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 Sherman, TX
1 credit union is headquartered in Sherman, with 8,418 members. 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
- 1
- Members
- 8,418
- Federal
- 1
- State-chartered
- 0
Credit unions vs payday loan stores in Sherman
Sherman has 6 payday, installment and title loan stores but only 1 credit unions headquartered here — about 6.0 loan stores for every credit union. Local credit unions count 8,418 members — roughly 16 memberships per 100 residents.
Credit unions
1
1.9 per 100k residents
8,418 members
Payday & loan stores
6
11.2 per 100k residents
6 store chains
Biggest loan store chains in Sherman: B&F Finance (1), Check 'n Go (1), Sun Loan Company (1), Texas Car Title and Payday Loan Services (1), TitleMax (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 Sherman
- Median household income
- $62,961
- Payday fee of $75, share of two weeks' income
- 3.1%
- Hours of work to pay the $75 fee
- 4.4 hours
- PAL payment of $174.50, share of monthly income
- 3.3%
- A $400 emergency equals
- 2.3 days of income
- Households earning under $25,000
- 13.5%
- Residents below the poverty line
- 11.2%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Sherman 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 Sherman
| Credit union | Address | Members | Website |
|---|---|---|---|
| Texoma Educators Federal Credit UnionFederal | 506 W. Lamar St. Sherman, TX 75090 | 8,418 | texomaeducators.com |
Payday and installment loan stores in Sherman
For comparison: storefront payday, installment and title lenders in Sherman 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 |
|---|---|---|---|
| 1925 N Grand Ave Sherman, TX 75090 | (903) 892-3531 | — | 5.0 |
| 1800 Teague Dr #109 Sherman, TX 75090 | (903) 892-8066 | — | 4.9 |
| 1900 N Grand Ave Ste 1924 Sherman, TX 75090 | (903) 771-0224 | — | 4.9 |
|
Texas Car Title and Payday Loan Services
1 store in Sherman
texascartitleandpaydayloanservicesinc.com
|
|||
| 1617 Texoma Pkwy Sherman, TX 75090 | (903) 892-3322 | — | 4.9 |
| 1931 Texoma Pkwy Sherman, TX 75090 | (903) 328-6867 | — | 4.9 |
| Western Finance 1608 Texoma Pkwy #100 Sherman, TX 75090 | (903) 781-2808 | — | 5.0 |
More about Sherman
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 Sherman 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.