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 Lincoln, NE
10 credit unions are headquartered in Lincoln, with 88,110 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
- 10
- Members
- 88,110
- Federal
- 6
- State-chartered
- 4
Credit unions vs payday loan stores in Lincoln
Lincoln has 10 credit unions headquartered here and just 1 payday, installment or title loan store. Local credit unions count 88,110 members — roughly 29 memberships per 100 residents.
Credit unions
10
3.3 per 100k residents
88,110 members
Payday & loan stores
1
0.3 per 100k residents
1 store chain
Biggest loan store chains in Lincoln: OneMain Financial (1).
Borrowing $500 for 6 months in Lincoln
| Option | Payment | Total cost of borrowing |
|---|---|---|
| Installment loan at the Nebraska rate cap (36% APR) | $92.30/mo | $53.79 |
| Credit union PAL (28% APR) | $90.27/mo | $41.62 |
| Payday loan renewed every 2 weeks (typical $15 per $100, not available in Nebraska) | $75.00 every 2 weeks | $975.00 |
- Monthly payment at the Nebraska rate cap vs median monthly household income
- 1.5%
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 Lincoln
- Median household income
- $74,576
- A $400 emergency equals
- 2.0 days of income
- Households earning under $25,000
- 14.2%
- Residents below the poverty line
- 12.9%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Lincoln are population-weighted and approximate. Hours of work are based on the median individual income.
Payday loans vs credit union PALs: the rules in Nebraska
| Payday loan in NE | Credit union PAL | |
|---|---|---|
| Legal status | Not allowed — storefront payday loans are banned | Offered by many federal credit unions |
| Rate cap | Capped at 36% APR (2020 Ballot) | 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: Nebraska law as summarized on our Nebraska 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 Lincoln
| Credit union | Address | Members | Website |
|---|---|---|---|
| Liberty First Credit UnionState-chartered | 501 North 46th Lincoln, NE 68503 | 35,653 | libertyfirstcu.com |
| Lincone Federal Credit UnionFederal | PO Box 30659 Lincoln, NE 68503 | 16,977 | linconefcu.org |
| University of Nebraska Federal Credit UnionFederal | PO Box 82847 Lincoln, NE 68501 | 11,272 | nufcu.org |
| Membersown Credit UnionState-chartered | 1391 S 33rd St Lincoln, NE 68510 | 8,934 | membersowncu.org |
| Lincoln Public School Employees Federal Credit UnionFederal | 5621 N St Lincoln, NE 68510 | 3,669 | lpscu.com |
| Spirit of America Federal Credit UnionFederal | PO Box 5556 Lincoln, NE 68505 | 3,542 | spiritofamericafcu.org |
| Nebraska State Employees Credit UnionState-chartered | PO Box 95084 Lincoln, NE 68509 | 3,092 | nsecu.org |
| First Lincoln Federal Credit UnionFederal | 5730 R St Ste A Lincoln, NE 68505 | 2,423 | firstlincoln.org |
| Local 265 Ibew Federal Credit UnionFederal | PO Box 22725 Lincoln, NE 68542 | 1,402 | ibew265.org |
| Lincoln S.D.A. Credit UnionState-chartered | 4733 Prescott Lincoln, NE 68506 | 1,146 | lincolnsdacu.org |
Payday and installment loan stores in Lincoln
For comparison: storefront payday, installment and title lenders in Lincoln 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 |
|---|---|---|---|
| 4848 Van Dorn St #2 Lincoln, NE 68506 | (402) 488-2511 | — | 3.5 |
More about Lincoln
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 Lincoln 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.