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 Rock Hill, SC
1 credit union is headquartered in Rock Hill, with 59,524 members. 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
- 1
- Members
- 59,524
- Federal
- 1
- State-chartered
- 0
Credit unions vs payday loan stores in Rock Hill
Rock Hill has 10 payday, installment and title loan stores but only 1 credit unions headquartered here — about 10.0 loan stores for every credit union. Local credit unions count 59,524 members — roughly 51 memberships per 100 residents.
Credit unions
1
0.9 per 100k residents
59,524 members
Payday & loan stores
10
8.6 per 100k residents
8 store chains
Biggest loan store chains in Rock Hill: OneMain Financial (2), TitleMax (2), 1st Franklin Financial (1), ACE Cash Express (1), Advance America (1).
What a $500 loan costs over 3 months
| Option | Payment | Total cost |
|---|---|---|
| Payday loan, re-borrowed 6 times (~391% 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: the SC maximum — $75 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 Rock Hill
- Median household income
- $71,533
- Payday fee of $75, share of two weeks' income
- 2.7%
- Hours of work to pay the $75 fee
- 4.0 hours
- PAL payment of $174.50, share of monthly income
- 2.9%
- A $400 emergency equals
- 2.0 days of income
- Households earning under $25,000
- 14.3%
- Residents below the poverty line
- 11.3%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Rock Hill are population-weighted and approximate. Hours of work are based on the median individual income.
Payday loans vs credit union PALs: the rules in South Carolina
| Payday loan in SC | Credit union PAL | |
|---|---|---|
| Legal status | Allowed | Offered by many federal credit unions |
| Loan amount | $500 | $200 – $2,000 |
| Fee limit | 15% of face value ($75) | Application fee up to $20 |
| Typical APR | ~391% | 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: South Carolina law as summarized on our South 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 Rock Hill
| Credit union | Address | Members | Website |
|---|---|---|---|
| Family Trust Federal Credit UnionFederal | Po Drawer 10233 Rock Hill, SC 29731 | 59,524 | familytrust.org |
Payday and installment loan stores in Rock Hill
For comparison: storefront payday, installment and title lenders in Rock Hill 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 |
|---|---|---|---|
| 4859 Old York Rd #106 Rock Hill, SC 29732 | (803) 328-0163 | — | 4.4 |
| 572 John Ross Pkwy Ste 103 Rock Hill, SC 29730 | (803) 366-6176 | — | 3.7 |
| 1671 Cherry Rd #101 Rock Hill, SC 29732 | (803) 324-4468 | — | 5.0 |
| 205 Albright Rd Rock Hill, SC 29730 | (803) 980-4222 | — | 5.0 |
| 2012 Cherry Rd Ste 102 Rock Hill, SC 29732 | (803) 327-0070 | — | 4.9 |
| 2103 Cherry Rd Rock Hill, SC 29732 | (803) 980-0210 | — | 4.9 |
| 1930 Cherry Rd., Suite B Rock Hill, SC 29732 | (803) 329-9775 | Mon–Fri 9:00 AM – 5:30 PM Sat 9:00 AM – 12:00 PM Sun closed |
— |
| 2349 Cherry Rd #17 Rock Hill, SC 29732 | (803) 792-4821 | — | 5.0 |
| 2393 Cherry Rd Rock Hill, SC 29732 | (803) 619-6644 | — | 4.7 |
| Sunbelt Credit 1912 Mt Gallant Rd #101 Rock Hill, SC 29732 | (803) 328-1366 | — | 4.8 |
More about Rock Hill
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 Rock Hill 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.