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 Des Moines, IA
8 credit unions are headquartered in Des Moines, with 49,381 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
- 8
- Members
- 49,381
- Federal
- 0
- State-chartered
- 8
Credit unions vs payday loan stores in Des Moines
Des Moines has 8 credit unions headquartered here and 5 payday, installment and title loan stores. Local credit unions count 49,381 members — roughly 22 memberships per 100 residents.
Credit unions
8
3.6 per 100k residents
49,381 members
Payday & loan stores
5
2.3 per 100k residents
3 store chains
Biggest loan store chains in Des Moines: Check Into Cash (3), Advance America (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 Des Moines
- Median household income
- $66,421
- Payday fee of $55, share of two weeks' income
- 2.2%
- Hours of work to pay the $55 fee
- 3.0 hours
- PAL payment of $174.50, share of monthly income
- 3.2%
- A $400 emergency equals
- 2.2 days of income
- Households earning under $25,000
- 16.3%
- Residents below the poverty line
- 14.5%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Des Moines 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 Des Moines
| Credit union | Address | Members | Website |
|---|---|---|---|
| Premier Credit UnionState-chartered | 800 9th St Des Moines, IA 50309 | 16,594 | premiercu.org |
| Affinity Credit UnionState-chartered | 475 NW Hoffman Ln Des Moines, IA 50313 | 12,302 | affinitycuia.org |
| Des Moines Metro Credit UnionState-chartered | 100 University Avenue Des Moines, IA 50314 | 7,007 | dmmcu.org |
| Journey Credit UnionState-chartered | PO Box 1496 Des Moines, IA 50305 | 5,153 | journeycu.org |
| Serve Credit UnionState-chartered | 423 E Court Ave Des Moines, IA 50309 | 4,977 | servecu.org |
| Capitol View Credit UnionState-chartered | 623 E 12th St Des Moines, IA 50309 | 1,758 | capview.org |
| Des Moines Fire Department Credit UnionState-chartered | 1330 Mulberry Des Moines, IA 50309 | 940 | — |
| Polk County Credit UnionState-chartered | 111 Court Ave Ste 110, Administrati Des Moines, IA 50309 | 650 | — |
Payday and installment loan stores in Des Moines
For comparison: storefront payday, installment and title lenders in Des Moines 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 |
|---|---|---|---|
| 200 Army Post Rd Des Moines, IA 50315 | (515) 287-9980 | — | 5.0 |
| 2584 Hubbell Ave Des Moines, IA 50317 | (515) 262-4233 | — | 4.9 |
| 4125A University Ave Ste A Des Moines, IA 50311 | (515) 255-2443 | — | 4.8 |
| 2480 E. Euclid Des Moines, IA 50317 | (515) 265-7100 | Mon–Fri 9:00 AM – 5:30 PM Sat–Sun closed |
— |
| 6211 SE 14th St Des Moines, IA 50320 | (515) 287-4736 | — | 3.8 |
More about Des Moines
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 Des Moines 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.