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 Independence, MO
3 credit unions are headquartered in Independence, with 22,756 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
- 3
- Members
- 22,756
- Federal
- 0
- State-chartered
- 3
Credit unions vs payday loan stores in Independence
Independence has 10 payday, installment and title loan stores but only 3 credit unions headquartered here — about 3.3 loan stores for every credit union. Local credit unions count 22,756 members — roughly 18 memberships per 100 residents.
Credit unions
3
2.3 per 100k residents
22,756 members
Payday & loan stores
10
7.8 per 100k residents
8 store chains
Biggest loan store chains in Independence: TitleMax (3), Advance America (1), Lendmark Financial Services (1), Mariner Finance (1), OneMain Financial (1).
What a $500 loan costs over 3 months
| Option | Payment | Total cost |
|---|---|---|
| Payday loan, re-borrowed 6 times (~462% APR) | $75.00 every 2 weeks | $450.00 |
| Credit union PAL, 3 monthly payments (28% APR + $20 fee) | $174.50 a month | $43.51 |
- 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 Independence
- Median household income
- $60,969
- Payday fee of $75, share of two weeks' income
- 3.2%
- Hours of work to pay the $75 fee
- 4.4 hours
- PAL payment of $174.50, share of monthly income
- 3.4%
- A $400 emergency equals
- 2.4 days of income
- Households earning under $25,000
- 18.6%
- Residents below the poverty line
- 15.0%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Independence 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 loan in MO | Credit union PAL | |
|---|---|---|
| Legal status | Allowed | Offered by many federal credit unions |
| Loan amount | $500 | $200 – $2,000 |
| Fee limit | 75% of initial loan amount (N/A) | Application fee up to $20 |
| Typical APR | ~462% | 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: 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 headquartered in Independence
| Credit union | Address | Members | Website |
|---|---|---|---|
| United Consumers Credit UnionState-chartered | 1111 E 23rd St S Independence, MO 64055 | 16,726 | uccumo.com |
| City Credit UnionState-chartered | 2550 S State Route 291 Independence, MO 64057 | 4,160 | city-cu.com |
| Independence Teachers Credit UnionState-chartered | 201 N Forest Ave Ste 3 Independence, MO 64050 | 1,870 | sites.isdschools.org |
Payday and installment loan stores in Independence
For comparison: storefront payday, installment and title lenders in Independence 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 |
|---|---|---|---|
| 10704 E US Hwy 24 Sugar Creek, MO 64054 | (816) 285-8595 | — | 5.0 |
| 11313 E US Hwy 40 Independence, MO 64055 | (816) 353-1754 | — | 4.9 |
| 16820 S Hub Dr Independence, MO 64055 | (816) 595-2900 | — | 4.9 |
| 3517 S. Noland Rd. Independence, MO 64055 | (816) 833-5718 | Mon–Fri 10:00 AM – 6:00 PM Sat 10:00 AM – 2:00 PM Sun closed |
— |
| 3801 S Noland Rd C Independence, MO 64055 | (816) 237-5801 | — | 4.4 |
| 20130 E Jackson Dr Independence, MO 64057 | (816) 299-4588 | — | 4.7 |
| 4201 S Noland Rd T Independence, MO 64055 | (816) 350-3245 | — | 4.4 |
| 10808 East 23rd St S Ste B Independence, MO 64052 | (816) 254-5509 | — | 4.9 |
| 11221 East 23rd St S Independence, MO 64052 | (816) 833-1200 | — | 4.8 |
| 2411 Rte 291 Ste P Independence, MO 64057 | (816) 461-5827 | — | 4.9 |
More about Independence
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 Independence 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.