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 Spokane, WA
9 credit unions are headquartered in Spokane, with 44,438 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
- 9
- Members
- 44,438
- Federal
- 3
- State-chartered
- 6
Credit unions vs payday loan stores in Spokane
Spokane has 9 credit unions headquartered here and 8 payday, installment and title loan stores. Local credit unions count 44,438 members — roughly 11 memberships per 100 residents.
Credit unions
9
2.3 per 100k residents
44,438 members
Payday & loan stores
8
2.1 per 100k residents
5 store chains
Biggest loan store chains in Spokane: Lendmark Financial Services (2), Moneytree (2), OneMain Financial (2), Mariner Finance (1), loanDepot (1).
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 Spokane
- Median household income
- $73,015
- 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
- 15.1%
- Residents below the poverty line
- 13.0%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Spokane 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 Spokane
| Credit union | Address | Members | Website |
|---|---|---|---|
| Canopy Federal Credit UnionFederal | PO Box 2519 Spokane, WA 99220 | 13,443 | canopycu.com |
| Primesource Credit UnionState-chartered | P O Box 48275 Spokane, WA 99228 | 6,727 | primesourcecu.org |
| Progressions Credit UnionState-chartered | 2919 E Mission Ave Spokane, WA 99202 | 5,689 | progressionscu.org |
| Safeway Federal Credit UnionFederal | 529 E North Foothills Dr Spokane, WA 99207 | 4,310 | safewayfcu.org |
| Spokane City Credit UnionState-chartered | PO Box 9639 Spokane, WA 99209 | 4,289 | sccu.net |
| Avista Corp. Credit UnionState-chartered | P.O. Box 3727 Spokane, WA 99220 | 3,652 | avistacorp.com |
| Responders Emergency Services Credit UnionState-chartered | 924 W Sinto Ave Spokane, WA 99201 | 2,606 | myrescu.org |
| Spokane Firefighters Credit UnionState-chartered | 2002 N Atlantic St Spokane, WA 99205 | 2,553 | sffcu.net |
| Spokane Media Federal Credit UnionFederal | 6103 N Astor St Spokane, WA 99208 | 1,169 | mediacreditunion.com |
Payday and installment loan stores in Spokane
For comparison: storefront payday, installment and title lenders in Spokane 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 |
|---|---|---|---|
| 4902 E Sprague Ave C Spokane Valley, WA 99212 | (509) 299-8280 | — | 3.9 |
| 515 W Francis Ave #4 Spokane, WA 99205 | (509) 328-4064 | — | 4.4 |
| 12510 E Sprague Ave #8 Spokane, WA 99216 | (509) 926-2000 | — | 4.7 |
| 4516 N Division St Spokane, WA 99207 | (509) 489-5000 | — | 4.7 |
| 300 N Mullan Rd #103 Spokane Valley, WA 99206 | (509) 928-9442 | — | 4.0 |
| 9107 N Country Homes Blvd #12 Spokane, WA 99218 | (509) 467-6513 | — | 3.6 |
| 521 E Holland Ave Ste 70 Spokane, WA 99218 | (509) 606-2190 | — | 4.7 |
| 111 W North River Dr #100 Spokane, WA 99201 | (574) 282-2761 | — | 4.6 |
More about Spokane
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 Spokane 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.