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 Houma, LA
2 credit unions are headquartered in Houma, with 5,863 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
- 5,863
- Federal
- 2
- State-chartered
- 0
Credit unions vs payday loan stores in Houma
Houma 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 5,863 members — roughly 7 memberships per 100 residents.
Credit unions
2
2.4 per 100k residents
5,863 members
Payday & loan stores
6
7.3 per 100k residents
5 store chains
Biggest loan store chains in Houma: Security Finance (2), 1st Franklin Financial (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 Houma
- Median household income
- $66,407
- Payday fee of $68.62, share of two weeks' income
- 2.7%
- Hours of work to pay the $68.62 fee
- 4.3 hours
- PAL payment of $122.15, share of monthly income
- 2.2%
- A $400 emergency equals
- 2.2 days of income
- Households earning under $25,000
- 19.1%
- Residents below the poverty line
- 17.4%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Houma 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 Houma
| Credit union | Address | Members | Website |
|---|---|---|---|
| La Terre Federal Credit UnionFederal | 701 Barrow St Houma, LA 70360 | 4,924 | laterrefcu.org |
| T E A Federal Credit UnionFederal | PO Box 3380 Houma, LA 70361 | 939 | teafcu.org |
Payday and installment loan stores in Houma
For comparison: storefront payday, installment and title lenders in Houma 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 |
|---|---|---|---|
| Sunbelt Credit 6118 W Park Ave Houma, LA 70364 | (985) 857-3596 | — | 4.9 |
| 814 Grand Caillou Rd Suite 5a Houma, LA 70363 | (985) 873-8070 | — | 4.8 |
| 209 Bayou Gardens Blvd Ste I Houma, LA 70364 | (985) 223-0111 | — | 4.9 |
| 1058 Grand Caillou Road Houma, LA 70363 | (985) 876-6628 | Mon–Thu 10:00 AM – 6:00 PM Fri 9:00 AM – 6:00 PM Sat 9:00 AM – 1:00 PM Sun closed |
— |
| 1826 Martin Luther King Blvd Ste b Houma, LA 70360 | (985) 262-2090 | — | 4.9 |
| 5801 W Park Ave #104 Houma, LA 70364 | (985) 876-7986 | — | 4.4 |
More about Houma
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 Houma 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.