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 Rapid City, SD
7 credit unions are headquartered in Rapid City, with 137,408 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
- 7
- Members
- 137,408
- Federal
- 7
- State-chartered
- 0
Credit unions vs payday loan stores in Rapid City
Rapid City has 7 credit unions headquartered here and just 1 payday, installment or title loan store. Local credit unions count 137,408 members — roughly 139 memberships per 100 residents.
Credit unions
7
7.1 per 100k residents
137,408 members
Payday & loan stores
1
1.0 per 100k residents
1 store chain
Biggest loan store chains in Rapid City: OneMain Financial (1).
Borrowing $500 for 6 months in Rapid City
| Option | Payment | Total cost of borrowing |
|---|---|---|
| Installment loan at the South Dakota 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 South Dakota) | $75.00 every 2 weeks | $975.00 |
- Monthly payment at the South Dakota rate cap vs median monthly household income
- 1.6%
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 Rapid City
- Median household income
- $70,356
- A $400 emergency equals
- 2.1 days of income
- Households earning under $25,000
- 15.4%
- Residents below the poverty line
- 12.3%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Rapid City 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 Dakota
| Payday loan in SD | Credit union PAL | |
|---|---|---|
| Legal status | Not allowed — storefront payday loans are banned | Offered by many federal credit unions |
| Rate cap | Capped at 36% APR (2016 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: South Dakota law as summarized on our South 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 Rapid City
| Credit union | Address | Members | Website |
|---|---|---|---|
| Black Hills Federal Credit UnionFederal | PO Box 1420 Rapid City, SD 57709 | 108,871 | bhfcu.com |
| Highmark Federal Credit UnionFederal | PO Box 2506 Rapid City, SD 57709 | 13,724 | highmarkfcu.com |
| Aspen Federal Credit UnionFederal | 4956 5th St. Rapid City, SD 57701 | 8,383 | aspenfcu.com |
| Dakota Star Federal Credit UnionFederal | 3122 W Saint Louis St Rapid City, SD 57702 | 3,016 | dakotastar.org |
| Rushmore Electric Federal Credit UnionFederal | 1805 Cambell St Rapid City, SD 57701 | 1,423 | refcu.coop |
| Minuteman Federal Credit UnionFederal | 301 E North St Rapid City, SD 57701 | 1,163 | minutemanfcu.org |
| Dacotah Federal Credit UnionFederal | 2990 E Highway 44 Rapid City, SD 57702 | 828 | dacotahfcu.com |
Payday and installment loan stores in Rapid City
For comparison: storefront payday, installment and title lenders in Rapid City 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 |
|---|---|---|---|
| 1301 W Omaha St #103 Rapid City, SD 57701 | (605) 343-3550 | — | 4.3 |
More about Rapid City
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 Rapid City 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.