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 Abilene, TX
6 credit unions are headquartered in Abilene, with 80,704 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
- 6
- Members
- 80,704
- Federal
- 4
- State-chartered
- 2
Credit unions vs payday loan stores in Abilene
Abilene has 16 payday, installment and title loan stores but only 6 credit unions headquartered here — about 2.7 loan stores for every credit union. Local credit unions count 80,704 members — roughly 60 memberships per 100 residents.
Credit unions
6
4.4 per 100k residents
80,704 members
Payday & loan stores
16
11.8 per 100k residents
10 store chains
Biggest loan store chains in Abilene: ACE Cash Express (3), Cash Store (2), Security Finance (2), Texas Car Title and Payday Loan Services (2), TitleMax (2).
What a $500 loan costs over 3 months
| Option | Payment | Total cost |
|---|---|---|
| Payday loan, re-borrowed 6 times (~662%+ 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 (TX 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 Abilene
- Median household income
- $67,627
- Payday fee of $75, share of two weeks' income
- 2.9%
- Hours of work to pay the $75 fee
- 4.6 hours
- PAL payment of $174.50, share of monthly income
- 3.1%
- A $400 emergency equals
- 2.2 days of income
- Households earning under $25,000
- 17.7%
- Residents below the poverty line
- 14.6%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Abilene are population-weighted and approximate. Hours of work are based on the median individual income.
Payday loans vs credit union PALs: the rules in Texas
| Payday loan in TX | Credit union PAL | |
|---|---|---|
| Legal status | Allowed | Offered by many federal credit unions |
| Loan amount | No limit (CSO Model) | $200 – $2,000 |
| Fee limit | No state cap (fees set by city ordinances) (Varies) | Application fee up to $20 |
| Typical APR | ~662%+ | 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: Texas law as summarized on our Texas 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 Abilene
| Credit union | Address | Members | Website |
|---|---|---|---|
| Abilene Teachers Federal Credit UnionFederal | PO Box 5706 Abilene, TX 79608 | 56,716 | abileneteachersfcu.org |
| Communities of Abilene Federal Credit UnionFederal | 3661 N 6th St Abilene, TX 79603 | 11,003 | coafcu.org |
| First Watch Federal Credit UnionFederal | 1118 Pine St Abilene, TX 79601 | 9,348 | myfwcu.org |
| Txdot Credit UnionState-chartered | 4174 Old Anson Rd Abilene, TX 79601 | 1,875 | txdotcu.com |
| First Priority Credit UnionState-chartered | 3165 S 27th Street Abilene, TX 79605 | 1,292 | firstprioritycu.com |
| E M O T Federal Credit UnionFederal | P. O. Box 3383 Abilene, TX 79604 | 470 | — |
Payday and installment loan stores in Abilene
For comparison: storefront payday, installment and title lenders in Abilene 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 |
|---|---|---|---|
| 3517 N 1st St Abilene, TX 79603 | (325) 672-2274 | — | 4.9 |
| 4101 Buffalo Gap Rd Ste A Abilene, TX 79605 | (325) 698-2274 | — | 4.9 |
| 620 Ambler Ave Abilene, TX 79601 | (325) 670-9777 | — | 4.8 |
| 3017 S 14th St Abilene, TX 79605 | (325) 793-9883 | — | 4.9 |
| 4245 Southwest Dr Abilene, TX 79606 | (325) 695-1900 | — | 4.8 |
| 150 S Willis St Abilene, TX 79605 | (325) 670-0172 | — | 4.6 |
| 2930 N 1st St Abilene, TX 79603 | (325) 672-4464 | — | 4.8 |
|
Texas Car Title and Payday Loan Services
2 stores in Abilene
texascartitleandpaydayloanservicesinc.com
|
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| 1041 Butternut St Abilene, TX 79602 | (325) 673-4100 | — | 4.9 |
| 3989 S 1st St Abilene, TX 79605 | (325) 673-9700 | — | 4.9 |
| 2741 S 14th St Abilene, TX 79605 | (325) 201-9222 | — | 5.0 |
| 3520 N 1st St Abilene, TX 79603 | (325) 999-8735 | — | 5.0 |
| 3285 S. 14th St. Abilene, TX 79605 | (325) 793-7189 | Mon–Fri 10:00 AM – 6:00 PM Sat 10:00 AM – 3:00 PM Sun closed |
— |
| 3226 S Clack St Ste J Abilene, TX 79606 | (325) 244-1034 | — | 4.9 |
| 1 Village Dr Ste 351 Abilene, TX 79606 | (325) 673-8325 | — | 4.7 |
| 3525 N 1st St Abilene, TX 79603 | (325) 676-1071 | — | 4.9 |
| Western Finance 4143 N 1st St Abilene, TX 79603 | (325) 676-1091 | — | 4.8 |
More about Abilene
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 Abilene 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.