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 Waco, TX
10 credit unions are headquartered in Waco, with 117,104 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
- 10
- Members
- 117,104
- Federal
- 5
- State-chartered
- 5
Credit unions vs payday loan stores in Waco
Waco has 17 payday, installment and title loan stores but only 10 credit unions headquartered here — about 1.7 loan stores for every credit union. Local credit unions count 117,104 members — roughly 72 memberships per 100 residents.
Credit unions
10
6.2 per 100k residents
117,104 members
Payday & loan stores
17
10.5 per 100k residents
15 store chains
Biggest loan store chains in Waco: ACE Cash Express (2), TitleMax (2), Advance America (1), B&F Finance (1), Cash Store (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 Waco
- Median household income
- $49,853
- Payday fee of $75, share of two weeks' income
- 3.9%
- Hours of work to pay the $75 fee
- 5.6 hours
- PAL payment of $174.50, share of monthly income
- 4.2%
- A $400 emergency equals
- 2.9 days of income
- Households earning under $25,000
- 25.9%
- Residents below the poverty line
- 23.4%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Waco 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 Waco
| Credit union | Address | Members | Website |
|---|---|---|---|
| Genco Federal Credit UnionFederal | P. O. Box 7246 Waco, TX 76714 | 38,363 | gencofcu.org |
| Educators Credit UnionState-chartered | P O Box 20728 Waco, TX 76702 | 27,453 | ecutx.org |
| First Central Credit UnionState-chartered | PO Box 21809 Waco, TX 76702 | 20,753 | firstcentralcu.com |
| Members Choice of Central Texas Federal Credit UnionFederal | PO Box 20248 Waco, TX 76702 | 18,295 | mcctfcu.com |
| Heart O' Texas Federal Credit UnionFederal | P. O. Box 11 Waco, TX 76703 | 4,434 | hotfcu.org |
| Waco Federal Credit UnionFederal | P O Box 646 Waco, TX 76703 | 1,947 | wacofcu.org |
| 1st University Credit UnionState-chartered | 24 La Salle Ave Unit C Waco, TX 76706 | 1,904 | culink.net |
| Linkage Credit UnionState-chartered | 4527 Speight Ave Waco, TX 76711 | 1,903 | linkagecu.com |
| Mclennan County Employees Federal Credit UnionFederal | 215 N 5th St Ste 224 Waco, TX 76701 | 1,340 | mclennancountyefcu.com |
| Highway District 9 Credit UnionState-chartered | 2417 Columbus Ave Waco, TX 76701 | 712 | hwydist9.com |
Payday and installment loan stores in Waco
For comparison: storefront payday, installment and title lenders in Waco 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 |
|---|---|---|---|
| 1105 W Waco Dr Waco, TX 76707 | (254) 755-8943 | — | 4.9 |
| 720 N Valley Mills Dr Waco, TX 76710 | (254) 741-1800 | — | 4.9 |
| 100 S New Rd Waco, TX 76710 | (254) 399-6347 | — | 4.9 |
| 2520 N 18th St Waco, TX 76708 | (254) 759-8814 | — | 4.9 |
| 807 N. Valley Mills Dr. Waco, TX 76710 | (254) 776-4289 | Mon–Fri 10:00 AM – 6:00 PM Sat 10:00 AM – 3:00 PM Sun closed |
— |
| 2403 W Waco Dr Ste c Waco, TX 76707 | (254) 732-2933 | — | 5.0 |
| 5301 Bosque Blvd Ste 110 Waco, TX 76710 | (254) 776-7373 | — | 4.9 |
| 700 N Valley Mills Dr Waco, TX 76710 | (254) 776-5573 | — | 5.0 |
| 408 N Valley Mills Dr Waco, TX 76710 | (254) 265-8828 | — | 4.3 |
| 4300 W Waco Dr Ste B Waco, TX 76710 | (254) 651-2840 | — | 4.8 |
| 5172 W Waco Dr Waco, TX 76710 | (254) 741-1494 | — | 4.5 |
| 2508 W Waco Dr Waco, TX 76710 | (254) 752-4376 | — | 4.6 |
| 4217 W Waco Dr Waco, TX 76710 | (254) 752-1213 | — | 4.8 |
| 2401 W Waco Dr Ste B Waco, TX 76707 | (254) 753-0033 | — | 4.9 |
| 800 N Loop 340 Bellmead, TX 76705 | (254) 867-9500 | — | 4.9 |
| Western Finance 2404 W Waco Dr Waco, TX 76701 | (254) 755-8818 | — | 4.9 |
| 600 Lake Air Dr # 1A Waco, TX 76710 | (254) 722-4940 | — | 4.5 |
More about Waco
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 Waco 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.