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 Texarkana, TX
7 credit unions are headquartered in Texarkana, with 161,921 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
- 7
- Members
- 161,921
- Federal
- 6
- State-chartered
- 1
Credit unions vs payday loan stores in Texarkana
Texarkana has 15 payday, installment and title loan stores but only 7 credit unions headquartered here — about 2.1 loan stores for every credit union. Local credit unions count 161,921 members — roughly 262 memberships per 100 residents.
Credit unions
7
11.3 per 100k residents
161,921 members
Payday & loan stores
15
24.2 per 100k residents
12 store chains
Biggest loan store chains in Texarkana: Cash Store (3), Texas Car Title and Payday Loan Services (2), 1st Franklin Financial (1), 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 Texarkana
- Median household income
- $55,996
- Payday fee of $75, share of two weeks' income
- 3.5%
- Hours of work to pay the $75 fee
- 4.9 hours
- PAL payment of $174.50, share of monthly income
- 3.7%
- A $400 emergency equals
- 2.6 days of income
- Households earning under $25,000
- 23.2%
- Residents below the poverty line
- 17.4%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Texarkana 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 Texarkana
| Credit union | Address | Members | Website |
|---|---|---|---|
| Red River Employees Federal Credit UnionFederal | PO Box 5909 Texarkana, TX 75505 | 124,743 | rrfcu.com |
| Texar Federal Credit UnionFederal | 2301 Richmond Rd Texarkana, TX 75503 | 28,131 | gotexar.com |
| Domino Federal Credit UnionFederal | PO Box 7509 Texarkana, TX 75505 | 5,189 | dominofcu.com |
| Texarkana Terminal Employees Federal Credit UnionFederal | 3801 Texas Blvd Texarkana, TX 75503 | 1,271 | texarkanaterminalfcu.com |
| Morris Sheppard Texarkana Federal Credit UnionFederal | 419 W 4th St Texarkana, TX 75501 | 1,251 | mstfcu.org |
| Swemp Federal Credit UnionFederal | 601 Olive St Texarkana, TX 75501 | 985 | swempfcu.org |
| Federal Employees Credit UnionState-chartered | PO Box 433 Texarkana, TX 75504 | 351 | — |
Payday and installment loan stores in Texarkana
For comparison: storefront payday, installment and title lenders in Texarkana 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 |
|---|---|---|---|
| 2504 Richmond Rd Texarkana, TX 75503 | (903) 223-3231 | — | 5.0 |
| 3725 N State Line Ave Texarkana, TX 75503 | (903) 255-0033 | — | 5.0 |
| 4426 W 7th St Ste A Wake Village, TX 75501 | (903) 831-5776 | — | 5.0 |
|
Texas Car Title and Payday Loan Services
2 stores in Texarkana
texascartitleandpaydayloanservicesinc.com
|
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| 1615 New Boston Rd Texarkana, TX 75501 | (903) 792-3015 | — | 5.0 |
| 3223 N State Line Ave Texarkana, TX 75503 | (903) 793-0324 | — | 4.8 |
| 4420 W 7th St Texarkana, TX 75501 | (903) 223-7500 | — | 4.9 |
| 2513 Richmond Rd Texarkana, TX 75503 | (903) 223-0061 | — | 4.9 |
| 1413 N. State Line Ave. Texarkana, TX 75501 | (903) 791-1100 | Mon–Fri 10:00 AM – 6:00 PM Sat 10:00 AM – 3:00 PM Sun closed |
— |
| 2605 Texas Blvd Ste 100 Texarkana, TX 75503 | (903) 832-8739 | — | 5.0 |
| 2808 New Boston Rd Suite A Texarkana, TX 75501 | (903) 831-3122 | — | 5.0 |
| 2840 Richmond Rd Texarkana, TX 75501 | (903) 832-0859 | — | 4.8 |
| 3217 Kennedy Ln Texarkana, TX 75503 | (903) 832-0562 | — | 4.7 |
| 3400 Summerhill Rd Texarkana, TX 75503 | (903) 838-7976 | — | 5.0 |
| 1617 New Boston Rd Texarkana, TX 75501 | (903) 792-9070 | — | 5.0 |
| Western Finance 3807 N State Line Ave Texarkana, TX 75503 | (903) 794-5626 | — | 5.0 |
More about Texarkana
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 Texarkana 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.