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 Laredo, TX
4 credit unions are headquartered in Laredo, with 23,418 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
- 4
- Members
- 23,418
- Federal
- 3
- State-chartered
- 1
Credit unions vs payday loan stores in Laredo
Laredo has 31 payday, installment and title loan stores but only 4 credit unions headquartered here — about 7.8 loan stores for every credit union. Local credit unions count 23,418 members — roughly 9 memberships per 100 residents.
Credit unions
4
1.5 per 100k residents
23,418 members
Payday & loan stores
31
11.6 per 100k residents
13 store chains
Biggest loan store chains in Laredo: ACE Cash Express (6), Security Finance (5), Sun Loan Company (4), TitleMax (3), Check 'n Go (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 Laredo
- Median household income
- $61,613
- Payday fee of $75, share of two weeks' income
- 3.2%
- Hours of work to pay the $75 fee
- 5.3 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
- 21.1%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Laredo 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 Laredo
| Credit union | Address | Members | Website |
|---|---|---|---|
| Laredo Federal Credit UnionFederal | 1119 Corpus Christi St Laredo, TX 78040 | 18,088 | laredofcu.org |
| Tex Mex Credit UnionState-chartered | 1420 Cedar Ave Laredo, TX 78040 | 2,228 | tmcu.org |
| Laredo Fire Department Federal Credit UnionFederal | P.O. Box 2702 Laredo, TX 78044 | 1,986 | laredofirecreditunion.com |
| South Texas Regional Federal Credit UnionFederal | 220 W Hillside Rd Ste 15 Laredo, TX 78041 | 1,116 | strfcu.com |
Payday and installment loan stores in Laredo
For comparison: storefront payday, installment and title lenders in Laredo 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 |
|---|---|---|---|
| 1102 Marshall St #1 Laredo, TX 78045 | (956) 516-7433 | — | 4.9 |
| 2308 Guadalupe St Laredo, TX 78043 | (956) 791-2274 | — | 5.0 |
| 2905 S Zapata Hwy Ste 104 Laredo, TX 78046 | (956) 717-3677 | — | 5.0 |
| 3502 San Bernardo Ave Laredo, TX 78041 | (956) 791-1500 | — | 5.0 |
| 4311 Clark Blvd j Laredo, TX 78043 | (956) 795-4733 | — | 5.0 |
| 500 W Calton Rd Ste 101 Laredo, TX 78041 | (956) 728-1160 | — | 5.0 |
| 1920 San Bernardo Ave Ste 108 Laredo, TX 78040 | (956) 753-3555 | — | 4.9 |
| 2100 Corpus Christi St Ste 13 Laredo, TX 78043 | (956) 722-3862 | — | 5.0 |
| 2108 Chihuahua St #4 Laredo, TX 78043 | (956) 723-6431 | — | 4.9 |
| 3210 Jaime Zapata Memorial Hwy Ste A4 Laredo, TX 78043 | (956) 791-1452 | — | 4.4 |
| 5702 McPherson Rd Ste 12 Laredo, TX 78041 | (956) 723-4771 | — | 5.0 |
| 1411 Hidalgo St Laredo, TX 78040 | (956) 722-3641 | — | 5.0 |
| 2100 Corpus Christi St #10 Laredo, TX 78043 | (956) 729-8004 | — | 5.0 |
| 4160 S Zapata Hwy Building B Ste 3 Laredo, TX 78046 | (956) 717-8565 | — | 5.0 |
| 616 W Calton Rd Ste 1 Laredo, TX 78041 | (956) 727-8955 | — | 5.0 |
| 1504 Guadalupe St Laredo, TX 78040 | (956) 253-0035 | — | 5.0 |
| 2201 Chestnut St Laredo, TX 78046 | (956) 253-1380 | — | 5.0 |
| 4316 San Bernardo Ave Laredo, TX 78041 | (956) 728-7337 | — | 5.0 |
| 2214 Guadalupe St Laredo, TX 78043 | (956) 718-3173 | — | 5.0 |
| 6262 McPherson Rd Ste 108 Laredo, TX 78041 | (956) 722-1127 | — | 5.0 |
| 1310 E Del Mar Blvd #2b Laredo, TX 78041 | (956) 728-0660 | — | 4.5 |
| 4311 Clark Blvd H Laredo, TX 78043 | (956) 723-0731 | — | 4.3 |
| 2119 E Saunders St Laredo, TX 78041 | (956) 722-3175 | — | 4.9 |
| 7120 San Bernardo Ave Laredo, TX 78041 | (956) 722-3199 | — | 5.0 |
| Western Finance 2100 Corpus Christi St #12 Laredo, TX 78043 | (956) 722-8677 | — | 5.0 |
| Shamrock Finance 4501 McPherson Rd #12 Laredo, TX 78041 | (956) 729-1355 | — | 4.9 |
| 502 West Calton Rd, Ste.204 Laredo, TX 78041 | (956) 791-4222 | Mon–Fri 10:00 AM – 6:00 PM Sat 10:00 AM – 3:00 PM Sun closed |
— |
| 2108 Chihuahua St #6 Laredo, TX 78040 | (956) 728-7283 | — | 4.9 |
| 2324 Bob Bullock Lp Ste 120 Laredo, TX 78043 | (956) 704-0661 | — | 4.8 |
| 2419 E Saunders St Ste 102 Laredo, TX 78043 | (956) 752-3111 | — | 4.9 |
|
Texas Car Title and Payday Loan Services
1 store in Laredo
texascartitleandpaydayloanservicesinc.com
|
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| 4301 McPherson Rd Laredo, TX 78041 | (956) 726-2591 | — | 4.8 |
More about Laredo
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 Laredo 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.