- Payday loans in Waco 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.
- 8+ credit unions are headquartered in Waco; ask about small-dollar loans before borrowing.
Waco at a glance
| Waco | |
|---|---|
| Population (2024 Census estimate) | 146,608 |
| Change since 2020 | +4.3% (growing) |
| County | McLennan County |
| Size rank among 1,127 Texas places we cover | 24th |
| Nearest larger city | Killeen (about 46 miles) |
| Credit unions headquartered in town (NCUA) | 8+, 5 federal |
| Credit unions headquartered in McLennan County | 11 |
| Other towns within 25 miles | 23 (about 87,345 residents) |
| Typical payday APR statewide (CRL 2023) | 662% |
Whether you borrow at a storefront in Killeen or online from Waco, the lender must hold a Texas license from the Texas Office of Consumer Credit Commissioner (OCCC) and follow state limits.
Credit unions in Waco
These credit unions have their main office in Waco, according to NCUA call report data (June 2026):
- Members Choice of Central Texas Federal Credit Union (federal charter — may offer payday alternative loans (PALs))
- Waco Federal Credit Union (federal charter — may offer payday alternative loans (PALs))
- Genco Federal Credit Union (federal charter — may offer payday alternative loans (PALs))
- Mclennan County Employees Federal Credit Union (federal charter — may offer payday alternative loans (PALs))
- Heart O' Texas Federal Credit Union (federal charter — may offer payday alternative loans (PALs))
- Highway District 9 Credit Union (state charter)
- 1st University Credit Union (state charter)
- Linkage Credit Union (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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- Bad credit and benefit income considered by many lenders
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Payday loan rules that apply in Waco
| Rule | Texas |
|---|---|
| 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 |
| Local rules | Many Texas cities, including Austin and Dallas, have adopted ordinances that further limit loan size and renewals |
Many Texas cities have their own rules for credit access businesses, such as limits on loan size and renewals. Ask the lender whether Waco has one, or contact the city.
What a $300 loan costs in Waco
The Center for Responsible Lending put the typical APR on a $400 payday loan in Texas at 662% (June 2023). Texas law sets no cap on payday loan fees, so prices vary widely by lender. Check any offer with our payday loan calculator.
Other help in McLennan County before you borrow
- Credit union payday alternative loans (PALs): $200–$2,000 at no more than 28% APR. Search for a federal credit union in Waco that offers them. See how PALs work.
- Your bank’s small-dollar loan, if it offers one. See bank small-dollar loans.
- Cash advance apps for $20–$500 based on your direct deposits. See apps compared.
- 211: call or text 211 for local help with rent, utilities and food.
Towns near Waco
The nearest larger city is Killeen, about 46 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 Waco?
Yes. Payday loans are legal in Waco 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 Waco?
Texas law sets no cap on payday loan fees, so prices vary widely by lender. The typical statewide APR was 662% in 2023.
Are there credit unions in Waco?
Yes. NCUA data lists 8 or more credit unions with a main office in Waco, including Members Choice of Central Texas Federal Credit Union and Waco Federal Credit Union. Federal credit unions can offer payday alternative loans capped at 28% APR.
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