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 Duluth, MN
7 credit unions are headquartered in Duluth, with 83,147 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
- 7
- Members
- 83,147
- Federal
- 0
- State-chartered
- 7
Credit unions vs payday loan stores in Duluth
Duluth has 7 credit unions headquartered here and just 1 payday, installment or title loan store. Local credit unions count 83,147 members — roughly 70 memberships per 100 residents.
Credit unions
7
5.9 per 100k residents
83,147 members
Payday & loan stores
1
0.8 per 100k residents
1 store chain
Biggest loan store chains in Duluth: OneMain Financial (1).
Borrowing $500 for 6 months in Duluth
| Option | Payment | Total cost of borrowing |
|---|---|---|
| Installment loan at the Minnesota rate cap (36% APR) | $92.30/mo | $53.79 |
| Credit union PAL (28% APR) | $90.27/mo | $41.62 |
| Payday loan renewed every 2 weeks (typical $15 per $100, not available in Minnesota) | $75.00 every 2 weeks | $975.00 |
- Monthly payment at the Minnesota rate cap vs median monthly household income
- 1.4%
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 Duluth
- Median household income
- $76,777
- A $400 emergency equals
- 1.9 days of income
- Households earning under $25,000
- 15.0%
- Residents below the poverty line
- 14.0%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Duluth 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 loan in MN | Credit union PAL | |
|---|---|---|
| Legal status | Not allowed — storefront payday loans are banned | Offered by many federal credit unions |
| Rate cap | Capped at 36% APR (2023 Law) | 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: 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 headquartered in Duluth
| Credit union | Address | Members | Website |
|---|---|---|---|
| Members Cooperative Credit UnionState-chartered | 215 N 40th Ave W Duluth, MN 55807 | 59,619 | membersccu.com |
| Harbor Pointe Credit UnionState-chartered | 11 W 2nd St, PO Box 161558 Duluth, MN 55816 | 8,002 | hpcu.us |
| Northern Communities Credit UnionState-chartered | 3311 West Arrowhead Road Duluth, MN 55811 | 6,869 | nccyou.com |
| Minnesota Power Employees Credit UnionState-chartered | 30 W Superior St Ste 126 Duluth, MN 55802 | 4,170 | mpecu.com |
| Share Advantage Credit UnionState-chartered | 2502 Maple Grove Rd Duluth, MN 55811 | 3,427 | myshareadvantage.com |
| Duluth Police Department Employees Credit UnionState-chartered | 2030 N Arlington Ave Duluth, MN 55811 | 693 | — |
| Duluth Fire Department Credit UnionState-chartered | 602 W 2nd St Duluth, MN 55802 | 367 | — |
Payday and installment loan stores in Duluth
For comparison: storefront payday, installment and title lenders in Duluth 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 |
|---|---|---|---|
| 4140 Richard Ave Ste 310 Hermantown, MN 55811 | (218) 722-7791 | — | 4.0 |
More about Duluth
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 Duluth 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.