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 Lubbock, TX
2 credit unions are headquartered in Lubbock, with 43,255 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
- 43,255
- Federal
- 2
- State-chartered
- 0
Credit unions vs payday loan stores in Lubbock
Lubbock has 22 payday, installment and title loan stores but only 2 credit unions headquartered here — about 11.0 loan stores for every credit union. Local credit unions count 43,255 members — roughly 15 memberships per 100 residents.
Credit unions
2
0.7 per 100k residents
43,255 members
Payday & loan stores
22
7.7 per 100k residents
10 store chains
Biggest loan store chains in Lubbock: ACE Cash Express (4), Cash Store (3), Security Finance (3), TitleMax (3), Advance America (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 Lubbock
- Median household income
- $66,110
- Payday fee of $75, share of two weeks' income
- 2.9%
- Hours of work to pay the $75 fee
- 4.5 hours
- PAL payment of $174.50, share of monthly income
- 3.2%
- A $400 emergency equals
- 2.2 days of income
- Households earning under $25,000
- 19.9%
- Residents below the poverty line
- 18.1%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Lubbock 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 Lubbock
| Credit union | Address | Members | Website |
|---|---|---|---|
| Texas Tech Federal Credit UnionFederal | Box 41072 Lubbock, TX 79409 | 36,472 | texastechfcu.org |
| Westex Federal Credit UnionFederal | 901 Avenue Q Lubbock, TX 79401 | 6,783 | westex.org |
Payday and installment loan stores in Lubbock
For comparison: storefront payday, installment and title lenders in Lubbock 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 |
|---|---|---|---|
| 1301d 50th St Lubbock, TX 79412 | (806) 749-3374 | — | 4.8 |
| 4646 34th St Lubbock, TX 79410 | (806) 797-1104 | — | 4.8 |
| 502 Avenue Q Lubbock, TX 79401 | (806) 744-5101 | — | 4.8 |
| 5412 Slide Rd Ste 400 Lubbock, TX 79414 | (806) 792-2540 | — | 4.8 |
| 3211 50th St B Lubbock, TX 79413 | (806) 780-2274 | — | 4.7 |
| 5707 4th St Unit 3 Lubbock, TX 79416 | (806) 785-7888 | — | 4.9 |
| 6301 82nd St Ste 1001 Lubbock, TX 79424 | (806) 698-1710 | — | 5.0 |
| 2640 34th St Lubbock, TX 79410 | (806) 791-3400 | — | 5.0 |
| 5409 4th St Unit L Lubbock, TX 79416 | (806) 589-4378 | — | 4.8 |
| 8004 Indiana Ave Ste A-5a Lubbock, TX 79423 | (806) 744-2757 | — | 4.5 |
| 1318 50th St Lubbock, TX 79412 | (806) 744-2554 | — | 5.0 |
| 2219 19th St Lubbock, TX 79401 | (806) 744-0533 | — | 5.0 |
| 4225 S Loop 289 Lubbock, TX 79423 | (806) 300-8554 | — | 5.0 |
| 3003 50th St., Ste. 500 Lubbock, TX 79413 | (806) 784-0412 | Mon–Fri 10:00 AM – 6:00 PM Sat 10:00 AM – 3:00 PM Sun closed |
— |
| 410 Frankford Ave, Ste A Lubbock, TX 79416 | (806) 785-8306 | Mon–Fri 10:00 AM – 6:00 PM Sat 10:00 AM – 3:00 PM Sun closed |
— |
| 6816 Slide Rd #3 Lubbock, TX 79424 | (806) 698-0217 | — | 3.8 |
| 7412 University Ave #4 Lubbock, TX 79423 | (806) 745-5581 | — | 4.2 |
| Western Finance 1812 Avenue Q Lubbock, TX 79401 | (806) 762-4673 | — | 4.9 |
| Shamrock Finance 2004 34th St Lubbock, TX 79411 | (806) 744-1506 | — | 4.9 |
| 7604 Milwaukee Ave #600 Lubbock, TX 79424 | (806) 368-4535 | — | 4.5 |
| 2108 50th St Lubbock, TX 79412 | (806) 740-0402 | — | 4.9 |
|
Texas Car Title and Payday Loan Services
1 store in Lubbock
texascartitleandpaydayloanservicesinc.com
|
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| 2702 34th St Lubbock, TX 79410 | (806) 797-4400 | — | 4.9 |
More about Lubbock
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 Lubbock 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.