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 Grand Junction, CO
3 credit unions are headquartered in Grand Junction, with 24,589 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
- 24,589
- Federal
- 3
- State-chartered
- 0
Credit unions vs payday loan stores in Grand Junction
Grand Junction has 3 credit unions headquartered here and 2 payday, installment and title loan stores. Local credit unions count 24,589 members — roughly 22 memberships per 100 residents.
Credit unions
3
2.7 per 100k residents
24,589 members
Payday & loan stores
2
1.8 per 100k residents
2 store chains
Biggest loan store chains in Grand Junction: Check Into Cash (1), OneMain Financial (1).
Borrowing $500 for 6 months in Grand Junction
| Option | Payment | Total cost of borrowing |
|---|---|---|
| Installment loan at the Colorado rate cap (36% APR) | $92.30/mo | $53.79 |
| Credit union PAL (28% APR) | $90.27/mo | $41.62 |
| Payday loan renewed every 2 weeks (typical $15 per $100, not available in Colorado) | $75.00 every 2 weeks | $975.00 |
- Monthly payment at the Colorado 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 Grand Junction
- Median household income
- $72,757
- A $400 emergency equals
- 2.0 days of income
- Households earning under $25,000
- 15.5%
- Residents below the poverty line
- 11.8%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Grand Junction are population-weighted and approximate. Hours of work are based on the median individual income.
Payday loans vs credit union PALs: the rules in Colorado
| Payday loan in CO | Credit union PAL | |
|---|---|---|
| Legal status | Not allowed — storefront payday loans are banned | Offered by many federal credit unions |
| Rate cap | Capped at 36% 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: Colorado law as summarized on our Colorado 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 Grand Junction
| Credit union | Address | Members | Website |
|---|---|---|---|
| Coloramo Federal Credit UnionFederal | 516 28 Road Grand Junction, CO 81501 | 12,770 | coloramo.org |
| Grand Junction Federal Credit UnionFederal | 633 24 Rd Grand Junction, CO 81505 | 6,909 | grandjunctionfcu.org |
| Rio Grande Federal Credit UnionFederal | 760 Rood Ave Grand Junction, CO 81501 | 4,910 | riograndefcu.org |
Payday and installment loan stores in Grand Junction
For comparison: storefront payday, installment and title lenders in Grand Junction 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 |
|---|---|---|---|
| 2546 Rimrock Ave #500 Grand Junction, CO 81505 | (970) 242-4225 | — | 4.6 |
| 569 32 Rd #13b Grand Junction, CO 81504 | (970) 434-3783 | — | 4.4 |
More about Grand Junction
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 Grand Junction 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.