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 Morgantown, WV
3 credit unions are headquartered in Morgantown, with 16,167 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
- 16,167
- Federal
- 3
- State-chartered
- 0
Credit unions vs payday loan stores in Morgantown
Morgantown has 3 credit unions headquartered here and 2 payday, installment and title loan stores. Local credit unions count 16,167 members — roughly 16 memberships per 100 residents.
Credit unions
3
3.1 per 100k residents
16,167 members
Payday & loan stores
2
2.0 per 100k residents
2 store chains
Biggest loan store chains in Morgantown: Lendmark Financial Services (1), OneMain Financial (1).
Borrowing $500 for 6 months in Morgantown
| 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 Morgantown
- Median household income
- $62,994
- A $400 emergency equals
- 2.3 days of income
- Households earning under $25,000
- 21.9%
- Residents below the poverty line
- 21.6%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Morgantown 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 Morgantown
| Credit union | Address | Members | Website |
|---|---|---|---|
| Wvu Employees Federal Credit UnionFederal | 448 Harding Ave Morgantown, WV 26505 | 6,034 | wvucu.com |
| The United Federal Credit UnionFederal | 3 Sunset Beach Rd Morgantown, WV 26508 | 5,950 | tufcu.org |
| Morgantown A E S Federal Credit UnionFederal | 1133 Van Voorhis Rd Morgantown, WV 26505 | 4,183 | aesfcu.com |
Payday and installment loan stores in Morgantown
For comparison: storefront payday, installment and title lenders in Morgantown 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 |
|---|---|---|---|
| 6526 Mall Rd Morgantown, WV 26501 | (304) 983-6208 | — | 4.6 |
| 827 Fairmont Rd #103 Westover, WV 26501 | (304) 292-3391 | — | 4.3 |
More about Morgantown
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 Morgantown 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.