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 Odessa, TX
6 credit unions are headquartered in Odessa, with 103,350 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
- 6
- Members
- 103,350
- Federal
- 1
- State-chartered
- 5
Credit unions vs payday loan stores in Odessa
Odessa has 14 payday, installment and title loan stores but only 6 credit unions headquartered here — about 2.3 loan stores for every credit union. Local credit unions count 103,350 members — roughly 62 memberships per 100 residents.
Credit unions
6
3.6 per 100k residents
103,350 members
Payday & loan stores
14
8.4 per 100k residents
11 store chains
Biggest loan store chains in Odessa: Security Finance (2), Texas Car Title and Payday Loan Services (2), TitleMax (2), ACE Cash Express (1), Advance America (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 Odessa
- Median household income
- $72,637
- Payday fee of $75, share of two weeks' income
- 2.7%
- Hours of work to pay the $75 fee
- 3.7 hours
- PAL payment of $174.50, share of monthly income
- 2.9%
- A $400 emergency equals
- 2.0 days of income
- Households earning under $25,000
- 16.4%
- Residents below the poverty line
- 15.5%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Odessa 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 Odessa
| Credit union | Address | Members | Website |
|---|---|---|---|
| Complex Community Federal Credit UnionFederal | 4519 E 51st St Odessa, TX 79762 | 44,122 | comcfcu.com |
| First Basin Credit UnionState-chartered | 7100 E Highway 191 Odessa, TX 79765 | 30,078 | firstbasin.com |
| Southwest Heritage Credit UnionState-chartered | PO Box 4898 Odessa, TX 79760 | 13,108 | swhcu.com |
| Southwest 66 Credit UnionState-chartered | PO Box 12010 Odessa, TX 79768 | 9,526 | southwest66.com |
| West Texas Credit UnionState-chartered | 4301 Mission Blvd Odessa, TX 79765 | 5,135 | westtexascu.com |
| Odessa Employees Credit UnionState-chartered | 1006 E 7th St Odessa, TX 79761 | 1,381 | odessaecu.com |
Payday and installment loan stores in Odessa
For comparison: storefront payday, installment and title lenders in Odessa 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 |
|---|---|---|---|
| 2904 Andrews Hwy Odessa, TX 79762 | (432) 367-7145 | — | 5.0 |
| 308 W University Blvd Unit A Odessa, TX 79764 | (432) 334-0500 | — | 5.0 |
|
Texas Car Title and Payday Loan Services
2 stores in Odessa
texascartitleandpaydayloanservicesinc.com
|
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| 4113 Andrews Hwy Odessa, TX 79762 | (432) 363-8200 | — | 4.9 |
| 922 N Grant Ave Odessa, TX 79761 | (432) 333-5800 | — | 4.8 |
| 1100 E 42nd St Odessa, TX 79762 | (432) 255-8472 | — | 5.0 |
| 1101 E 8th St Odessa, TX 79761 | (432) 289-6497 | — | 5.0 |
| 1305 E 8th St Odessa, TX 79761 | (432) 617-0044 | — | 4.7 |
| 1400 N. County Rd. West Odessa, TX 79763 | (432) 332-5625 | Mon–Fri 10:00 AM – 6:00 PM Sat 10:00 AM – 3:00 PM Sun closed |
— |
| 1522 E 8th St Odessa, TX 79761 | (432) 272-3994 | — | 3.2 |
| 3823 E 42nd St Odessa, TX 79762 | (432) 363-1808 | — | 5.0 |
| 6141 TX-191 Suite 18C Odessa, TX 79762 | (432) 362-3848 | — | 4.4 |
| 4031 E 42nd St A Odessa, TX 79762 | (432) 368-7954 | — | 3.8 |
| 1432 E 8th St Odessa, TX 79761 | (432) 337-0561 | — | 4.9 |
| Western Finance 2805 Andrews Hwy Odessa, TX 79762 | (432) 334-0530 | — | 4.9 |
More about Odessa
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 Odessa 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.