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 Las Cruces, NM
1 credit union is headquartered in Las Cruces, with 21,840 members. 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
- 1
- Members
- 21,840
- Federal
- 1
- State-chartered
- 0
Credit unions vs payday loan stores in Las Cruces
Las Cruces has 5 payday, installment and title loan stores but only 1 credit unions headquartered here — about 5.0 loan stores for every credit union. Local credit unions count 21,840 members — roughly 14 memberships per 100 residents.
Credit unions
1
0.6 per 100k residents
21,840 members
Payday & loan stores
5
3.2 per 100k residents
5 store chains
Biggest loan store chains in Las Cruces: ACE Cash Express (1), Check 'n Go (1), Mariner Finance (1), OneMain Financial (1), Sun Loan Company (1).
Borrowing $500 for 6 months in Las Cruces
| Option | Payment | Total cost of borrowing |
|---|---|---|
| Installment loan at the New Mexico rate cap (36% APR) | $92.30/mo | $53.79 |
| Credit union PAL (28% APR) | $90.27/mo | $41.62 |
| Payday loan renewed every 2 weeks (typical $15 per $100, not available in New Mexico) | $75.00 every 2 weeks | $975.00 |
- Monthly payment at the New Mexico rate cap vs median monthly household income
- 1.9%
Example calculation with fixed monthly payments; the payday row shows typical out-of-state pricing for comparison. Actual rates and terms vary by lender.
What it means for a household in Las Cruces
- Median household income
- $57,144
- A $400 emergency equals
- 2.6 days of income
- Households earning under $25,000
- 23.8%
- Residents below the poverty line
- 20.6%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Las Cruces are population-weighted and approximate. Hours of work are based on the median individual income.
Payday loans vs credit union PALs: the rules in New Mexico
| Payday loan in NM | Credit union PAL | |
|---|---|---|
| Legal status | Not allowed — storefront payday loans are banned | Offered by many federal credit unions |
| Rate cap | Capped at 36% APR (2022 Law) | 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: New Mexico law as summarized on our New Mexico 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 Las Cruces
| Credit union | Address | Members | Website |
|---|---|---|---|
| White Sands Federal Credit UnionFederal | PO Box 99 Las Cruces, NM 88004 | 21,840 | wsfcu.org |
Payday and installment loan stores in Las Cruces
For comparison: storefront payday, installment and title lenders in Las Cruces 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 |
|---|---|---|---|
| 2300 N Main St Ste 211 Las Cruces, NM 88001 | (575) 527-5037 | — | 4.8 |
| 1223 El Paseo Rd Las Cruces, NM 88001 | (575) 541-5927 | — | 4.8 |
| 2750 Mall Dr Ste 220 Las Cruces, NM 88011 | (575) 249-5769 | — | 4.8 |
| 400 N Telshor Blvd Ste B Las Cruces, NM 88011 | (575) 522-0058 | — | 3.6 |
| 2300 N Main St Ste 205 Las Cruces, NM 88001 | (575) 525-9091 | — | 4.9 |
More about Las Cruces
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 Las Cruces 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.