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 Raleigh, NC
5 credit unions are headquartered in Raleigh, with 3,682,621 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
- 5
- Members
- 3.7M
- Federal
- 4
- State-chartered
- 1
Credit unions vs payday loan stores in Raleigh
Raleigh has 8 payday, installment and title loan stores but only 5 credit unions headquartered here — about 1.6 loan stores for every credit union. Local credit unions count 3,682,621 members — roughly 657 memberships per 100 residents.
Credit unions
5
0.9 per 100k residents
3.7M members
Payday & loan stores
8
1.4 per 100k residents
4 store chains
Biggest loan store chains in Raleigh: Lendmark Financial Services (3), Mariner Finance (2), OneMain Financial (2), loanDepot (1).
Borrowing $500 for 6 months in Raleigh
| 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 Raleigh
- Median household income
- $90,224
- A $400 emergency equals
- 1.6 days of income
- Households earning under $25,000
- 11.9%
- Residents below the poverty line
- 10.5%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Raleigh 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 Raleigh
| Credit union | Address | Members | Website |
|---|---|---|---|
| State Employees' Credit UnionState-chartered | 119 N Salisbury St Raleigh, NC 27603 | 2,978,851 | ncsecu.org |
| Civic Federal Credit UnionFederal | 3600 Wake Forest Rd Raleigh, NC 27609 | 349,847 | civicfcu.org |
| Coastal Federal Credit UnionFederal | 1000 Saint Albans Dr Raleigh, NC 27609 | 345,251 | coastal24.com |
| Electel Cooperative Federal Credit UnionFederal | 3400 Sumner Blvd Raleigh, NC 27616 | 7,381 | electel.org |
| North Carolina Press Association Federal Credit UnionFederal | PO Box 27744 Raleigh, NC 27690 | 1,291 | ncpress.com |
Payday and installment loan stores in Raleigh
For comparison: storefront payday, installment and title lenders in Raleigh 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 |
|---|---|---|---|
| 4112 Pleasant Valley Rd Ste 112 Raleigh, NC 27612 | (919) 578-8700 | — | 4.6 |
| 4414 Fayetteville Rd Raleigh, NC 27603 | (919) 890-3565 | — | 4.3 |
| 6210 Plantation Center Dr #107 Raleigh, NC 27616 | (919) 875-4450 | — | 4.1 |
| 1466 Garner Station Blvd Raleigh, NC 27603 | (919) 773-7425 | — | 4.4 |
| 5950 Poyner Village Pkwy Unit 105 Raleigh, NC 27616 | (984) 297-8300 | — | 4.6 |
| 3611 Spring Forest Rd #120 Raleigh, NC 27616 | (919) 790-7600 | — | 4.6 |
| 6260 Glenwood Ave #122 Raleigh, NC 27612 | (919) 781-8880 | — | 3.3 |
| 8480 Honeycutt Rd Ste. 200 Raleigh, NC 27615 | (336) 554-8910 | — | 1.8 |
More about Raleigh
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 Raleigh 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.