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 Tacoma, WA
4 credit unions are headquartered in Tacoma, with 306,165 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
- 4
- Members
- 306,165
- Federal
- 1
- State-chartered
- 3
Credit unions vs payday loan stores in Tacoma
Tacoma has 6 payday, installment and title loan stores but only 4 credit unions headquartered here — about 1.5 loan stores for every credit union. Local credit unions count 306,165 members — roughly 87 memberships per 100 residents.
Credit unions
4
1.1 per 100k residents
306,165 members
Payday & loan stores
6
1.7 per 100k residents
4 store chains
Biggest loan store chains in Tacoma: Moneytree (2), OneMain Financial (2), Lendmark Financial Services (1), Mariner Finance (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 Tacoma
- Median household income
- $85,294
- Payday fee of $75, share of two weeks' income
- 2.3%
- Hours of work to pay the $75 fee
- 3.4 hours
- PAL payment of $174.50, share of monthly income
- 2.5%
- A $400 emergency equals
- 1.7 days of income
- Households earning under $25,000
- 11.9%
- Residents below the poverty line
- 11.4%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Tacoma 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 Tacoma
| Credit union | Address | Members | Website |
|---|---|---|---|
| Sound Credit UnionState-chartered | PO Box 1595 Tacoma, WA 98401 | 181,030 | soundcu.com |
| Harborstone Credit UnionState-chartered | PO Box 4207 Tacoma, WA 98438 | 120,361 | harborstone.com |
| Tacoma Longshoremen Credit UnionState-chartered | 3602 E Alexander Ave Tacoma, WA 98424 | 3,375 | tlcu23.com |
| Ibew 76 Federal Credit UnionFederal | 3049 S 36th St, Ste 103 Tacoma, WA 98409 | 1,399 | sparkcu.org |
Payday and installment loan stores in Tacoma
For comparison: storefront payday, installment and title lenders in Tacoma 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 |
|---|---|---|---|
| 10437 Pacific Ave S Tacoma, WA 98444 | (253) 537-9555 | — | 4.4 |
| 2528 S 38th St E Tacoma, WA 98409 | (253) 473-3500 | — | 4.4 |
| 10202 Pacific Ave S #103 Tacoma, WA 98444 | (253) 531-4315 | — | 3.8 |
| 1802 S Mildred St D Tacoma, WA 98465 | (253) 460-0710 | — | 3.9 |
| 4027 Tacoma Mall Blvd Suite B Tacoma, WA 98409 | (253) 617-4001 | — | 3.6 |
| 3702 S Fife St Ste B105 Tacoma, WA 98409 | (253) 414-0995 | — | 4.9 |
More about Tacoma
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 Tacoma 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.