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 Wichita Falls, TX
6 credit unions are headquartered in Wichita Falls, with 79,177 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
- 6
- Members
- 79,177
- Federal
- 2
- State-chartered
- 4
Credit unions vs payday loan stores in Wichita Falls
Wichita Falls has 15 payday, installment and title loan stores but only 6 credit unions headquartered here — about 2.5 loan stores for every credit union. Local credit unions count 79,177 members — roughly 78 memberships per 100 residents.
Credit unions
6
5.9 per 100k residents
79,177 members
Payday & loan stores
15
14.8 per 100k residents
11 store chains
Biggest loan store chains in Wichita Falls: ACE Cash Express (3), TitleMax (2), Western Shamrock Finance (2), Advance America (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 Wichita Falls
- Median household income
- $61,572
- Payday fee of $75, share of two weeks' income
- 3.2%
- Hours of work to pay the $75 fee
- 4.5 hours
- PAL payment of $174.50, share of monthly income
- 3.4%
- A $400 emergency equals
- 2.4 days of income
- Households earning under $25,000
- 20.0%
- Residents below the poverty line
- 16.9%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Wichita Falls 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 Wichita Falls
| Credit union | Address | Members | Website |
|---|---|---|---|
| Union Square Credit UnionState-chartered | 1401 Holliday Wichita Falls, TX 76301 | 35,371 | unionsquare.org |
| Texoma Community Credit UnionState-chartered | PO Box 1320 Wichita Falls, TX 76307 | 28,049 | texomacu.com |
| Wichita Falls Teachers Federal Credit UnionFederal | PO Box 4516 Wichita Falls, TX 76308 | 6,265 | wftfcu.com |
| Postel Family Credit UnionState-chartered | 4400 Maplewood Ave Wichita Falls, TX 76308 | 5,826 | postelcu.com |
| Wichita Falls Federal Credit UnionFederal | 3410 Mcniel Ave Wichita Falls, TX 76308 | 2,766 | wichitafallsfcu.com |
| Midwestern State University Credit UnionState-chartered | 3410 Taft Blvd Wichita Falls, TX 76308 | 900 | msutexas.edu |
Payday and installment loan stores in Wichita Falls
For comparison: storefront payday, installment and title lenders in Wichita Falls 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 |
|---|---|---|---|
| 2720 Old Iowa Park Rd Wichita Falls, TX 76306 | (940) 723-7554 | — | 5.0 |
| 3605 Kemp Blvd Wichita Falls, TX 76308 | (940) 692-6264 | — | 4.8 |
| 3624 Old Jacksboro Hwy #104 Wichita Falls, TX 76302 | (940) 766-4800 | — | 4.9 |
| 2823 Southwest Pkwy #100 Wichita Falls, TX 76308 | (940) 692-0625 | — | 5.0 |
| 3400 Kemp Blvd Wichita Falls, TX 76308 | (940) 692-0370 | — | 5.0 |
| Western Finance 1800 Kemp Blvd Wichita Falls, TX 76309 | (940) 723-9393 | — | 4.9 |
| Shamrock Finance 4708 K Mart Dr # H Wichita Falls, TX 76308 | (940) 766-3112 | — | 4.8 |
| 2710 Central Freeway, Ste. 130 Wichita Falls, TX 76306 | (940) 855-4827 | Mon–Fri 10:00 AM – 6:00 PM Sat 10:00 AM – 3:00 PM Sun closed |
— |
| 1506 Southwest Pkwy Wichita Falls, TX 76302 | (940) 766-0572 | — | 4.8 |
| 719 Scott Ave #106 Wichita Falls, TX 76301 | (940) 851-0366 | — | 4.9 |
| 2914 Garnett Ave Wichita Falls, TX 76308 | (940) 247-7501 | — | 4.9 |
| 4214 Kell E Blvd #107 Wichita Falls, TX 76309 | (940) 696-1945 | — | 4.4 |
| 2910 Kemp Blvd Ste 107 Wichita Falls, TX 76308 | (940) 761-1007 | — | 4.8 |
| 2913 Bob Ave Wichita Falls, TX 76308 | (940) 322-1771 | — | 5.0 |
|
Texas Car Title and Payday Loan Services
1 store in Wichita Falls
texascartitleandpaydayloanservicesinc.com
|
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| 3608 Kell W Blvd Wichita Falls, TX 76309 | (940) 691-0758 | — | 5.0 |
More about Wichita Falls
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 Wichita Falls 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.