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 Lakewood, WA
1 credit union is headquartered in Lakewood, with 4,552 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
- 4,552
- Federal
- 0
- State-chartered
- 1
Credit unions vs payday loan stores in Lakewood
Lakewood has 1 credit unions headquartered here, and we found no storefront payday loan chains. Local credit unions count 4,552 members — roughly 7 memberships per 100 residents.
Credit unions
1
1.5 per 100k residents
4,552 members
Payday & loan stores
0
0 store chains
What a $500 loan costs over 3 months
| Option | Payment | Total cost |
|---|---|---|
| Payday loan, re-borrowed 6 times (~390% 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: a typical fee of $75 on a $500 loan for 2 weeks (WA limits are not set in dollars), paid 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 Lakewood
- Median household income
- $73,526
- Payday fee of $75, share of two weeks' income
- 2.7%
- Hours of work to pay the $75 fee
- 3.7 hours
- PAL payment of $174.50, share of monthly income
- 2.8%
- A $400 emergency equals
- 2.0 days of income
- Households earning under $25,000
- 14.2%
- Residents below the poverty line
- 12.9%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Lakewood are population-weighted and approximate. Hours of work are based on the median individual income.
Payday loans vs credit union PALs: the rules in Washington
| Payday loan in WA | Credit union PAL | |
|---|---|---|
| Legal status | Allowed | Offered by many federal credit unions |
| Loan amount | $700 or 30% of income | $200 – $2,000 |
| Fee limit | 15% up to $500; 10% above ($95) | Application fee up to $20 |
| Typical APR | ~390% | 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: Washington law as summarized on our Washington 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 Lakewood
| Credit union | Address | Members | Website |
|---|---|---|---|
| American Lake Credit UnionState-chartered | PO Box 98979 Lakewood, WA 98496 | 4,552 | americanlake.org |
More about Lakewood
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 Lakewood 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.