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 Grand Forks, ND
6 credit unions are headquartered in Grand Forks, with 10,719 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
- 10,719
- Federal
- 4
- State-chartered
- 2
Credit unions vs payday loan stores in Grand Forks
Grand Forks has 6 credit unions headquartered here and just 1 payday, installment or title loan store. Local credit unions count 10,719 members — roughly 17 memberships per 100 residents.
Credit unions
6
9.8 per 100k residents
10,719 members
Payday & loan stores
1
1.6 per 100k residents
1 store chain
Biggest loan store chains in Grand Forks: OneMain Financial (1).
What a $500 loan costs over 3 months
| Option | Payment | Total cost |
|---|---|---|
| Payday loan, re-borrowed 6 times (~521% APR) | $100.00 every 2 weeks | $600.00 |
| Credit union PAL, 3 monthly payments (28% APR + $20 fee) | $174.50 a month | $43.51 |
- You keep with a credit union PAL over 3 months
- $556.49 payday costs 14× more
Payday: the ND maximum — $100 on a $500 loan for 2 weeks, paid again each time the loan is renewed or taken out again (6 times in 3 months). PAL: payday alternative loan from a federal credit union, capped at 28% APR with an application fee of up to $20.
What it means for a household in Grand Forks
- Median household income
- $64,177
- Payday fee of $100, share of two weeks' income
- 4.1%
- Hours of work to pay the $100 fee
- 5.5 hours
- PAL payment of $174.50, share of monthly income
- 3.3%
- A $400 emergency equals
- 2.3 days of income
- Households earning under $25,000
- 16.9%
- Residents below the poverty line
- 18.3%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Grand Forks 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 Dakota
| Payday loan in ND | Credit union PAL | |
|---|---|---|
| Legal status | Allowed | Offered by many federal credit unions |
| Loan amount | $500 | $200 – $2,000 |
| Fee limit | 20% of amount advanced ($100) | Application fee up to $20 |
| Typical APR | ~521% | 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 Dakota law as summarized on our North Dakota 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 Grand Forks
| Credit union | Address | Members | Website |
|---|---|---|---|
| University Federal Credit UnionFederal | 1575 17th Ave S Grand Forks, ND 58201 | 3,626 | universityfederalcu.org |
| Riverfork Federal Credit UnionFederal | 711 N Washington St Grand Forks, ND 58203 | 2,130 | riverforkfcu.org |
| Area Community Credit UnionState-chartered | 2800 S Washington St Grand Forks, ND 58201 | 1,895 | gfaccu.com |
| Med Park Credit UnionState-chartered | 2150 32nd Ave S Ste E Grand Forks, ND 58201 | 1,487 | medparkcu.com |
| Northern Valley Federal Credit UnionFederal | 3030 Demers Ave Grand Forks, ND 58201 | 1,467 | northernvalleyfcu.com |
| Northern Sts Pwr Company Emp Federal Credit UnionFederal | 1206 5th Ave S Grand Forks, ND 58201 | 114 | — |
Payday and installment loan stores in Grand Forks
For comparison: storefront payday, installment and title lenders in Grand Forks 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 |
|---|---|---|---|
| 2100 S Columbia Rd #112 Grand Forks, ND 58201 | (701) 772-7114 | — | 4.2 |
More about Grand Forks
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 Grand Forks 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.