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 Modesto, CA
4 credit unions are headquartered in Modesto, with 117,105 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
- 117,105
- Federal
- 3
- State-chartered
- 1
Credit unions vs payday loan stores in Modesto
Modesto has 10 payday, installment and title loan stores but only 4 credit unions headquartered here — about 2.5 loan stores for every credit union. Local credit unions count 117,105 members — roughly 44 memberships per 100 residents.
Credit unions
4
1.5 per 100k residents
117,105 members
Payday & loan stores
10
3.7 per 100k residents
6 store chains
Biggest loan store chains in Modesto: ACE Cash Express (4), Lendmark Financial Services (2), Advance America (1), Mariner Finance (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 Modesto
- Median household income
- $75,955
- Payday fee of $45, share of two weeks' income
- 1.5%
- Hours of work to pay the $45 fee
- 2.6 hours
- PAL payment of $104.70, share of monthly income
- 1.7%
- A $400 emergency equals
- 1.9 days of income
- Households earning under $25,000
- 14.6%
- Residents below the poverty line
- 14.0%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Modesto 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 Modesto
| Credit union | Address | Members | Website |
|---|---|---|---|
| Valley First Federal Credit UnionFederal | PO Box 1411 Modesto, CA 95353 | 80,615 | valleyfirstcu.org |
| Mocse Federal Credit UnionFederal | 3600 Coffee Rd Modesto, CA 95355 | 29,926 | mocse.org |
| Modesto's First Federal Credit UnionFederal | 430 12th Street Modesto, CA 95354 | 3,477 | m1fcu.org |
| Organized Labor Credit UnionState-chartered | 2112 Mchenry Ave Modesto, CA 95350 | 3,087 | olcu.org |
Payday and installment loan stores in Modesto
For comparison: storefront payday, installment and title lenders in Modesto 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 |
|---|---|---|---|
| 1320 Standiford Ave Ste 8 Modesto, CA 95350 | (209) 572-2900 | — | 4.9 |
| 2508 Oakdale Rd Ste C3 Modesto, CA 95355 | (209) 551-7911 | — | 4.9 |
| 2800 McHenry Ave Suite 3, Ground Floor Modesto, CA 95350 | (209) 718-4313 | — | 4.9 |
| 420 H St Modesto, CA 95351 | (209) 526-8900 | — | 4.8 |
| 2101 Sylvan Ave #102 Modesto, CA 95355 | (209) 524-5014 | — | 5.0 |
| 2225 Plaza Pkwy Ste M4-B Modesto, CA 95350 | (209) 284-3100 | — | 4.7 |
| 2401 E. Orangeburg Ave., Ste. 170 Modesto, CA 95355 | (209) 579-1508 | Mon–Fri 10:00 AM – 6:00 PM Sat 9:00 AM – 1:00 PM Sun closed |
— |
| 3501 McHenry Ave Ste D10 Modesto, CA 95356 | (209) 215-2255 | — | 4.8 |
| 2900 Standiford Ave Ste 12 Modesto, CA 95350 | (209) 522-3247 | — | 3.8 |
| 1620 Crows Landing Rd G Modesto, CA 95358 | (209) 263-0773 | — | 4.9 |
More about Modesto
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 Modesto 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.