Credit Unions vs Payday Loans in Missouri

89 credit unions are headquartered in Missouri, with 1,370,218 members in total. 14 are federal credit unions and 75 are state-chartered; all are federally insured by the NCUA.

Credit unions

89

Members

1.4M

Federal

14

State-chartered

75

Members per 100 people

22

CUs per 100k people

1.4

Credit unions vs payday loan stores in Missouri

Missouri has 302 payday, installment and title loan stores but only 89 credit unions headquartered here — about 3.4 loan stores for every credit union. Local credit unions count 1,370,218 members — roughly 22 memberships per 100 residents.

Biggest loan store chains in Missouri: TitleMax (57), Security Finance (45), Sun Loan Company (34), Advance America (32), OneMain Financial (29).

What a $500 loan costs over 3 months

You keep with a credit union PAL over 3 months

$406.49 payday costs 10× more

Payday: a typical fee of $75 on a $500 loan for 2 weeks (MO limits are not set in dollars), paid 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 Missouri

Median household income

$73,651

Payday fee of $75, share of two weeks' income

2.6%

Hours of work to pay the $75 fee

4.0 hours

PAL payment of $174.50, share of monthly income

2.8%

A $400 emergency equals

2.0 days of income

Households earning under $25,000

16.2%

Residents below the poverty line

12.7%

Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Missouri are population-weighted and approximate. Hours of work are based on the median individual income.

Payday loans vs credit union PALs: the rules in Missouri

Payday rules: Missouri law as summarized on our Missouri 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 by city in Missouri

Credit unions are headquartered in 38 cities and towns across Missouri. Pick a city for addresses and websites, or scroll down for the smaller towns.

• Saint Louis · 13
• Kansas City · 9
• Jefferson City · 8
• Springfield · 8
• Saint Joseph · 5
• Columbia · 3
• Independence · 3
• Joplin · 3
• Chesterfield · 2
• Lees Summit · 2
• Saint Charles · 1
• Wentzville · 1

All credit unions in Missouri

Credit unions in smaller towns of Missouri

Other cities and towns in Missouri where credit unions are headquartered, and how many there are in each.

• Arnold 1
• Clayton 1
• De Soto 1
• Dexter 1
• Farmington 1
• Fenton 2
• Fort Leonard Wo 1
• Hannibal 2
• Henley 1
• Kelso 1
• Macon 1
• Maryville 1
• Mexico 2
• North Kansas Ci 1
• O Fallon 1
• Park Hills 1
• Poplar Bluff 1
• Raymore 1
• Raytown 2
• Rolla 1
• Saint Ann 1
• Sedalia 1
• Sikeston 2
• St Joseph 1
• Warrensburg 1
• Willow Springs 1