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 Bossier City, LA
1 credit union is headquartered in Bossier City, with 28,524 members. 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
- 1
- Members
- 28,524
- Federal
- 1
- State-chartered
- 0
Credit unions vs payday loan stores in Bossier City
Bossier City has 7 payday, installment and title loan stores but only 1 credit unions headquartered here — about 7.0 loan stores for every credit union. Local credit unions count 28,524 members — roughly 37 memberships per 100 residents.
Credit unions
1
1.3 per 100k residents
28,524 members
Payday & loan stores
7
9.2 per 100k residents
7 store chains
Biggest loan store chains in Bossier City: 1st Franklin Financial (1), ACE Cash Express (1), Advance America (1), Lendmark Financial Services (1), OneMain Financial (1).
What a $350 loan costs over 3 months
| Option | Payment | Total cost |
|---|---|---|
| Payday loan, re-borrowed 6 times (~780% APR) | $68.62 every 2 weeks | $411.72 |
| Credit union PAL, 3 monthly payments (28% APR + $20 fee) | $122.15 a month | $36.46 |
- You keep with a credit union PAL over 3 months
- $375.26 payday costs 11× more
Payday: the LA maximum — $68.62 on a $350 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 Bossier City
- Median household income
- $63,590
- Payday fee of $68.62, share of two weeks' income
- 2.8%
- Hours of work to pay the $68.62 fee
- 3.8 hours
- PAL payment of $122.15, share of monthly income
- 2.3%
- A $400 emergency equals
- 2.3 days of income
- Households earning under $25,000
- 19.1%
- Residents below the poverty line
- 17.3%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Bossier 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 Louisiana
| Payday loan in LA | Credit union PAL | |
|---|---|---|
| Legal status | Allowed | Offered by many federal credit unions |
| Loan amount | $350 | $200 – $2,000 |
| Fee limit | 16.75% of face value + $10 doc fee ($68.62) | Application fee up to $20 |
| Typical APR | ~780% | 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: Louisiana law as summarized on our Louisiana 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 Bossier City
| Credit union | Address | Members | Website |
|---|---|---|---|
| Bossier Federal Credit UnionFederal | 1961 Airline Drive Bossier City, LA 71112 | 28,524 | bossierfcu.org |
Payday and installment loan stores in Bossier City
For comparison: storefront payday, installment and title lenders in Bossier 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 |
|---|---|---|---|
| 1701 Old Minden Rd #17i Bossier City, LA 71111 | (318) 752-4551 | — | 4.8 |
| 835 Benton Rd Ste 1 Bossier City, LA 71111 | (318) 747-2103 | — | 4.9 |
| 1352 Airline Dr., #1 Bossier City, LA 71112 | (318) 742-2184 | Mon–Thu 10:00 AM – 6:00 PM Fri 9:00 AM – 6:00 PM Sat 9:00 AM – 1:00 PM Sun closed |
— |
| 2142 Airline Dr #500 Bossier City, LA 71111 | (318) 408-4050 | — | 4.4 |
| 2750 Shed Rd e Bossier City, LA 71111 | (318) 746-7251 | — | 4.1 |
| 1701 Old Minden Rd Ste 30 Bossier City, LA 71111 | (318) 746-8885 | — | 5.0 |
| 2955 E Texas St Bossier City, LA 71111 | (318) 746-5932 | — | 5.0 |
More about Bossier 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 Bossier 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.