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 Plano, TX
2 credit unions are headquartered in Plano, with 73,807 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
- 73,807
- Federal
- 1
- State-chartered
- 1
Credit unions vs payday loan stores in Plano
Plano has 16 payday, installment and title loan stores but only 2 credit unions headquartered here — about 8.0 loan stores for every credit union. Local credit unions count 73,807 members — roughly 24 memberships per 100 residents.
Credit unions
2
0.6 per 100k residents
73,807 members
Payday & loan stores
16
5.2 per 100k residents
9 store chains
Biggest loan store chains in Plano: TitleMax (6), Cash Store (2), loanDepot (2), ACE Cash Express (1), Lendmark Financial Services (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 Plano
- Median household income
- $113,836
- Payday fee of $75, share of two weeks' income
- 1.7%
- Hours of work to pay the $75 fee
- 2.7 hours
- PAL payment of $174.50, share of monthly income
- 1.8%
- A $400 emergency equals
- 1.3 days of income
- Households earning under $25,000
- 7.6%
- Residents below the poverty line
- 6.8%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Plano 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 Plano
| Credit union | Address | Members | Website |
|---|---|---|---|
| Intouch Credit UnionState-chartered | PO Box 250169 Plano, TX 75025 | 72,819 | itcu.org |
| Redeemer Federal Credit UnionFederal | 4160 W Spring Creek Pkwy, Suite 250 Plano, TX 75024 | 988 | redeemerfcu.org |
Payday and installment loan stores in Plano
For comparison: storefront payday, installment and title lenders in Plano 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 |
|---|---|---|---|
| 1921 W 15th St Ste 400 Plano, TX 75075 | (972) 295-7272 | — | 5.0 |
| 213 Coit Rd Plano, TX 75075 | (972) 295-7324 | — | 5.0 |
| 2401 Jupiter Rd Plano, TX 75074 | (972) 535-1546 | — | 5.0 |
| 2500 E Plano Pkwy Plano, TX 75074 | (972) 295-7363 | — | 5.0 |
| 4700 State Hwy 121 Plano, TX 75024 | (469) 888-5990 | — | 4.9 |
| 901 W Parker Rd Ste 117 Plano, TX 75023 | (972) 535-1543 | — | 4.9 |
| 2100 Dallas Pkwy Ste 145 Plano, TX 75093 | (972) 403-7245 | — | 4.8 |
| 2498 K Ave Plano, TX 75074 | (972) 423-0672 | — | 4.9 |
| 4965 Preston Park Blvd #800 Plano, TX 75093 | (469) 854-7250 | — | 4.5 |
| 5465 Legacy Dr Ste 400 Plano, TX 75024 | (888) 337-6888 | — | 4.2 |
| 1500 N Central Expy Plano, TX 75074 | (972) 423-7889 | — | 4.8 |
| 3131 Custer Rd Suite 155 Plano, TX 75075 | (469) 596-7900 | — | 4.1 |
| 3115 W Parker Rd Ste. 350 Plano, TX 75023 | (972) 372-0638 | — | 4.7 |
| 1301 Custer Rd Ste 250 Plano, TX 75075 | (214) 473-8128 | — | 4.0 |
| 1120 E Parker Rd Ste 200 Plano, TX 75074 | (972) 865-6144 | — | 4.9 |
| 1110 E Parker Rd Ste 105 Plano, TX 75074 | (800) 786-5626 | — | 5.0 |
More about Plano
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 Plano 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.