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 Winston Salem, NC
5 credit unions are headquartered in Winston Salem, with 597,420 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
- 597,420
- Federal
- 2
- State-chartered
- 3
Credit unions vs payday loan stores in Winston Salem
Winston Salem 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 597,420 members — roughly 217 memberships per 100 residents.
Credit unions
5
1.8 per 100k residents
597,420 members
Payday & loan stores
8
2.9 per 100k residents
4 store chains
Biggest loan store chains in Winston Salem: OneMain Financial (3), ACE Cash Express (2), Lendmark Financial Services (2), Mariner Finance (1).
Borrowing $500 for 6 months in Winston Salem
| 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
- 1.7%
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 Winston Salem
- Median household income
- $60,415
- A $400 emergency equals
- 2.4 days of income
- Households earning under $25,000
- 19.9%
- Residents below the poverty line
- 16.9%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Winston Salem 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 Winston Salem
| Credit union | Address | Members | Website |
|---|---|---|---|
| Truliant Federal Credit UnionFederal | PO Box 26000 Winston Salem, NC 27114 | 333,731 | truliant.org |
| Allegacy Federal Credit UnionFederal | PO Box 26043 Winston Salem, NC 27114 | 185,077 | allegacy.org |
| Members Credit UnionState-chartered | PO Box 5297 Winston Salem, NC 27113 | 47,453 | memcu.com |
| Piedmont Advantage Credit UnionState-chartered | 3530 Advantage Way Winston Salem, NC 27103 | 27,779 | pacu.com |
| Emergency Responders Credit UnionState-chartered | 1777 Link Rd Winston Salem, NC 27103 | 3,380 | — |
Payday and installment loan stores in Winston Salem
For comparison: storefront payday, installment and title lenders in Winston Salem 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 |
|---|---|---|---|
| 1571 Hanes Mall Blvd Winston-Salem, NC 27103 | (336) 765-7761 | — | 4.4 |
| 256 Summit Square Blvd Winston-Salem, NC 27105 | (336) 377-2143 | — | 5.0 |
| University Plaza, 7756 North Point Blvd Winston-Salem, NC 27106 | (336) 377-3600 | — | 4.3 |
| 3583 N Patterson Ave Winston-Salem, NC 27105 | (336) 744-8052 | — | 4.9 |
| 580 N Martin Luther King Jr Dr Winston-Salem, NC 27101 | (336) 722-0233 | — | 4.9 |
| 400 E Hanes Mill Rd Winston-Salem, NC 27105 | (336) 377-2011 | — | 4.3 |
| 584 Hanes Mall Blvd Winston-Salem, NC 27103 | (336) 934-4045 | — | 4.5 |
| 1113 Silas Creek Pkwy B Winston-Salem, NC 27127 | (336) 723-7078 | — | 4.6 |
More about Winston Salem
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 Winston Salem 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.