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 Merced, CA
2 credit unions are headquartered in Merced, with 67,115 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
- 67,115
- Federal
- 1
- State-chartered
- 1
Credit unions vs payday loan stores in Merced
Merced has 6 payday, installment and title loan stores but only 2 credit unions headquartered here — about 3.0 loan stores for every credit union. Local credit unions count 67,115 members — roughly 61 memberships per 100 residents.
Credit unions
2
1.8 per 100k residents
67,115 members
Payday & loan stores
6
5.5 per 100k residents
6 store chains
Biggest loan store chains in Merced: ACE Cash Express (1), Advance America (1), Check Into Cash (1), Lendmark Financial Services (1), OneMain Financial (1).
What a $300 loan costs over 3 months
| Option | Payment | Total cost |
|---|---|---|
| Payday loan, re-borrowed 6 times (~460% APR) | $45.00 every 2 weeks | $270.00 |
| Credit union PAL, 3 monthly payments (28% APR + $20 fee) | $104.70 a month | $34.11 |
- You keep with a credit union PAL over 3 months
- $235.89 payday costs 8× more
Payday: the CA maximum — $45 on a $300 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 Merced
- Median household income
- $61,564
- Payday fee of $45, share of two weeks' income
- 1.9%
- Hours of work to pay the $45 fee
- 3.2 hours
- PAL payment of $104.70, share of monthly income
- 2.0%
- A $400 emergency equals
- 2.4 days of income
- Households earning under $25,000
- 20.0%
- Residents below the poverty line
- 22.0%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Merced are population-weighted and approximate. Hours of work are based on the median individual income.
Payday loans vs credit union PALs: the rules in California
| Payday loan in CA | Credit union PAL | |
|---|---|---|
| Legal status | Allowed | Offered by many federal credit unions |
| Loan amount | $300 | $200 – $2,000 |
| Fee limit | 15% of check face value ($45) | Application fee up to $20 |
| Typical APR | ~460% | 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: California law as summarized on our California 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 Merced
| Credit union | Address | Members | Website |
|---|---|---|---|
| Merced School Employees Federal Credit UnionFederal | P O Box 1349 Merced, CA 95341 | 50,925 | mercedschoolcu.org |
| Merco Credit UnionState-chartered | 1911 M St Merced, CA 95340 | 16,190 | merco.org |
Payday and installment loan stores in Merced
For comparison: storefront payday, installment and title lenders in Merced 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 |
|---|---|---|---|
| 1340 W Olive Ave #102 Merced, CA 95348 | (209) 385-2271 | — | 4.9 |
| 1828 West Olive Ave. Merced, CA 95348 | (209) 384-7621 | Mon–Fri 10:00 AM – 6:00 PM Sat 9:00 AM – 1:00 PM Sun closed |
— |
| 1206 W Olive Ave Merced, CA 95348 | (209) 383-9118 | — | 4.9 |
| 510 W Main St Ste D Merced, CA 95340 | (209) 723-4206 | — | 4.1 |
| 113 W El Portal Dr a Merced, CA 95348 | (209) 383-5929 | — | 3.6 |
| 1950 Yosemite Pkwy Merced, CA 95341 | (209) 263-0776 | — | 4.9 |
More about Merced
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 Merced 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.