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 Martinsburg, WV
3 credit unions are headquartered in Martinsburg, with 11,586 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
- 3
- Members
- 11,586
- Federal
- 3
- State-chartered
- 0
Credit unions vs payday loan stores in Martinsburg
Martinsburg has 3 credit unions headquartered here and 2 payday, installment and title loan stores. Local credit unions count 11,586 members — roughly 17 memberships per 100 residents.
Credit unions
3
4.3 per 100k residents
11,586 members
Payday & loan stores
2
2.9 per 100k residents
2 store chains
Biggest loan store chains in Martinsburg: Lendmark Financial Services (1), OneMain Financial (1).
Borrowing $500 for 6 months in Martinsburg
| 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
- 1.5%
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 Martinsburg
- Median household income
- $72,252
- A $400 emergency equals
- 2.0 days of income
- Households earning under $25,000
- 14.4%
- Residents below the poverty line
- 14.7%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Martinsburg 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 Martinsburg
| Credit union | Address | Members | Website |
|---|---|---|---|
| 167th Tfr Federal Credit UnionFederal | P O Box 1897 Martinsburg, WV 25402 | 7,815 | 167tfrfcu.com |
| Eastern Panhandle Federal Credit UnionFederal | 36 Gm Access Rd Martinsburg, WV 25403 | 2,728 | easternpanhandlefcu.com |
| Berkeley County Public Schools Federal Credit UnionFederal | P.O. Box 1740 Martinsburg, WV 25402 | 1,043 | bcpsfcu.com |
Payday and installment loan stores in Martinsburg
For comparison: storefront payday, installment and title lenders in Martinsburg 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 |
|---|---|---|---|
| 796 Foxcroft Ave Ste 105 Martinsburg, WV 25401 | (304) 267-2058 | — | 4.5 |
| 1349 Edwin Miller Blvd Martinsburg, WV 25404 | (304) 263-0888 | — | 4.3 |
More about Martinsburg
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 Martinsburg 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.