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 Jefferson City, MO
8 credit unions are headquartered in Jefferson City, with 107,454 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
- 8
- Members
- 107,454
- Federal
- 1
- State-chartered
- 7
Credit unions vs payday loan stores in Jefferson City
Jefferson City has 9 payday, installment and title loan stores but only 8 credit unions headquartered here — about 1.1 loan stores for every credit union. Local credit unions count 107,454 members — roughly 153 memberships per 100 residents.
Credit unions
8
11.4 per 100k residents
107,454 members
Payday & loan stores
9
12.8 per 100k residents
9 store chains
Biggest loan store chains in Jefferson City: Advance America (1), Check 'n Go (1), Check Into Cash (1), Lendmark Financial Services (1), Mariner Finance (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 Jefferson City
- Median household income
- $73,102
- Payday fee of $75, share of two weeks' income
- 2.7%
- Hours of work to pay the $75 fee
- 3.8 hours
- PAL payment of $174.50, share of monthly income
- 2.9%
- A $400 emergency equals
- 2.0 days of income
- Households earning under $25,000
- 15.0%
- Residents below the poverty line
- 9.7%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Jefferson 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 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 Jefferson City
| Credit union | Address | Members | Website |
|---|---|---|---|
| Multipli Federal Credit UnionFederal | 3124 W Edgewood Dr Jefferson City, MO 65109 | 75,658 | multiplicu.com |
| Missouri Electric Cooperatives Empl Credit UnionState-chartered | P.O. Box 1586 Jefferson City, MO 65102 | 13,713 | mececu.com |
| Conservation Employees Credit UnionState-chartered | PO Box 180 Jefferson City, MO 65102 | 9,474 | cecuonline.org |
| Civic Central Credit UnionState-chartered | PO Box 1828 Jefferson City, MO 65102 | 4,926 | civic-cu.org |
| Highway Alliance Credit UnionState-chartered | 2010 William St Jefferson City, MO 65109 | 1,647 | hacu4u.com |
| Missouri Baptist Credit UnionState-chartered | 400 E High Street Jefferson City, MO 65101 | 1,046 | mobaptistcu.org |
| J C Federal Employees Credit UnionState-chartered | PO Box 1003 Jefferson City, MO 65101 | 590 | — |
| Fedco Credit UnionState-chartered | PO Box 658 Jefferson City, MO 65102 | 400 | — |
Payday and installment loan stores in Jefferson City
For comparison: storefront payday, installment and title lenders in Jefferson 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 |
|---|---|---|---|
| 1402 Missouri Blvd. Jefferson City, MO 65109 | (573) 556-7910 | Mon–Fri 10:00 AM – 6:00 PM Sat 10:00 AM – 1:00 PM Sun closed |
— |
| 1922 Missouri Blvd Ste C Jefferson City, MO 65109 | (573) 636-6572 | — | 4.9 |
| 2219G Missouri Blvd Jefferson City, MO 65109 | (573) 636-8486 | — | 4.9 |
| 2208 Missouri Blvd Ste 103 Jefferson City, MO 65109 | (573) 491-1001 | — | 4.4 |
| 2215 Missouri Blvd Ste d Jefferson City, MO 65109 | (573) 634-8854 | — | 4.9 |
| 3702 W Truman Blvd Ste 211 Jefferson City, MO 65109 | (573) 636-8156 | — | 3.3 |
| 520 Ellis Blvd Ste M Jefferson City, MO 65101 | (573) 634-8384 | — | 5.0 |
| 1418 Missouri Blvd Ste C Jefferson City, MO 65101 | (573) 636-8708 | — | 4.9 |
| 1001 Missouri Blvd Jefferson City, MO 65109 | (573) 635-3369 | — | 4.9 |
More about Jefferson 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 Jefferson 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.