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 Salt Lake City, UT
12 credit unions are headquartered in Salt Lake City, with 224,093 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
- 12
- Members
- 224,093
- Federal
- 8
- State-chartered
- 4
Credit unions vs payday loan stores in Salt Lake City
Salt Lake City has 20 payday, installment and title loan stores but only 12 credit unions headquartered here — about 1.7 loan stores for every credit union. Local credit unions count 224,093 members — roughly 45 memberships per 100 residents.
Credit unions
12
2.4 per 100k residents
224,093 members
Payday & loan stores
20
4.0 per 100k residents
7 store chains
Biggest loan store chains in Salt Lake City: Check City (7), Check 'n Go (3), TitleMax (3), Dollar Loan Center (2), OneMain Financial (2).
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 (UT 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 Salt Lake City
- Median household income
- $87,866
- 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
- 11.8%
- Residents below the poverty line
- 10.3%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Salt Lake 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 Utah
| Payday loan in UT | Credit union PAL | |
|---|---|---|
| Legal status | Allowed | Offered by many federal credit unions |
| Loan amount | No state limit | $200 – $2,000 |
| Fee limit | No 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: Utah law as summarized on our Utah 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 Salt Lake City
| Credit union | Address | Members | Website |
|---|---|---|---|
| Canyon View Federal Credit UnionFederal | 3450 S Highland Dr Salt Lake City, UT 84106 | 115,569 | canyonviewcu.com |
| Utah First Federal Credit UnionFederal | 200 E South Temple Salt Lake City, UT 84111 | 45,230 | utahfirst.com |
| Granite Federal Credit UnionFederal | 3675 S 900 E Salt Lake City, UT 84106 | 40,620 | granite.org |
| Hercules First Federal Credit UnionFederal | 3141 W 4700 S Salt Lake City, UT 84129 | 8,725 | herculescu.com |
| National J. A. C. L. Credit UnionState-chartered | 3776 S Highland Dr Salt Lake City, UT 84106 | 3,088 | njacl.com |
| Lu 354 I B E W Federal Credit UnionFederal | 3405 W 1987 S Salt Lake City, UT 84104 | 2,640 | ibewfcu.org |
| Hi-Land Credit UnionState-chartered | 965 E Woodoak Lane Salt Lake City, UT 84117 | 2,376 | hilandcu.com |
| P & S Credit UnionState-chartered | 2250 S Redwood Rd Ste 6 Salt Lake City, UT 84119 | 2,156 | pandscu.org |
| Ridgeline Federal Credit UnionFederal | 564 E 300 S Salt Lake City, UT 84102 | 1,495 | ridgelinecu.com |
| Varex Federal Credit UnionFederal | 1678 Pioneer Rd Salt Lake City, UT 84104 | 1,138 | varexfederalcu.net |
| Gibbons and Reed Employees Federal Credit UnionFederal | PO Box 30429 Salt Lake City, UT 84130 | 1,040 | grcreditunion.com |
| Beckstrand and Associates Credit UnionState-chartered | 6322 S 3000 E Ste 160 Salt Lake City, UT 84121 | 16 | — |
Payday and installment loan stores in Salt Lake City
For comparison: storefront payday, installment and title lenders in Salt Lake 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 |
|---|---|---|---|
| 1296 E 3300 S Salt Lake City, UT 84106 | (801) 456-2358 | — | 4.6 |
| 2120 S State St Salt Lake City, UT 84115 | (801) 484-2424 | — | 4.5 |
| 2311 E 3300 S Holladay, UT 84109 | (801) 486-2020 | — | 4.6 |
| 2490 W 4700 S Taylorsville, UT 84129 | (801) 964-9700 | — | 4.7 |
| 5575 S Redwood Rd Taylorsville, UT 84123 | (801) 327-9030 | — | 4.7 |
| 6975 S Highland Dr Cottonwood Heights, UT 84121 | (801) 424-6200 | — | 4.9 |
| 98 E 4500 S Murray, UT 84107 | (801) 747-7135 | — | 4.6 |
| 1645 W 700 N K Salt Lake City, UT 84116 | (801) 364-7977 | — | 4.8 |
| 5443 S Redwood Rd D Taylorsville, UT 84123 | (801) 685-2323 | — | 4.7 |
| 757 E 3300 S Millcreek, UT 84106 | (801) 463-7774 | — | 4.8 |
| 1108 E 3300 S Salt Lake City, UT 84106 | (801) 478-9982 | — | 4.9 |
| 6630 S State St Murray, UT 84107 | (385) 282-4706 | — | 4.9 |
| 935 W North Temple St Salt Lake City, UT 84116 | (801) 355-0288 | — | 4.9 |
| 130 W 2100 S Expy Salt Lake City, UT 84115 | (801) 983-8939 | — | 4.5 |
| 6034 S 900 E Murray, UT 84121 | (801) 363-5626 | — | 4.6 |
| 237 W 2100 S Expy South Salt Lake, UT 84115 | (801) 467-4223 | — | 4.3 |
| 5672 S Redwood Rd Salt Lake City, UT 84123 | (801) 963-8599 | — | 3.1 |
| 1625 W 700 N STE C Salt Lake City, UT 84116 | (801) 328-9683 | — | 4.7 |
| 1899 W 4700 S B4 Taylorsville, UT 84129 | (801) 964-6323 | — | 4.9 |
| 3315 State St South Salt Lake, UT 84115 | (385) 474-2229 | — | 4.5 |
More about Salt Lake 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 Salt Lake 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.