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 Alaska
9 credit unions are headquartered in Alaska, with 1,032,760 members in total. 8 are federal credit unions and 1 are state-chartered; all are federally insured by the NCUA.
- Credit unions
- 9
- Members
- 1.0M
- Federal
- 8
- State-chartered
- 1
- Members per 100 people
- 141
- CUs per 100k people
- 1.2
Credit unions vs payday loan stores in Alaska
Alaska has 9 credit unions headquartered here, and we found no storefront payday loan chains. Local credit unions count 1,032,760 members — roughly 141 memberships per 100 residents.
Credit unions
9
1.2 per 100k residents
1.0M members
Payday & loan stores
0
0 store chains
What a $500 loan costs over 3 months
| Option | Payment | Total cost |
|---|---|---|
| Payday loan, re-borrowed 6 times (~435% APR) | $80.00 every 2 weeks | $480.00 |
| 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
- $436.49 payday costs 11× more
Payday: the AK maximum — $80 on a $500 loan for 2 weeks, paid again each time the loan is renewed or taken out again (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 Alaska
- Median household income
- $91,603
- Payday fee of $80, share of two weeks' income
- 2.3%
- Hours of work to pay the $80 fee
- 3.8 hours
- PAL payment of $174.50, share of monthly income
- 2.3%
- A $400 emergency equals
- 1.6 days of income
- Households earning under $25,000
- 11.6%
- Residents below the poverty line
- 10.2%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Alaska are population-weighted and approximate. Hours of work are based on the median individual income.
Payday loans vs credit union PALs: the rules in Alaska
| Payday loan in AK | Credit union PAL | |
|---|---|---|
| Legal status | Allowed | Offered by many federal credit unions |
| Loan amount | $500 | $200 – $2,000 |
| Fee limit | 15% of advance + $5 fee ($80) | Application fee up to $20 |
| Typical APR | ~435% | 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: Alaska law as summarized on our Alaska 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 by city in Alaska
Credit unions are headquartered in 6 cities and towns across Alaska. Pick a city for addresses and websites, or scroll down for the smaller towns.
All credit unions in Alaska
| Credit union | Headquarters | Members | Website |
|---|---|---|---|
| Global Federal Credit UnionFederal | Anchorage | 801,895 | globalcu.org |
| Credit Union 1State-chartered | Anchorage | 96,058 | cu1.org |
| Matanuska Valley Federal Credit UnionFederal | Palmer | 65,250 | mvfcu.coop |
| Mac Federal Credit UnionFederal | Fairbanks | 18,242 | macfcu.org |
| Tongass Federal Credit UnionFederal | Ketchikan | 14,609 | tongassfcu.com |
| Northern Skies Federal Credit UnionFederal | Anchorage | 13,846 | nsfcu.org |
| True North Federal Credit UnionFederal | Juneau | 13,157 | truenorthfcu.org |
| Spirit of Alaska Federal Credit UnionFederal | Fairbanks | 9,231 | spiritofak.com |
| Alaska Dist Engineers Federal Credit UnionFederal | Jber | 472 | adefcu.org |
Credit unions in smaller towns of Alaska
Other cities and towns in Alaska where credit unions are headquartered, and how many there are in each.
- Jber 1
- Juneau 1
- Ketchikan 1
- Palmer 1
Credit unions are listed in the city of their headquarters; many have branches in other cities and accept members from across the state or the country, so members per 100 people is an approximation.