- Payday loans in Murphy follow Texas law (Texas Finance Code chapter 393 (Credit Access Businesses)).
- Texas law sets no cap on payday loan fees, so prices vary widely by lender.
- The nearest larger city is Sachse, about 4 miles away.
Murphy at a glance
| Murphy | |
|---|---|
| Population (2024 Census estimate) | 21,109 |
| Change since 2020 | +0.1% (holding steady) |
| County | Collin County |
| Size rank among 1,127 Texas places we cover | 147th |
| Nearest larger city | Sachse (about 4 miles) |
| Credit unions headquartered in town (NCUA) | None |
| Credit unions headquartered in Collin County | 4 |
| Other towns within 25 miles | 52 (about 4,109,070 residents) |
| Typical payday APR statewide (CRL 2023) | 662% |
There is no separate Murphy payday law: Texas rules apply here, and any lender serving Murphy residents, online or in person, needs a license from the Texas Office of Consumer Credit Commissioner (OCCC).
Credit unions near Murphy
No credit union has its main office in Murphy, but these are based elsewhere in Collin County (NCUA, June 2026):
- Lifetime Federal Credit Union in Richardson (federal charter — may offer payday alternative loans (PALs))
- Redeemer Federal Credit Union in Plano (federal charter — may offer payday alternative loans (PALs))
- Credit Union of Texas in Allen (state charter)
- Intouch Credit Union in Plano (state charter)
Only federal credit unions can offer payday alternative loans (PALs), capped at 28% APR; state-chartered credit unions often have their own small-loan products. Membership rules apply, and only main offices are listed here; find branches near you with the NCUA Credit Union Locator. See how PALs work.
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Payday loan rules that apply in Murphy
In short, Texas rules that cover Murphy include: how it works: most payday and title loans are arranged by licensed Credit Access Businesses (CABs) with a third-party lender; fees: cAB fees are not capped by state law, which is why Texas has some of the highest APRs in the country; licensing: each CAB location must be licensed by the OCCC. See the full Texas payday loan rules.
Many Texas cities have their own rules for credit access businesses, such as limits on loan size and renewals. Ask the lender whether Murphy has one, or contact the city.
What a $300 loan costs in Murphy
Texas law sets no cap on payday loan fees, so prices vary widely by lender. Statewide, the typical APR on a $400 payday loan was 662% (Center for Responsible Lending, June 2023). Check any offer with our payday loan calculator.
Other help in Collin County before you borrow
Before a payday loan, Murphy residents can usually find something cheaper:
- Local assistance through 211 covering Collin County.
- A credit union payday alternative loan (max 28% APR). See PALs explained.
- Your bank’s small-dollar loan, if offered (compare banks).
- A cash advance app for $20–$500 (apps compared).
Towns near Murphy
The nearest larger city is Sachse, about 4 miles away. See all 1,127 Texas cities.
Need cash before payday?Send one free request to our lender network. We are not a lender; offers and rates come from lenders.
Request a loanFrequently asked questions
Are payday loans legal in Murphy?
Yes. Payday loans are legal in Murphy under Texas state law, and lenders must be licensed by the Texas Office of Consumer Credit Commissioner (OCCC).
How much does a payday loan cost in Murphy?
Texas law sets no cap on payday loan fees, so prices vary widely by lender. The typical statewide APR was 662% in 2023.
Where is the nearest credit union to Murphy?
No credit union is headquartered in Murphy, but Lifetime Federal Credit Union is based in Richardson, also in Collin County.
Sources
- U.S. Census Bureau — City and town population totals, Vintage 2024
- U.S. Census Bureau — 2024 Gazetteer files (place locations)
- NCUA — Credit union call report data, June 2026 (FOICU)
- Texas OCCC — Credit access businesses
- Center for Responsible Lending — Red Alert Rates: APRs on $400 single-payment payday loans (June 2023)
- CDFI Fund — NCUA payday alternative loans summary