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 Cedar Rapids, IA
6 credit unions are headquartered in Cedar Rapids, with 114,676 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
- 6
- Members
- 114,676
- Federal
- 0
- State-chartered
- 6
Credit unions vs payday loan stores in Cedar Rapids
Cedar Rapids has 6 credit unions headquartered here and 3 payday, installment and title loan stores. Local credit unions count 114,676 members — roughly 79 memberships per 100 residents.
Credit unions
6
4.1 per 100k residents
114,676 members
Payday & loan stores
3
2.1 per 100k residents
3 store chains
Biggest loan store chains in Cedar Rapids: Advance America (1), Check Into Cash (1), OneMain Financial (1).
What a $500 loan costs over 3 months
| Option | Payment | Total cost |
|---|---|---|
| Payday loan, re-borrowed 6 times (~337% APR) | $55.00 every 2 weeks | $330.00 |
| 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
- $286.49 payday costs 8× more
Payday: the IA maximum — $55 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 Cedar Rapids
- Median household income
- $72,941
- Payday fee of $55, share of two weeks' income
- 2.0%
- Hours of work to pay the $55 fee
- 2.8 hours
- PAL payment of $174.50, share of monthly income
- 2.9%
- A $400 emergency equals
- 2.0 days of income
- Households earning under $25,000
- 13.4%
- Residents below the poverty line
- 11.4%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Cedar Rapids are population-weighted and approximate. Hours of work are based on the median individual income.
Payday loans vs credit union PALs: the rules in Iowa
| Payday loan in IA | Credit union PAL | |
|---|---|---|
| Legal status | Allowed | Offered by many federal credit unions |
| Loan amount | $500 | $200 – $2,000 |
| Fee limit | $15 on first $100; $10 per subsequent $100 ($55) | Application fee up to $20 |
| Typical APR | ~337% | 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: Iowa law as summarized on our Iowa 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 Cedar Rapids
| Credit union | Address | Members | Website |
|---|---|---|---|
| Collins Community Credit UnionState-chartered | P. O. Box 10500 Cedar Rapids, IA 52410 | 81,134 | collinscu.org |
| Corda Credit UnionState-chartered | 3015 Blairs Ferry Rd NE Cedar Rapids, IA 52402 | 27,148 | cordacu.org |
| Metco Credit UnionState-chartered | 115 8th Ave SW Cedar Rapids, IA 52404 | 3,282 | metcocu.org |
| Teamsters Local #238 Credit UnionState-chartered | 5050 J St SW Cedar Rapids, IA 52404 | 1,721 | teamsterslocal238cu.org |
| Quaker Oats Credit UnionState-chartered | 3535 Center Point Rd NE Cedar Rapids, IA 52402 | 1,293 | quakeroatscu.com |
| St. Ludmila S Credit UnionState-chartered | 2107 J St. SW Cedar Rapids, IA 52404 | 98 | veridiancu.org |
Payday and installment loan stores in Cedar Rapids
For comparison: storefront payday, installment and title lenders in Cedar Rapids 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 |
|---|---|---|---|
| 3135 Wiley Blvd. SW, Ste. 107 Cedar Rapids, IA 52404 | (319) 390-5800 | Mon–Fri 9:00 AM – 5:30 PM Sat–Sun closed |
— |
| 5442 Blairs Forest Way NE Cedar Rapids, IA 52402 | (319) 294-1514 | — | 4.9 |
| 1121 Blairs Ferry Rd NE #200 Cedar Rapids, IA 52402 | (319) 377-2332 | — | 3.6 |
More about Cedar Rapids
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 Cedar Rapids 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.