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 Cary, NC
1 credit union is headquartered in Cary, with 20,560 members. 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
- 1
- Members
- 20,560
- Federal
- 1
- State-chartered
- 0
Credit unions vs payday loan stores in Cary
Cary has 1 credit unions headquartered here, and we found no storefront payday loan chains. Local credit unions count 20,560 members — roughly 12 memberships per 100 residents.
Credit unions
1
0.6 per 100k residents
20,560 members
Payday & loan stores
0
0 store chains
Borrowing $500 for 6 months in Cary
| Option | Payment | Total cost of borrowing |
|---|---|---|
| Installment loan at the North Carolina rate cap (15% APR) | $87.02/mo | $22.10 |
| Credit union PAL (28% APR) | $90.27/mo | $41.62 |
| Payday loan renewed every 2 weeks (typical $15 per $100, not available in North Carolina) | $75.00 every 2 weeks | $975.00 |
- Monthly payment at the North Carolina rate cap vs median monthly household income
- 0.8%
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 Cary
- Median household income
- $132,803
- A $400 emergency equals
- 1.1 days of income
- Households earning under $25,000
- 6.6%
- Residents below the poverty line
- 5.3%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Cary are population-weighted and approximate. Hours of work are based on the median individual income.
Payday loans vs credit union PALs: the rules in North Carolina
| Payday loan in NC | Credit union PAL | |
|---|---|---|
| Legal status | Not allowed — storefront payday loans are banned | Offered by many federal credit unions |
| Rate cap | Capped at 15% 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: North Carolina law as summarized on our North Carolina 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 Cary
| Credit union | Address | Members | Website |
|---|---|---|---|
| First Flight Federal Credit UnionFederal | 1815 Kildaire Farm Rd, Suite A Cary, NC 27518 | 20,560 | efirstflight.com |
More about Cary
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 Cary 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.