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 Springfield, MO
8 credit unions are headquartered in Springfield, with 110,042 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
- 110,042
- Federal
- 0
- State-chartered
- 8
Credit unions vs payday loan stores in Springfield
Springfield has 16 payday, installment and title loan stores but only 8 credit unions headquartered here — about 2.0 loan stores for every credit union. Local credit unions count 110,042 members — roughly 47 memberships per 100 residents.
Credit unions
8
3.4 per 100k residents
110,042 members
Payday & loan stores
16
6.8 per 100k residents
10 store chains
Biggest loan store chains in Springfield: TitleMax (4), Check 'n Go (2), OneMain Financial (2), Security Finance (2), Advance America (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 Springfield
- Median household income
- $56,472
- Payday fee of $75, share of two weeks' income
- 3.5%
- Hours of work to pay the $75 fee
- 4.7 hours
- PAL payment of $174.50, share of monthly income
- 3.7%
- A $400 emergency equals
- 2.6 days of income
- Households earning under $25,000
- 21.4%
- Residents below the poverty line
- 17.0%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Springfield 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 Springfield
| Credit union | Address | Members | Website |
|---|---|---|---|
| Telcomm Credit UnionState-chartered | 2155 E Sunshine St Springfield, MO 65804 | 25,434 | telcommcu.com |
| Blucurrent Credit UnionState-chartered | 4520 S National Ave Springfield, MO 65810 | 24,274 | blucurrent.org |
| Assemblies of God Credit UnionState-chartered | 1535 N Campbell Ave Springfield, MO 65803 | 18,127 | agcu.org |
| Multi-States Credit UnionState-chartered | 1444 E Sunshine St Springfield, MO 65804 | 14,968 | mymscu.com |
| Metro Credit UnionState-chartered | 447 S Campbell Ave Springfield, MO 65806 | 9,200 | metro.coop |
| Educational Community Credit UnionState-chartered | 1221 E Grand St Springfield, MO 65804 | 7,557 | educationalccu.org |
| Volt Credit UnionState-chartered | P O Box 1217 Springfield, MO 65801 | 7,042 | voltcu.org |
| Foundation Credit UnionState-chartered | 1726 W. Elfindale St Springfield, MO 65807 | 3,440 | foundationcreditunion.com |
Payday and installment loan stores in Springfield
For comparison: storefront payday, installment and title lenders in Springfield 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 |
|---|---|---|---|
| 1164 S Glenstone Ave Springfield, MO 65804 | (417) 893-2050 | — | 5.0 |
| 1325 W Kearney St Springfield, MO 65803 | (417) 865-3702 | — | 5.0 |
| 1827 N Glenstone Ave Springfield, MO 65803 | (417) 616-5060 | — | 4.9 |
| 2318 S Campbell Ave Springfield, MO 65807 | (417) 893-2030 | — | 4.9 |
| 1315 W Sunshine St Springfield, MO 65807 | (417) 865-1200 | — | 4.8 |
| 1448 E Kearney St Springfield, MO 65803 | (417) 864-0819 | — | 4.8 |
| 2445 N Kansas Expy Ste f Springfield, MO 65803 | (417) 831-3779 | — | 4.6 |
| 4728 S Campbell Ave Ste 108 Springfield, MO 65810 | (417) 883-5525 | — | 3.9 |
| 2250 S Campbell Ave Springfield, MO 65807 | (417) 877-8585 | — | 4.8 |
| 2801 W Chestnut Expy Springfield, MO 65802 | (417) 862-4420 | — | 4.9 |
| 3548 S. Campbell Ave. Springfield, MO 65807 | (417) 890-7624 | Mon–Fri 10:00 AM – 6:00 PM Sat 10:00 AM – 1:00 PM Sun closed |
— |
| 3530 W Sunshine St Ste C Springfield, MO 65807 | (417) 881-2898 | — | 4.9 |
| 319 E Battlefield Rd Ste A Springfield, MO 65807 | (417) 708-6828 | — | 4.8 |
| 446 W Battlefield Rd Springfield, MO 65807 | (417) 429-0857 | — | 4.7 |
| 2949 S National Ave Springfield, MO 65804 | (417) 881-1710 | — | 4.8 |
| 2762 S Campbell Ave Springfield, MO 65807 | (417) 886-8287 | — | 4.9 |
More about Springfield
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 Springfield 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.