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 Mcallen, TX
3 credit unions are headquartered in Mcallen, with 50,036 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
- 3
- Members
- 50,036
- Federal
- 3
- State-chartered
- 0
Credit unions vs payday loan stores in Mcallen
Mcallen has 21 payday, installment and title loan stores but only 3 credit unions headquartered here — about 7.0 loan stores for every credit union. Local credit unions count 50,036 members — roughly 35 memberships per 100 residents.
Credit unions
3
2.1 per 100k residents
50,036 members
Payday & loan stores
21
14.6 per 100k residents
14 store chains
Biggest loan store chains in Mcallen: ACE Cash Express (3), TitleMax (3), Advance America (2), Security Finance (2), Texas Car Title and Payday Loan Services (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 Mcallen
- Median household income
- $61,483
- Payday fee of $75, share of two weeks' income
- 3.2%
- Hours of work to pay the $75 fee
- 5.4 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
- 21.8%
- Residents below the poverty line
- 20.2%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Mcallen 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 Mcallen
| Credit union | Address | Members | Website |
|---|---|---|---|
| Security First Federal Credit UnionFederal | P.O. Box 4829 Mcallen, TX 78502 | 40,489 | securityfirstcu.com |
| South Texas Federal Credit UnionFederal | 2121 W Dove Ave Mcallen, TX 78504 | 6,195 | southtexasfcu.com |
| Highway District 21 Federal Credit UnionFederal | PO Box 4402 Mcallen, TX 78502 | 3,352 | highwaydistrict21fcu.com |
Payday and installment loan stores in Mcallen
For comparison: storefront payday, installment and title lenders in Mcallen 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 |
|---|---|---|---|
| 2109 N 10th St McAllen, TX 78501 | (956) 618-3400 | — | 4.9 |
| 3608 Pecan Blvd McAllen, TX 78501 | (956) 630-6767 | — | 5.0 |
| 630 S 23rd St McAllen, TX 78501 | (956) 631-6161 | — | 5.0 |
| 4411 N 10th St McAllen, TX 78504 | (956) 253-0037 | — | 5.0 |
| 501 N 10th St McAllen, TX 78501 | (956) 468-0001 | — | 5.0 |
| 800 S Jackson Rd McAllen, TX 78503 | (956) 253-1388 | — | 5.0 |
| 1424 E. Ridge Rd., Ste. 6 McAllen, TX 78503 | (956) 994-9743 | Mon–Fri 10:00 AM – 6:00 PM Sat 10:00 AM – 3:00 PM Sun closed |
— |
| 2022 N. 10th St. McAllen, TX 78501 | (956) 682-9219 | Mon–Fri 10:00 AM – 6:00 PM Sat 10:00 AM – 3:00 PM Sun closed |
— |
| 3700 Dove Ave W #300 McAllen, TX 78504 | (956) 631-0920 | — | 4.9 |
| 501 S Bicentennial Blvd D McAllen, TX 78501 | (956) 687-1290 | — | 5.0 |
|
Texas Car Title and Payday Loan Services
2 stores in Mcallen
texascartitleandpaydayloanservicesinc.com
|
|||
| 3111 N 10th St McAllen, TX 78501 | (956) 631-8000 | — | 4.9 |
| 319 S 10th St McAllen, TX 78501 | (956) 682-3400 | — | 4.9 |
| 1420 W Dallas Ave McAllen, TX 78501 | (956) 686-1509 | — | 4.4 |
| 500 N 23rd St Ste 20 McAllen, TX 78501 | (956) 580-6966 | — | 4.9 |
| 6500 N 10th St Suite N McAllen, TX 78504 | (956) 603-1610 | — | 4.5 |
| 601 W Trenton Rd Ste I McAllen, TX 78504 | (956) 340-4195 | — | 4.9 |
| 2901 N 23rd St #4 McAllen, TX 78501 | (956) 683-9900 | — | 3.6 |
| 2901 N 23rd St McAllen, TX 78501 | (956) 622-5574 | — | 5.0 |
| 1521 N 10th St McAllen, TX 78501 | (956) 630-9558 | — | 4.9 |
| 1001 S 10th St Ste E-2 McAllen, TX 78501 | (956) 630-0084 | — | 5.0 |
| Western Finance 1422 W Dallas Ave McAllen, TX 78501 | (956) 630-5626 | — | 4.9 |
More about Mcallen
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 Mcallen 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.