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 Reno, NV
2 credit unions are headquartered in Reno, with 39,397 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
- 39,397
- Federal
- 2
- State-chartered
- 0
Credit unions vs payday loan stores in Reno
Reno has 18 payday, installment and title loan stores but only 2 credit unions headquartered here — about 9.0 loan stores for every credit union. Local credit unions count 39,397 members — roughly 12 memberships per 100 residents.
Credit unions
2
0.6 per 100k residents
39,397 members
Payday & loan stores
18
5.6 per 100k residents
9 store chains
Biggest loan store chains in Reno: Dollar Loan Center (5), Moneytree (4), Check City (2), TitleMax (2), CASH 1 Loans (1).
What a $500 loan costs over 3 months
| Option | Payment | Total cost |
|---|---|---|
| Payday loan, re-borrowed 6 times (~652%+ APR) | $75.00 every 2 weeks | $450.00 |
| 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
- $406.49 payday costs 10× more
Payday: a typical fee of $75 on a $500 loan for 2 weeks (NV limits are not set in dollars), paid 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 Reno
- Median household income
- $87,673
- Payday fee of $75, share of two weeks' income
- 2.2%
- Hours of work to pay the $75 fee
- 3.5 hours
- PAL payment of $174.50, share of monthly income
- 2.4%
- A $400 emergency equals
- 1.7 days of income
- Households earning under $25,000
- 12.9%
- Residents below the poverty line
- 11.5%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Reno are population-weighted and approximate. Hours of work are based on the median individual income.
Payday loans vs credit union PALs: the rules in Nevada
| Payday loan in NV | Credit union PAL | |
|---|---|---|
| Legal status | Allowed | Offered by many federal credit unions |
| Loan amount | 25% of gross income | $200 – $2,000 |
| Fee limit | No strict state limit (N/A) | Application fee up to $20 |
| Typical APR | ~652%+ | 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: Nevada law as summarized on our Nevada 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 Reno
| Credit union | Address | Members | Website |
|---|---|---|---|
| Great Basin Federal Credit UnionFederal | 9770 S Virginia St Reno, NV 89511 | 28,511 | greatbasin.org |
| Sierra Pacific Federal Credit UnionFederal | PO Box 10100 Reno, NV 89511 | 10,886 | sierrapacificfcu.org |
Payday and installment loan stores in Reno
For comparison: storefront payday, installment and title lenders in Reno 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 |
|---|---|---|---|
| 280 Vista Knoll Pkwy Reno, NV 89506 | (775) 800-8020 | — | 4.3 |
| 3304 S McCarran Blvd Reno, NV 89502 | (775) 856-2274 | — | 4.2 |
| 490 E Plumb Ln Reno, NV 89502 | (775) 829-2274 | — | 4.5 |
| 595 Keystone Ave Reno, NV 89503 | (775) 624-2274 | — | 4.2 |
| 748 S Meadows Pkwy Reno, NV 89521 | (775) 853-3334 | — | 4.4 |
| 2905 Clear Acre Ln Reno, NV 89512 | (775) 328-1000 | — | 4.7 |
| 5015 W 7th St Reno, NV 89523 | (775) 624-6669 | — | 4.8 |
| 5140 Kietzke Ln Ste C Reno, NV 89511 | (775) 825-6669 | — | 4.7 |
| 555 S Virginia St Ste 101 Reno, NV 89501 | (775) 329-6669 | — | 4.5 |
| 10590 N McCarran Blvd Reno, NV 89503 | (775) 996-1999 | — | 4.7 |
| 5220 Longley Ln Ste 400/500 Reno, NV 89511 | (775) 996-1990 | — | 4.9 |
| 3220 S Virginia St Reno, NV 89502 | (775) 828-2420 | — | 4.9 |
| 900 W 5th St Reno, NV 89503 | (775) 329-2516 | — | 4.9 |
| 5890 S Virginia St Bldg 1 Reno, NV 89502 | (775) 825-2555 | — | 4.8 |
| 180 W Peckham Ln #1140 Reno, NV 89509 | (775) 828-7677 | — | 3.3 |
| Rapid Cash 3650 S Virginia St Ste K-2 Reno, NV 89502 | (775) 636-9560 | — | 4.9 |
| 2870 Northtowne Ln Bldg A, Ste 105 Reno, NV 89512 | (775) 622-9283 | — | 4.8 |
| 5470 Kietzke Ln Ste 300 Off 349 Reno, NV 89511 | (775) 561-0250 | — | 3.5 |
More about Reno
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 Reno 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.