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 Edinburg, TX
1 credit union is headquartered in Edinburg, with 6,206 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
- 6,206
- Federal
- 0
- State-chartered
- 1
Credit unions vs payday loan stores in Edinburg
Edinburg has 13 payday, installment and title loan stores but only 1 credit unions headquartered here — about 13.0 loan stores for every credit union. Local credit unions count 6,206 members — roughly 4 memberships per 100 residents.
Credit unions
1
0.6 per 100k residents
6,206 members
Payday & loan stores
13
7.5 per 100k residents
10 store chains
Biggest loan store chains in Edinburg: Sun Loan Company (3), Western Shamrock Finance (2), ACE Cash Express (1), Advance America (1), Cash Store (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 Edinburg
- Median household income
- $54,896
- Payday fee of $75, share of two weeks' income
- 3.6%
- Hours of work to pay the $75 fee
- 5.7 hours
- PAL payment of $174.50, share of monthly income
- 3.8%
- A $400 emergency equals
- 2.7 days of income
- Households earning under $25,000
- 25.3%
- Residents below the poverty line
- 29.1%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Edinburg 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 Edinburg
| Credit union | Address | Members | Website |
|---|---|---|---|
| Edinburg Teachers Credit UnionState-chartered | 900 W University Dr Edinburg, TX 78539 | 6,206 | etcu.coop |
Payday and installment loan stores in Edinburg
For comparison: storefront payday, installment and title lenders in Edinburg 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 |
|---|---|---|---|
| 1206 W Monte Cristo Rd Ste B Edinburg, TX 78541 | (956) 720-4324 | — | 5.0 |
| 2801 W University Dr Ste 8 Edinburg, TX 78539 | (956) 381-5018 | — | 4.9 |
| 523 E University Dr Edinburg, TX 78539 | (956) 287-3376 | — | 4.9 |
| Shamrock Finance 1103 E University Dr Edinburg, TX 78539 | (956) 316-0300 | — | 5.0 |
| Shamrock Finance 721 S Closner Blvd Ste A Edinburg, TX 78539 | (956) 289-8311 | — | 4.9 |
| 515 E University Dr Edinburg, TX 78539 | (956) 381-6665 | — | 4.9 |
| 1624 W. University Dr. Edinburg, TX 78539 | (956) 287-9210 | Mon–Fri 10:00 AM – 6:00 PM Sat 10:00 AM – 3:00 PM Sun closed |
— |
| 4120 S McColl Rd Ste 4 Edinburg, TX 78539 | (956) 630-4693 | — | 4.9 |
| 305 S Sugar Rd Edinburg, TX 78539 | (956) 289-1922 | — | 4.8 |
| 306 S Jackson Rd Ste A & B Edinburg, TX 78539 | (956) 380-1417 | — | 3.6 |
| 2260 S Business Highway 281, Ste 7 Edinburg, TX 78539 | (956) 383-2701 | — | 5.0 |
|
Texas Car Title and Payday Loan Services
1 store in Edinburg
texascartitleandpaydayloanservicesinc.com
|
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| 2260 S Business Hwy 281 Edinburg, TX 78539 | (956) 381-5579 | — | 4.9 |
| 1116 E University Dr Edinburg, TX 78539 | (956) 316-4336 | — | 5.0 |
More about Edinburg
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 Edinburg 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.