Credit Unions vs Payday Loans in Minnesota

81 credit unions are headquartered in Minnesota, with 1,823,133 members in total. 23 are federal credit unions and 58 are state-chartered; all are federally insured by the NCUA.

Credit unions

81

Members

1.8M

Federal

23

State-chartered

58

Members per 100 people

32

CUs per 100k people

1.4

Credit unions vs payday loan stores in Minnesota

Minnesota has 81 credit unions headquartered here and 32 payday, installment and title loan stores. Local credit unions count 1,823,133 members — roughly 32 memberships per 100 residents.

Biggest loan store chains in Minnesota: OneMain Financial (17), ACE Cash Express (9), loanDepot (6).

Borrowing $500 for 6 months in Minnesota

Monthly payment at the Minnesota rate cap vs median monthly household income

1.2%

Example calculation with fixed monthly payments; the payday row shows typical out-of-state pricing for comparison. Actual rates and terms vary by lender.

What it means for a household in Minnesota

Median household income

$92,264

A $400 emergency equals

1.6 days of income

Households earning under $25,000

11.6%

Residents below the poverty line

9.4%

Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Minnesota are population-weighted and approximate. Hours of work are based on the median individual income.

Payday loans vs credit union PALs: the rules in Minnesota

Payday rules: Minnesota law as summarized on our Minnesota 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 by city in Minnesota

Credit unions are headquartered in 51 cities and towns across Minnesota. Pick a city for addresses and websites, or scroll down for the smaller towns.

• Duluth · 7
• Saint Paul · 7
• Minneapolis · 4
• Rochester · 2
• Mankato · 1

All credit unions in Minnesota

Credit unions in smaller towns of Minnesota

Other cities and towns in Minnesota where credit unions are headquartered, and how many there are in each.

• Albert Lea 2
• Alexandria 1
• Aurora 1
• Austin 4
• Baxter 1
• Blaine 1
• Bloomington 4
• Brainerd 2
• Cambridge 1
• Cloquet 1
• Cook 1
• Dawson 1
• Deer River 1
• Eagan 1
• Ely 1
• Fairmont 1
• Falcon Heights 1
• Hermantown 1
• Hibbing 1
• Hopkins 1
• International F 1
• Inver Grove Hei 1
• Lino Lakes 1
• Little Canada 1
• Maple Grove 2
• Maplewood 1
• Melrose 1
• Mendota Heights 1
• Montevideo 1
• Oakdale 1
• Owatonna 2
• Plymouth 2
• Prior Lake 1
• Red Lake Falls 1
• Red Wing 1
• Robbinsdale 1
• Sartell 1
• Silver Bay 1
• Sleepy Eye 1
• South Saint Pau 1
• South St Paul 1
• Two Harbors 1
• Virginia 2
• West St Paul 1
• Woodbury 3
• Worthington 1