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 Brownsville, TX
2 credit unions are headquartered in Brownsville, with 10,800 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
- 2
- Members
- 10,800
- Federal
- 2
- State-chartered
- 0
Credit unions vs payday loan stores in Brownsville
Brownsville has 20 payday, installment and title loan stores but only 2 credit unions headquartered here — about 10.0 loan stores for every credit union. Local credit unions count 10,800 members — roughly 5 memberships per 100 residents.
Credit unions
2
0.9 per 100k residents
10,800 members
Payday & loan stores
20
9.5 per 100k residents
13 store chains
Biggest loan store chains in Brownsville: Security Finance (3), ACE Cash Express (2), Cash Store (2), OneMain Financial (2), Sun Loan Company (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 Brownsville
- Median household income
- $50,701
- Payday fee of $75, share of two weeks' income
- 3.8%
- Hours of work to pay the $75 fee
- 6.2 hours
- PAL payment of $174.50, share of monthly income
- 4.1%
- A $400 emergency equals
- 2.9 days of income
- Households earning under $25,000
- 26.7%
- Residents below the poverty line
- 25.2%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Brownsville 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 Brownsville
| Credit union | Address | Members | Website |
|---|---|---|---|
| Valley Federal Credit UnionFederal | P.O. Box 4700 Brownsville, TX 78523 | 9,380 | vfcu.net |
| Brownsville City Employees Federal Credit UnionFederal | PO Box 911 Brownsville, TX 78522 | 1,420 | brownsvillecityfcu.com |
Payday and installment loan stores in Brownsville
For comparison: storefront payday, installment and title lenders in Brownsville 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 |
|---|---|---|---|
| 3670 Boca Chica Blvd Ste 1 Brownsville, TX 78521 | (956) 544-6400 | — | 5.0 |
| 924 E Levee St Ste A Brownsville, TX 78520 | (956) 541-1543 | — | 5.0 |
| 943 Frontage Rd Suite 15 Brownsville, TX 78520 | (956) 542-1734 | — | 5.0 |
| 2921 Boca Chica Blvd Ste D Brownsville, TX 78521 | (956) 541-7700 | — | 4.9 |
| 905 Paredes Line Rd Brownsville, TX 78521 | (956) 542-6700 | — | 5.0 |
| 101 Morrison Rd C Brownsville, TX 78526 | (956) 350-3391 | — | 4.9 |
| 2821 Boca Chica Blvd #101 Brownsville, TX 78521 | (956) 542-5284 | — | 4.8 |
| 265 Morrison Rd Brownsville, TX 78526 | (956) 546-2266 | — | 3.7 |
| 5850 Ruben M Torres Blvd Ste A7 Brownsville, TX 78526 | (956) 838-1209 | — | 4.8 |
| 3025 Boca Chica Blvd Ste G Brownsville, TX 78521 | (956) 548-0532 | — | 5.0 |
| 857 E Washington St Ste b Brownsville, TX 78520 | (956) 542-1888 | — | 5.0 |
| Western Finance 857 E Washington St # A Brownsville, TX 78520 | (956) 542-1877 | — | 4.9 |
| Shamrock Finance 943 North Expy Ste 21 Brownsville, TX 78520 | (956) 550-9240 | — | 5.0 |
| 1669 Central Blvd. Brownsville, TX 78520 | (956) 554-0408 | Mon–Fri 10:00 AM – 6:00 PM Sat 10:00 AM – 3:00 PM Sun closed |
— |
| 2426 Boca Chica Blvd Brownsville, TX 78521 | (956) 544-5900 | — | 5.0 |
| International Plaza, 3505 Boca Chica Blvd Suite 147 Brownsville, TX 78521 | (956) 982-6880 | — | 4.9 |
| 2355 Frontage Rd Ste 4 Brownsville, TX 78520 | (956) 404-0034 | — | 5.0 |
| 500 Morrison Rd Unit D Brownsville, TX 78526 | (956) 338-1852 | — | 4.9 |
| 2715 Boca Chica Blvd Unit 07 Brownsville, TX 78521 | (956) 622-5572 | — | 5.0 |
| 3300 Boca Chica Blvd Brownsville, TX 78521 | (956) 544-0735 | — | 5.0 |
More about Brownsville
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 Brownsville 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.