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 El Paso, TX
6 credit unions are headquartered in El Paso, with 651,771 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
- 651,771
- Federal
- 6
- State-chartered
- 0
Credit unions vs payday loan stores in El Paso
El Paso has 68 payday, installment and title loan stores but only 6 credit unions headquartered here — about 11.3 loan stores for every credit union. Local credit unions count 651,771 members — roughly 80 memberships per 100 residents.
Credit unions
6
0.7 per 100k residents
651,771 members
Payday & loan stores
68
8.3 per 100k residents
14 store chains
Biggest loan store chains in El Paso: TitleMax (11), ACE Cash Express (7), Cash Store (7), Check 'n Go (6), OneMain Financial (6).
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 El Paso
- Median household income
- $60,757
- Payday fee of $75, share of two weeks' income
- 3.2%
- Hours of work to pay the $75 fee
- 5.0 hours
- PAL payment of $174.50, share of monthly income
- 3.4%
- A $400 emergency equals
- 2.4 days of income
- Households earning under $25,000
- 20.8%
- Residents below the poverty line
- 18.4%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for El Paso 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 El Paso
| Credit union | Address | Members | Website |
|---|---|---|---|
| Gecu Federal Credit UnionFederal | PO Box 20998 El Paso, TX 79998 | 444,307 | gecu.com |
| Firstlight Federal Credit UnionFederal | 9983 Kenworthy St El Paso, TX 79924 | 98,481 | firstlightfcu.org |
| Raiz Federal Credit UnionFederal | 12020 Rojas Dr El Paso, TX 79936 | 79,277 | raiz.us |
| Evolve Federal Credit UnionFederal | 8840 Gazelle Dr El Paso, TX 79925 | 14,099 | evolvefcu.org |
| One Source Federal Credit UnionFederal | 8870 Gazelle Dr El Paso, TX 79925 | 10,823 | onesourcefcu.coop |
| Mountain Star Federal Credit UnionFederal | 2229 E Yandell Dr El Paso, TX 79903 | 4,784 | mountainstarfcu.org |
Payday and installment loan stores in El Paso
For comparison: storefront payday, installment and title lenders in El Paso 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 |
|---|---|---|---|
| 12496 Montana Ave El Paso, TX 79938 | (915) 856-0000 | — | 5.0 |
| 14026 Horizon Blvd Horizon City, TX 79928 | (915) 852-4981 | — | 5.0 |
| 1793 N Zaragoza Rd # E El Paso, TX 79936 | (915) 245-3625 | — | 5.0 |
| 1841 Lee Trevino Dr El Paso, TX 79936 | (915) 599-3031 | — | 5.0 |
| 5104 Montana Ave El Paso, TX 79903 | (915) 881-8920 | — | 4.9 |
| 7000 Gtwy Blvd E El Paso, TX 79915 | (915) 245-3018 | — | 5.0 |
| 7601 N Mesa St El Paso, TX 79912 | (915) 255-4867 | — | 4.9 |
| 8120 Alameda Ave El Paso, TX 79915 | (915) 245-3641 | — | 5.0 |
| 828 N Zaragoza Rd El Paso, TX 79907 | (915) 245-3624 | — | 4.9 |
| 9501 Dyer St El Paso, TX 79924 | (915) 759-0510 | — | 5.0 |
| 9895 Alameda Ave Ste 100 Socorro, TX 79927 | (915) 872-8811 | — | 5.0 |
| 10755 N Loop Dr E Socorro, TX 79927 | (915) 860-8186 | — | 4.9 |
| 12135 Montwood Dr Ste 103 El Paso, TX 79936 | (915) 856-9973 | — | 4.9 |
| 424 N Yarbrough Dr Ste 4 El Paso, TX 79915 | (915) 595-2241 | — | 4.9 |
| 4700 Montana Ave El Paso, TX 79903 | (915) 566-6005 | — | 4.9 |
| 5070 Doniphan Dr C El Paso, TX 79932 | (915) 585-6275 | — | 4.9 |
| 8838 Viscount Blvd Ste J El Paso, TX 79925 | (915) 633-6165 | — | 4.9 |
| 9130 Dyer St El Paso, TX 79924 | (915) 751-4820 | — | 4.9 |
| 10705 Gateway Blvd W Ste 103 El Paso, TX 79935 | (915) 591-9890 | — | 4.8 |
| 1830 N Zaragoza Rd #104 El Paso, TX 79936 | (915) 856-9900 | — | 4.8 |
| 3010 Saul Kleinfeld Dr D El Paso, TX 79936 | (915) 855-7733 | — | 4.8 |
| 5620 Dyer St El Paso, TX 79904 | (915) 564-1801 | — | 4.9 |
| 7447 N Mesa St El Paso, TX 79912 | (915) 584-1501 | — | 4.7 |
| 8820 N Loop Dr Ste 100 El Paso, TX 79907 | (915) 860-9119 | — | 4.9 |
| 9411 Alameda Ave I El Paso, TX 79907 | (915) 872-8560 | — | 4.8 |
| 121 N Kenazo Ave Suite C Horizon City, TX 79928 | (915) 852-4661 | — | 5.0 |
| 1491 Lee Trevino Dr F El Paso, TX 79936 | (915) 592-5677 | — | 4.9 |
| 1831 N Zaragoza Rd Ste 117 El Paso, TX 79936 | (915) 857-3199 | — | 4.9 |
| 500 N Zaragoza Rd W El Paso, TX 79907 | (915) 859-6204 | — | 4.9 |
| 6520 N Mesa St El Paso, TX 79912 | (915) 845-6678 | — | 4.9 |
| 9040 Dyer St Suite 103 El Paso, TX 79904 | (915) 751-7511 | — | 5.0 |
| 10005 Alameda Ave Ste S El Paso, TX 79927 | (915) 858-7225 | — | 3.4 |
| 1506 Lee Trevino Dr B3 El Paso, TX 79936 | (915) 590-4054 | — | 4.1 |
| 1700 N Zaragoza Rd #125 El Paso, TX 79936 | (915) 855-2937 | — | 3.7 |
| 4650 Woodrow Bean Transmountain G El Paso, TX 79924 | (915) 757-0337 | — | 4.1 |
| 7420 Gtwy Blvd E El Paso, TX 79915 | (915) 591-9436 | — | 4.7 |
| 7500 N Mesa St #318 El Paso, TX 79912 | (915) 584-5451 | — | 3.4 |
| Canyon Finance 1700 N Zaragoza Rd #118 El Paso, TX 79936 | (915) 857-7603 | — | 4.6 |
| 208 S Stanton St El Paso, TX 79901 | (915) 532-7809 | — | 3.9 |
| 216 E Mills Ave El Paso, TX 79901 | (915) 532-3371 | — | 4.6 |
| 4717 Hondo Pass Dr Ste 3e-3f El Paso, TX 79904 | (915) 759-8869 | — | 4.8 |
| 657 Horizon Blvd Ste H Socorro, TX 79927 | (915) 790-0220 | — | 4.9 |
| Sunbelt Credit 8899 Alameda Ave #116 El Paso, TX 79907 | (915) 860-4566 | — | 4.9 |
| Western Finance 12801 Edgemere Blvd Ste 105 El Paso, TX 79938 | (915) 318-8239 | — | 5.0 |
| Shamrock Finance 1850 Hunter Dr STE 108 El Paso, TX 79915 | (915) 771-9002 | — | 4.9 |
| Shamrock Finance 201 S Americas Ave STE 103 El Paso, TX 79907 | (915) 790-1496 | — | 4.9 |
| Western Finance 4301 Montana Ave STE C & D El Paso, TX 79903 | (915) 562-1061 | — | 4.9 |
| Western Finance 5400 N Mesa St H El Paso, TX 79912 | (915) 581-8370 | — | 4.8 |
| 12210 Montwood Dr., Ste. 112 El Paso, TX 79928 | (915) 857-7895 | Mon–Fri 10:00 AM – 6:00 PM Sat 10:00 AM – 3:00 PM Sun closed |
— |
| 1320 N. Zaragosa Rd., Ste. 121 El Paso, TX 79936 | (915) 858-5712 | Mon–Fri 10:00 AM – 6:00 PM Sat 10:00 AM – 3:00 PM Sun closed |
— |
| 8900 Viscount Blvd, Ste AO El Paso, TX 79925 | (915) 591-7726 | Mon–Fri 10:00 AM – 6:00 PM Sat 10:00 AM – 3:00 PM Sun closed |
— |
| 9008 Dyer St., Ste. F El Paso, TX 79904 | (915) 757-1866 | Mon–Fri 10:00 AM – 6:00 PM Sat 10:00 AM – 3:00 PM Sun closed |
— |
| 206 S Mesa St El Paso, TX 79901 | (915) 533-5483 | — | 4.5 |
| 2709, 120 Horizon Blvd A Socorro, TX 79927 | (915) 860-0036 | — | 5.0 |
| 3388, 424 N Yarbrough Dr B El Paso, TX 79915 | (915) 598-8800 | — | 4.9 |
| 6920 Delta Dr Suite 6 El Paso, TX 79905 | (915) 771-6222 | — | 4.8 |
| 1831 N Zaragoza Rd Ste 104 El Paso, TX 79936 | (915) 229-1366 | — | 4.9 |
| 4860 Woodrow Bean Transmountain Ste. D-403 El Paso, TX 79924 | (915) 990-2171 | — | 4.9 |
| 5000 Doniphan Dr Ste. 107 El Paso, TX 79932 | (915) 213-0355 | — | 4.9 |
| 9530 Viscount Blvd Ste 2R El Paso, TX 79925 | (915) 995-8006 | — | 4.9 |
| 1610 N Zaragoza Rd Ste F1 El Paso, TX 79936 | (915) 308-1655 | — | 4.9 |
| 6045 Montana Ave Ste 300 El Paso, TX 79925 | (915) 213-2340 | — | 4.2 |
| 7122 N Mesa St El Paso, TX 79912 | (915) 273-3355 | — | 4.7 |
| 10750 N Loop Dr Socorro, TX 79927 | (915) 613-5204 | — | 5.0 |
| 5505 Montana Ave Ste A El Paso, TX 79903 | (915) 613-4042 | — | 5.0 |
| 425 E Paisano Dr E El Paso, TX 79901 | (915) 534-4253 | — | 4.9 |
| 700 N Zaragoza Rd V El Paso, TX 79907 | (915) 600-6801 | — | 4.9 |
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Texas Car Title and Payday Loan Services
1 store in El Paso
texascartitleandpaydayloanservicesinc.com
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| 494 N Kenazo Ave Horizon City, TX 79928 | (915) 852-2378 | — | 4.9 |
More about El Paso
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 El Paso 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.