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 Tyler, TX
7 credit unions are headquartered in Tyler, with 25,320 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
- 25,320
- Federal
- 2
- State-chartered
- 5
Credit unions vs payday loan stores in Tyler
Tyler has 21 payday, installment and title loan stores but only 7 credit unions headquartered here — about 3.0 loan stores for every credit union. Local credit unions count 25,320 members — roughly 16 memberships per 100 residents.
Credit unions
7
4.3 per 100k residents
25,320 members
Payday & loan stores
21
12.9 per 100k residents
11 store chains
Biggest loan store chains in Tyler: ACE Cash Express (5), Cash Store (4), OneMain Financial (2), Security Finance (2), TitleMax (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 Tyler
- Median household income
- $67,398
- Payday fee of $75, share of two weeks' income
- 2.9%
- Hours of work to pay the $75 fee
- 4.8 hours
- PAL payment of $174.50, share of monthly income
- 3.1%
- A $400 emergency equals
- 2.2 days of income
- Households earning under $25,000
- 16.4%
- Residents below the poverty line
- 13.7%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Tyler 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 Tyler
| Credit union | Address | Members | Website |
|---|---|---|---|
| Kelly Community Federal Credit UnionFederal | 2105 W Grande Blvd. Bldg B Tyler, TX 75703 | 10,637 | kellycommunity.org |
| Cooperative Teachers Credit UnionState-chartered | 1424 W Southwest Loop 323 Tyler, TX 75701 | 4,416 | coopteachers.com |
| Tyler City Employees Credit UnionState-chartered | 3711 Frankston Hwy Tyler, TX 75701 | 3,091 | tylercityecu.com |
| Keystone Credit UnionState-chartered | P.O Box 4970 Tyler, TX 75712 | 2,931 | kscfcu.org |
| United Credit UnionState-chartered | 4901 Old Jacksonville Hwy Tyler, TX 75703 | 2,088 | unitedcu.coop |
| Mcmurrey Federal Credit UnionFederal | P.O. Box 4575 Tyler, TX 75712 | 1,726 | mcmurreyfcu.com |
| Highway Employees Credit UnionState-chartered | PO Box 4571 Tyler, TX 75712 | 431 | — |
Payday and installment loan stores in Tyler
For comparison: storefront payday, installment and title lenders in Tyler 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 |
|---|---|---|---|
| 2101 W Gentry Pkwy Tyler, TX 75702 | (903) 592-4457 | — | 4.9 |
| 319 E Front St Tyler, TX 75702 | (903) 526-2115 | — | 5.0 |
| 3826 Troup Hwy ste d Tyler, TX 75703 | (903) 581-7487 | — | 4.8 |
| 3833 State Hwy 64 Tyler, TX 75702 | (903) 526-0813 | — | 4.9 |
| 4215 S Broadway Ave Tyler, TX 75701 | (903) 509-8029 | — | 4.8 |
| 1710 S Beckham Ave Tyler, TX 75701 | (903) 593-4202 | — | 5.0 |
| 2701 W SW Loop 323 Ste 100 Tyler, TX 75701 | (903) 561-8846 | — | 4.7 |
| 3101 Shiloh Rd Ste 113 Tyler, TX 75707 | (903) 534-7066 | — | 5.0 |
| 3850 State Hwy 64 Tyler, TX 75704 | (903) 535-8259 | — | 4.7 |
| 3861 State Hwy 64 Tyler, TX 75704 | (903) 566-7900 | — | 4.1 |
| 4560 S Broadway Ave Tyler, TX 75703 | (903) 534-8900 | — | 3.7 |
| 1723 S Beckham Ave Tyler, TX 75701 | (903) 592-8214 | — | 3.7 |
| 2701 W SW Loop 323 Ste 100 Tyler, TX 75701 | (903) 597-8138 | — | 4.9 |
| 515 E Front St Tyler, TX 75702 | (430) 205-8600 | — | 4.9 |
| 6784 S Broadway Ave Tyler, TX 75703 | (903) 730-4974 | — | 5.0 |
| 210 W Erwin St Tyler, TX 75702 | (903) 595-5528 | — | 4.7 |
| 6743 S Broadway Ave Tyler, TX 75703 | (903) 939-8914 | — | 4.9 |
| 707 S Beckham Ave Tyler, TX 75701 | (903) 535-5005 | — | 4.8 |
| 2121 E SE Loop 323 Tyler, TX 75701 | (903) 581-5537 | — | 4.8 |
| Shamrock Finance 5825 Old Bullard Rd #100 Tyler, TX 75703 | (903) 581-4175 | — | 4.9 |
| 2326 Dueling Oaks Dr Suite A Tyler, TX 75703 | (469) 854-7267 | — | 5.0 |
More about Tyler
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 Tyler 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.