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 Charlotte, NC
6 credit unions are headquartered in Charlotte, with 170,205 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
- 170,205
- Federal
- 3
- State-chartered
- 3
Credit unions vs payday loan stores in Charlotte
Charlotte has 12 payday, installment and title loan stores but only 6 credit unions headquartered here — about 2.0 loan stores for every credit union. Local credit unions count 170,205 members — roughly 18 memberships per 100 residents.
Credit unions
6
0.6 per 100k residents
170,205 members
Payday & loan stores
12
1.2 per 100k residents
4 store chains
Biggest loan store chains in Charlotte: ACE Cash Express (6), OneMain Financial (3), Lendmark Financial Services (2), Mariner Finance (1).
Borrowing $500 for 6 months in Charlotte
| 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
- 1.2%
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 Charlotte
- Median household income
- $85,561
- A $400 emergency equals
- 1.7 days of income
- Households earning under $25,000
- 12.3%
- Residents below the poverty line
- 11.3%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Charlotte 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 Charlotte
| Credit union | Address | Members | Website |
|---|---|---|---|
| Skyla Federal Credit UnionFederal | 3700 South Blvd, Suite 400 Charlotte, NC 28209 | 112,990 | skylacu.com |
| Carolinas Telco Federal Credit UnionFederal | PO Box 668467 Charlotte, NC 28266 | 31,566 | ctelco.org |
| Nova Credit UnionState-chartered | 3601 Mulberry Church Rd Charlotte, NC 28208 | 11,107 | novacu.com |
| Carolina Cooperative Federal Credit UnionFederal | 6502 Mcmahon Drive Charlotte, NC 28226 | 8,490 | carolinacu.com |
| Blue Flame Credit UnionState-chartered | 2000 Continental Blvd. Charlotte, NC 28273 | 3,036 | blueflamecu.com |
| Charlotte Fire Department Credit UnionState-chartered | 2121 Commonwealth Ave Charlotte, NC 28205 | 3,016 | cfdcu.org |
Payday and installment loan stores in Charlotte
For comparison: storefront payday, installment and title lenders in Charlotte 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 |
|---|---|---|---|
| 2107 Beatties Ford Rd #1 Charlotte, NC 28216 | (704) 398-3794 | — | 5.0 |
| 228 Eastway Dr Ste 4 Charlotte, NC 28213 | (704) 596-5425 | — | 4.8 |
| 2706 Freedom Dr Ste B Charlotte, NC 28208 | (704) 399-4433 | — | 5.0 |
| 3301 Freedom Dr B Charlotte, NC 28208 | (704) 393-0555 | — | 4.9 |
| 6111 South Blvd Charlotte, NC 28217 | (704) 552-5600 | — | 4.9 |
| 901 N Wendover Rd Ste B Charlotte, NC 28211 | (704) 442-0116 | — | 4.9 |
| 230 E W.T. Harris Blvd Charlotte, NC 28262 | (704) 595-9087 | — | 4.0 |
| 7301 Carmel Executive Park Dr #304 Charlotte, NC 28226 | (704) 541-0477 | — | 4.0 |
| 9821 Northlake Centre Pkwy Ste E Charlotte, NC 28216 | (704) 399-9762 | — | 4.1 |
| 3220 Wilkinson Blvd A4 Charlotte, NC 28208 | (704) 394-5311 | — | 4.0 |
| 3625 Mt Holly-Huntersville Rd #405 Charlotte, NC 28216 | (704) 504-7477 | — | 4.5 |
| 9335 Center Lake Dr #150 Charlotte, NC 28216 | (704) 248-7421 | — | 4.8 |
More about Charlotte
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 Charlotte 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.