murfreesboro Pike Nashville, TN 37217 | (615) 366-4069 | — | 4.9 |
| 2562 Murfreesboro Pike Nashville, TN 37217 | (615) 360-7420 | — | 5.0 |
| 2604 Lebanon Pike Nashville, TN 37214 | (615) 885-1062 | — | 4.9 |
| 2939 Dickerson Pike Nashville, TN 37207 | (615) 228-2218 | — | 5.0 |
| 3002 Nolensville Pk Nashville, TN 37211 | (615) 832-4569 | — | 5.0 |
| 3731 Clarksville Pike Nashville, TN 37218 | (615) 733-1460 | — | 5.0 |
| 4022 Nolensville Rd Nashville, TN 37211 | (615) 732-0291 | — | 5.0 |
| 4807 Nolensville Rd Nashville, TN 37211 | (615) 732-0261 | — | 5.0 |
| 5528 Charlotte Pike Nashville, TN 37209 | (615) 352-9803 | — | 5.0 |
| 908 Gallatin Ave Nashville, TN 37206 | (615) 226-3364 | — | 5.0 |
| 2401 Nolensville Pk Nashville, TN 37211 | (615) 748-3639 | — | 4.9 |
| 2843 Lebanon Pike Ste B Nashville, TN 37214 | (615) 823-7866 | — | 5.0 |
| 3954 Clarksville Hwy Nashville, TN 37218 | (615) 876-8393 | — | 4.8 |
| 4211 Nolensville Pk Nashville, TN 37211 | (615) 781-2615 | — | 4.8 |
| 5002 Harding Pl Nashville, TN 37211 | (615) 333-2488 | — | 4.9 |
| 5701 Charlotte Pike Nashville, TN 37209 | (615) 354-8121 | — | 4.8 |
| 718 Gallatin Ave Nashville, TN 37206 | (615) 913-4166 | — | 4.9 |
| 1801 Jefferson St #105 Nashville, TN 37208 | (615) 329-0347 | — | 4.9 |
| 3606 Gallatin Pike Nashville, TN 37216 | (615) 650-0015 | — | 4.9 |
| 367 Harding Pl C Nashville, TN 37211 | (615) 331-5439 | — | 4.9 |
| 5513 Charlotte Pike Nashville, TN 37209 | (615) 356-4990 | — | 4.9 |
| 313A Harding Pl Nashville, TN 37211 | (615) 331-8840 | — | 4.0 |
| 63 E Thompson Ln Ste 114 Nashville, TN 37211 | (615) 834-4980 | — | 4.2 |
| 7078 Charlotte Pike Ste 13 Nashville, TN 37209 | (615) 352-5181 | — | 4.4 |
| 4653 Nolensville Pike Nashville, TN 37211 | (615) 834-6275 | Mon–Fri 10:00 AM – 6:00 PM Sat 10:00 AM – 2:00 PM Sun closed |
— |
| 326 Harding Pl #102 Nashville, TN 37211 | (615) 781-1050 | — | 4.8 |
| 4907 Nolensville Rd Nashville, TN 37211 | (615) 277-9090 | — | 4.7 |
More about Nashville
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 Nashville 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.