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 Katy, TX
1 credit union is headquartered in Katy, with 65,058 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
- 65,058
- Federal
- 0
- State-chartered
- 1
Credit unions vs payday loan stores in Katy
Katy has 11 payday, installment and title loan stores but only 1 credit unions headquartered here — about 11.0 loan stores for every credit union. Local credit unions count 65,058 members — roughly 16 memberships per 100 residents.
Credit unions
1
0.3 per 100k residents
65,058 members
Payday & loan stores
11
2.8 per 100k residents
9 store chains
Biggest loan store chains in Katy: Cash Store (2), TitleMax (2), 1st Franklin Financial (1), 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 Katy
- Median household income
- $114,756
- Payday fee of $75, share of two weeks' income
- 1.7%
- Hours of work to pay the $75 fee
- 3.0 hours
- PAL payment of $174.50, share of monthly income
- 1.8%
- A $400 emergency equals
- 1.3 days of income
- Households earning under $25,000
- 7.6%
- Residents below the poverty line
- 8.7%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Katy 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 Katy
| Credit union | Address | Members | Website |
|---|---|---|---|
| Brazos Valley Schools Credit UnionState-chartered | 25525 Katy Mills Pkwy Katy, TX 77494 | 65,058 | bvscu.org |
Payday and installment loan stores in Katy
For comparison: storefront payday, installment and title lenders in Katy 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 |
|---|---|---|---|
| 355 S Mason Rd Katy, TX 77450 | (281) 829-9980 | — | 4.9 |
| 6078 N Fry Rd Ste L Katy, TX 77449 | (281) 550-5181 | — | 4.8 |
| 6871 N Fry Rd Ste 116 Katy, TX 77449 | (281) 691-6677 | — | 5.0 |
| 720 S Mason Rd Katy, TX 77450 | (281) 820-7940 | — | 5.0 |
| 3616 Fry Rd Ste 130 Katy, TX 77449 | (281) 972-8553 | — | 4.8 |
| 1789 Fry Rd Katy, TX 77449 | (281) 398-0714 | — | 4.8 |
| 25681 Nelson Way Ste 110 Katy, TX 77494 | (281) 698-5858 | — | 5.0 |
| 403 W Grand Pkwy S Ste C Katy, TX 77494 | (281) 347-3473 | — | 3.7 |
| 3820 N Fry Rd Ste 114 Katy, TX 77449 | (713) 401-2607 | — | 5.0 |
| 3719 N Fry Rd Ste D Katy, TX 77449 | (281) 492-9111 | — | 4.8 |
| 24285 Katy Fwy #400a Katy, TX 77494 | (281) 994-0505 | — | 4.9 |
More about Katy
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 Katy 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.