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 Hickory, NC
2 credit unions are headquartered in Hickory, with 6,511 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
- 2
- Members
- 6,511
- Federal
- 2
- State-chartered
- 0
Credit unions vs payday loan stores in Hickory
Hickory has 3 payday, installment and title loan stores but only 2 credit unions headquartered here — about 1.5 loan stores for every credit union. Local credit unions count 6,511 members — roughly 8 memberships per 100 residents.
Credit unions
2
2.4 per 100k residents
6,511 members
Payday & loan stores
3
3.7 per 100k residents
3 store chains
Biggest loan store chains in Hickory: Lendmark Financial Services (1), Mariner Finance (1), OneMain Financial (1).
Borrowing $500 for 6 months in Hickory
| 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
- 1.6%
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 Hickory
- Median household income
- $63,629
- A $400 emergency equals
- 2.3 days of income
- Households earning under $25,000
- 18.0%
- Residents below the poverty line
- 14.0%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Hickory 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 Hickory
| Credit union | Address | Members | Website |
|---|---|---|---|
| Shuford Federal Credit UnionFederal | 882 16th St NE Hickory, NC 28601 | 4,374 | shufordcu.org |
| Hsm Federal Credit UnionFederal | PO Box 128 Hickory, NC 28603 | 2,137 | hsmsfcu.com |
Payday and installment loan stores in Hickory
For comparison: storefront payday, installment and title lenders in Hickory 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 |
|---|---|---|---|
| 2535 US Hwy 70 SE Ste 107 Hickory, NC 28602 | (828) 303-2254 | — | 4.2 |
| 2425 US Hwy 70 SE Ste. 101 Hickory, NC 28602 | (828) 431-4900 | — | 4.9 |
| 2227 US Hwy 70 SE Hickory, NC 28602 | (828) 322-4993 | — | 4.3 |
More about Hickory
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 Hickory 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.