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 Sioux Falls, SD
4 credit unions are headquartered in Sioux Falls, with 85,133 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
- 4
- Members
- 85,133
- Federal
- 4
- State-chartered
- 0
Credit unions vs payday loan stores in Sioux Falls
Sioux Falls has 4 credit unions headquartered here and just 1 payday, installment or title loan store. Local credit unions count 85,133 members — roughly 42 memberships per 100 residents.
Credit unions
4
2.0 per 100k residents
85,133 members
Payday & loan stores
1
0.5 per 100k residents
1 store chain
Biggest loan store chains in Sioux Falls: OneMain Financial (1).
Borrowing $500 for 6 months in Sioux Falls
| 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
- 1.4%
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 Sioux Falls
- Median household income
- $77,935
- A $400 emergency equals
- 1.9 days of income
- Households earning under $25,000
- 11.4%
- Residents below the poverty line
- 9.5%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Sioux Falls 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 Sioux Falls
| Credit union | Address | Members | Website |
|---|---|---|---|
| Levo Federal Credit UnionFederal | PO Box 5735 Sioux Falls, SD 57117 | 37,283 | levo.org |
| Voyage Federal Credit UnionFederal | PO Box 88538 Sioux Falls, SD 57105 | 19,670 | voyagefcu.org |
| Service First Federal Credit UnionFederal | 3901 East 10th Street Sioux Falls, SD 57103 | 16,466 | servicefirstfcu.org |
| Bluestone Federal Credit UnionFederal | PO Box 90240 Sioux Falls, SD 57109 | 11,714 | bluestonefcu.org |
Payday and installment loan stores in Sioux Falls
For comparison: storefront payday, installment and title lenders in Sioux Falls 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 |
|---|---|---|---|
| 5019 S Western Ave Unit 150 Sioux Falls, SD 57108 | (605) 362-8965 | — | 3.4 |
More about Sioux Falls
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 Sioux Falls 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.