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 Lafayette, LA
11 credit unions are headquartered in Lafayette, with 56,754 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
- 11
- Members
- 56,754
- Federal
- 9
- State-chartered
- 2
Credit unions vs payday loan stores in Lafayette
Lafayette has 11 payday, installment and title loan stores but only 11 credit unions headquartered here — about 1.0 loan stores for every credit union. Local credit unions count 56,754 members — roughly 36 memberships per 100 residents.
Credit unions
11
7.1 per 100k residents
56,754 members
Payday & loan stores
11
7.1 per 100k residents
7 store chains
Biggest loan store chains in Lafayette: ACE Cash Express (4), OneMain Financial (2), 1st Franklin Financial (1), Advance America (1), Check Into Cash (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 Lafayette
- Median household income
- $67,856
- Payday fee of $68.62, share of two weeks' income
- 2.6%
- Hours of work to pay the $68.62 fee
- 3.7 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
- 21.3%
- Residents below the poverty line
- 18.5%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Lafayette 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 Lafayette
| Credit union | Address | Members | Website |
|---|---|---|---|
| Meritus Federal Credit UnionFederal | 515 Guilbeau Rd Lafayette, LA 70506 | 23,654 | merituscu.net |
| Maple Federal Credit UnionFederal | P O Box 61001 Lafayette, LA 70596 | 9,464 | maplefcu.net |
| First Pioneers Federal Credit UnionFederal | PO Box 80799 Lafayette, LA 70598 | 6,719 | firstpioneers.com |
| University of Louisiana Federal Credit UnionFederal | PO Box 43635 Lafayette, LA 70504 | 6,457 | ulfcu.com |
| 705 Federal Credit UnionFederal | 1455 W Willow St Lafayette, LA 70506 | 3,744 | 705fcu.com |
| Acadian Federal Credit UnionFederal | 102 Sunbeam Ln Lafayette, LA 70506 | 2,725 | acadianfcu.org |
| Acadiana Medical Federal Credit UnionFederal | 702 Saint Landry Street Lafayette, LA 70506 | 1,433 | myamfcu.com |
| 3rd District Highway Federal Credit UnionFederal | 228-A Rue Des Voyages Lafayette, LA 70508 | 1,128 | — |
| P.H.I. Federal Credit UnionFederal | P O Box 82405 Lafayette, LA 70598 | 832 | phifcu.com |
| Immaculate Heart of Mary Credit UnionState-chartered | P.O. Box 93156 Lafayette, LA 70509 | 351 | — |
| Cogic Credit UnionState-chartered | P. O. Box 5057 Lafayette, LA 70502 | 247 | cogiccu.org |
Payday and installment loan stores in Lafayette
For comparison: storefront payday, installment and title lenders in Lafayette 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 |
|---|---|---|---|
| 100 E Willow St Lafayette, LA 70501 | (337) 269-5994 | — | 4.9 |
| 2222 Ambassador Caffery Pkwy Lafayette, LA 70506 | (337) 216-0086 | — | 4.8 |
| 4702 Johnston St Unit A-1 Lafayette, LA 70503 | (337) 989-2274 | — | 5.0 |
| 600 NW Evangeline Thruway Lafayette, LA 70501 | (337) 232-2274 | — | 5.0 |
| 104 E Kaliste Saloom Rd Lafayette, LA 70508 | (337) 235-1658 | — | 4.1 |
| 4400 Ambassador Caffery Pkwy G Lafayette, LA 70508 | (337) 984-5000 | — | 4.3 |
| 143 Arnould Blvd Lafayette, LA 70506 | (337) 988-9979 | — | 4.9 |
| 3148 Ambassador Caffery Pkwy., Ste. #102 Lafayette, LA 70506 | (337) 984-6142 | Mon–Thu 10:00 AM – 6:00 PM Fri 9:00 AM – 6:00 PM Sat 9:00 AM – 1:00 PM Sun closed |
— |
| 200 Production Dr Ste 13 Lafayette, LA 70508 | (337) 232-6391 | — | 5.0 |
| 3619 Ambassador Caffery Pkwy Ste E Lafayette, LA 70503 | (337) 915-0300 | — | 4.9 |
| 411 Lee Ave Lafayette, LA 70501 | (337) 237-0098 | — | 4.9 |
More about Lafayette
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 Lafayette 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.