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 Killeen, TX
2 credit unions are headquartered in Killeen, with 3,117 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
- 3,117
- Federal
- 2
- State-chartered
- 0
Credit unions vs payday loan stores in Killeen
Killeen has 8 payday, installment and title loan stores but only 2 credit unions headquartered here — about 4.0 loan stores for every credit union. Local credit unions count 3,117 members — roughly 2 memberships per 100 residents.
Credit unions
2
1.2 per 100k residents
3,117 members
Payday & loan stores
8
4.9 per 100k residents
6 store chains
Biggest loan store chains in Killeen: ACE Cash Express (3), Advance America (1), Cash Store (1), OneMain Financial (1), Security Finance (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 Killeen
- Median household income
- $60,656
- Payday fee of $75, share of two weeks' income
- 3.2%
- Hours of work to pay the $75 fee
- 4.3 hours
- PAL payment of $174.50, share of monthly income
- 3.5%
- A $400 emergency equals
- 2.4 days of income
- Households earning under $25,000
- 17.5%
- Residents below the poverty line
- 16.9%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Killeen 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 Killeen
| Credit union | Address | Members | Website |
|---|---|---|---|
| Greater Central Texas Federal Credit UnionFederal | 3305 E Elms Rd Killeen, TX 76542 | 1,914 | gctfcu.net |
| Covenant Savings Federal Credit UnionFederal | 2904 E. Stan Schlueter Loop Bldg. A Killeen, TX 76542 | 1,203 | mycsfcu.org |
Payday and installment loan stores in Killeen
For comparison: storefront payday, installment and title lenders in Killeen 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 |
|---|---|---|---|
| 1040 S Fort Hood St Killeen, TX 76541 | (254) 526-2621 | — | 4.6 |
| 205 W Rancier Ave Ste K Killeen, TX 76541 | (254) 526-3444 | — | 4.9 |
| 3301 E Rancier Ave #103d Killeen, TX 76543 | (254) 953-7805 | — | 4.7 |
| 2600 Trimmier Rd., Suite 400 Killeen, TX 76542 | (254) 634-7720 | Mon–Fri 10:00 AM – 6:00 PM Sat 10:00 AM – 3:00 PM Sun closed |
— |
| 1200 Lowes Blvd Ste 104 Killeen, TX 76542 | (254) 616-5885 | — | 4.9 |
| 3213 E Central Texas Expy #400 Killeen, TX 76543 | (254) 634-0382 | — | 4.2 |
| 2809 W Stan Schlueter Loop #102 Killeen, TX 76549 | (254) 526-8528 | — | 4.9 |
| Western Finance 2006 E Rancier Ave Ste 800 Killeen, TX 76541 | (254) 634-0017 | — | 4.9 |
More about Killeen
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 Killeen 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.