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 Amarillo, TX
9 credit unions are headquartered in Amarillo, with 131,265 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
- 9
- Members
- 131,265
- Federal
- 5
- State-chartered
- 4
Credit unions vs payday loan stores in Amarillo
Amarillo has 12 payday, installment and title loan stores but only 9 credit unions headquartered here — about 1.3 loan stores for every credit union. Local credit unions count 131,265 members — roughly 56 memberships per 100 residents.
Credit unions
9
3.8 per 100k residents
131,265 members
Payday & loan stores
12
5.1 per 100k residents
9 store chains
Biggest loan store chains in Amarillo: Cash Store (2), Security Finance (2), Sun Loan Company (2), ACE Cash Express (1), Lendmark Financial Services (1).
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 Amarillo
- Median household income
- $66,978
- Payday fee of $75, share of two weeks' income
- 2.9%
- Hours of work to pay the $75 fee
- 4.2 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
- 18.1%
- Residents below the poverty line
- 15.1%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Amarillo 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 Amarillo
| Credit union | Address | Members | Website |
|---|---|---|---|
| Education Credit UnionState-chartered | 6203 Hillside Rd Amarillo, TX 79109 | 41,649 | educationcu.com |
| Acfcu Federal Credit UnionFederal | PO Box 2026 Amarillo, TX 79105 | 27,963 | acfcu.org |
| The People's Federal Credit UnionFederal | P.O. Box 9335 Amarillo, TX 79105 | 18,741 | tpfcu.com |
| Santa Fe Federal Credit UnionFederal | PO Box 15088 Amarillo, TX 79105 | 14,370 | santafefcu.com |
| Access Community Credit UnionState-chartered | PO Box 7407 Amarillo, TX 79114 | 13,435 | accesscreditunion.com |
| Texas Plains Federal Credit UnionFederal | PO Box 19550 Amarillo, TX 79114 | 9,943 | texasplainsfederal.org |
| City Federal Credit UnionFederal | 901 S Lincoln St Amarillo, TX 79101 | 2,722 | cityfederalcu.com |
| Amarillo Postal Employees Credit UnionState-chartered | P.O. 30003 Amarillo, TX 79120 | 1,833 | crunion.org |
| Intercorp Credit UnionState-chartered | 1100 SW 15th Ave Amarillo, TX 79102 | 609 | intercorpcu.com |
Payday and installment loan stores in Amarillo
For comparison: storefront payday, installment and title lenders in Amarillo 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 |
|---|---|---|---|
| 5722 W Amarillo Blvd Space 6 Amarillo, TX 79106 | (806) 358-0317 | — | 4.9 |
| 7200 SW 45th Ave Spc 12 Amarillo, TX 79109 | (806) 356-7322 | — | 4.9 |
| 1914 SE 10th Ave Ste B502 Amarillo, TX 79102 | (806) 373-0173 | — | 4.7 |
| 3430 S Western St Amarillo, TX 79109 | (806) 353-5577 | — | 4.9 |
| 2706 S Osage St Ste 104 Amarillo, TX 79103 | (806) 373-8020 | — | 4.9 |
| 3101 S Western St #7 Amarillo, TX 79109 | (806) 576-2775 | — | 4.9 |
| 1500 E Amarillo Blvd Spc A Amarillo, TX 79107 | (806) 331-0867 | — | 4.7 |
| 2818 S Soncy Rd Amarillo, TX 79124 | (806) 356-7674 | — | 4.5 |
| 7402 SW 34th Ave #9 Amarillo, TX 79121 | (806) 351-0900 | — | 3.7 |
| 3514 E Interstate 40 Hwy Amarillo, TX 79103 | (806) 576-3760 | — | 4.9 |
| Western Finance 3101 S Western St Unit 6 Amarillo, TX 79109 | (806) 358-0505 | — | 4.6 |
| 3620 S Western St Ste 100 Amarillo, TX 79109 | (806) 452-4740 | — | 1.0 |
More about Amarillo
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 Amarillo 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.