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 Waterloo, IA
3 credit unions are headquartered in Waterloo, with 375,166 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
- 375,166
- Federal
- 0
- State-chartered
- 3
Credit unions vs payday loan stores in Waterloo
Waterloo has 3 credit unions headquartered here and just 1 payday, installment or title loan store. Local credit unions count 375,166 members — roughly 541 memberships per 100 residents.
Credit unions
3
4.3 per 100k residents
375,166 members
Payday & loan stores
1
1.4 per 100k residents
1 store chain
Biggest loan store chains in Waterloo: Check Into Cash (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 Waterloo
- Median household income
- $58,350
- Payday fee of $55, share of two weeks' income
- 2.5%
- Hours of work to pay the $55 fee
- 3.2 hours
- PAL payment of $174.50, share of monthly income
- 3.6%
- A $400 emergency equals
- 2.5 days of income
- Households earning under $25,000
- 19.4%
- Residents below the poverty line
- 15.7%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Waterloo 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 Waterloo
| Credit union | Address | Members | Website |
|---|---|---|---|
| Veridian Credit UnionState-chartered | PO Box 6000 Waterloo, IA 50704 | 374,001 | veridiancu.org |
| Allen Hospital Personnel Credit UnionState-chartered | 1825 Logan Avenue Waterloo, IA 50703 | 843 | allencu.com |
| Waterloo Firemen's Credit UnionState-chartered | 425 E 3rd St Waterloo, IA 50703 | 322 | — |
Payday and installment loan stores in Waterloo
For comparison: storefront payday, installment and title lenders in Waterloo 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 |
|---|---|---|---|
| 2744 University Ave Waterloo, IA 50701 | (319) 236-3760 | — | 4.8 |
More about Waterloo
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 Waterloo 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.