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 Charleston, WV
11 credit unions are headquartered in Charleston, with 58,150 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
- 11
- Members
- 58,150
- Federal
- 9
- State-chartered
- 2
Credit unions vs payday loan stores in Charleston
Charleston has 11 credit unions headquartered here and 2 payday, installment and title loan stores. Local credit unions count 58,150 members — roughly 64 memberships per 100 residents.
Credit unions
11
12.1 per 100k residents
58,150 members
Payday & loan stores
2
2.2 per 100k residents
2 store chains
Biggest loan store chains in Charleston: Lendmark Financial Services (1), OneMain Financial (1).
Borrowing $500 for 6 months in Charleston
| Option | Payment | Total cost of borrowing |
|---|---|---|
| Installment loan at the West Virginia rate cap (31% APR) | $91.03/mo | $46.17 |
| Credit union PAL (28% APR) | $90.27/mo | $41.62 |
| Payday loan renewed every 2 weeks (typical $15 per $100, not available in West Virginia) | $75.00 every 2 weeks | $975.00 |
- Monthly payment at the West Virginia rate cap vs median monthly household income
- 1.7%
Example calculation with fixed monthly payments; the payday row shows typical out-of-state pricing for comparison. Actual rates and terms vary by lender.
What it means for a household in Charleston
- Median household income
- $63,186
- A $400 emergency equals
- 2.3 days of income
- Households earning under $25,000
- 21.5%
- Residents below the poverty line
- 15.7%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Charleston are population-weighted and approximate. Hours of work are based on the median individual income.
Payday loans vs credit union PALs: the rules in West Virginia
| Payday loan in WV | Credit union PAL | |
|---|---|---|
| Legal status | Not allowed — storefront payday loans are banned | Offered by many federal credit unions |
| Rate cap | Capped at 31% APR | 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: West Virginia law as summarized on our West Virginia 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 Charleston
| Credit union | Address | Members | Website |
|---|---|---|---|
| Pioneer Appalachia Federal Credit UnionFederal | 1316 Kanawha Blvd E Charleston, WV 25301 | 15,071 | pioneerafcu.org |
| Star Usa Federal Credit UnionFederal | 1 Cantley Dr Charleston, WV 25314 | 13,708 | starusafcu.com |
| The State Credit UnionState-chartered | 2200 Washington Street East, P.O. B Charleston, WV 25305 | 8,433 | scuwv.com |
| Members Choice Wv Federal Credit UnionFederal | P O Box 20040 Charleston, WV 25362 | 5,991 | mcwvfcu.com |
| Camc Federal Credit UnionFederal | 3400 Maccorkle Avenue SE Charleston, WV 25304 | 5,121 | camcfcu.org |
| Element Federal Credit UnionFederal | 3418 Maccorkle Ave SE Charleston, WV 25304 | 4,401 | elementfcu.org |
| Wv National Guard Federal Credit UnionFederal | 1512 Coonskin Drive Charleston, WV 25311 | 1,806 | wvngfcu.com |
| Charleston Federal Credit UnionFederal | 300 Virginia St E Rm 4203 Charleston, WV 25301 | 1,259 | cfcuwv.virtualcu.net |
| Cha-Tel Federal Credit UnionFederal | 1500 Maccorkle Ave Charleston, WV 25396 | 1,240 | chatelfcu.com |
| Charleston Postal Federal Credit UnionFederal | 1000 Centre Way, 1000 Centre Way Charleston, WV 25309 | 664 | charlestonpostalfcu.com |
| Local No. 317 I.A.F.F. Credit UnionState-chartered | PO Box 3736 Charleston, WV 25337 | 456 | — |
Payday and installment loan stores in Charleston
For comparison: storefront payday, installment and title lenders in Charleston 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 |
|---|---|---|---|
| 910 Nitro Market Pl Cross Lanes, WV 25313 | (681) 217-9998 | — | 4.2 |
| 340 MacCorkle Ave SE Ste 310 Charleston, WV 25314 | (304) 746-0013 | — | 4.4 |
More about Charleston
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 Charleston 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.