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 Minneapolis, MN
4 credit unions are headquartered in Minneapolis, with 2,203 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
- 4
- Members
- 2,203
- Federal
- 1
- State-chartered
- 3
Credit unions vs payday loan stores in Minneapolis
Minneapolis has 11 payday, installment and title loan stores but only 4 credit unions headquartered here — about 2.8 loan stores for every credit union. Local credit unions count 2,203 members — roughly 0 memberships per 100 residents.
Credit unions
4
0.4 per 100k residents
2,203 members
Payday & loan stores
11
1.0 per 100k residents
3 store chains
Biggest loan store chains in Minneapolis: ACE Cash Express (7), OneMain Financial (3), loanDepot (1).
Borrowing $500 for 6 months in Minneapolis
| 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
- 1.2%
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 Minneapolis
- Median household income
- $93,401
- A $400 emergency equals
- 1.6 days of income
- Households earning under $25,000
- 12.7%
- Residents below the poverty line
- 11.7%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Minneapolis 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 Minneapolis
| Credit union | Address | Members | Website |
|---|---|---|---|
| Electric Machinery Employees Credit UnionState-chartered | 800 Central Ave Minneapolis, MN 55413 | 748 | emcu.org |
| Latvian Credit UnionState-chartered | 3152 17th Ave S Minneapolis, MN 55407 | 735 | latviancu.com |
| Transit Operations Federal Credit UnionFederal | 725 N 7th St Minneapolis, MN 55411 | 643 | tofcu.org |
| Arise Community Credit UnionState-chartered | 227 Colfax Ave N, Suite 30A Minneapolis, MN 55405 | 77 | ariseccu.org |
Payday and installment loan stores in Minneapolis
For comparison: storefront payday, installment and title lenders in Minneapolis 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 |
|---|---|---|---|
| 2761 Winnetka Ave N New Hope, MN 55427 | (763) 546-0443 | — | 4.8 |
| 4110 Central Ave NE Columbia Heights, MN 55421 | (763) 781-5760 | — | 4.8 |
| 527 W Broadway Minneapolis, MN 55411 | (612) 522-4567 | — | 4.8 |
| 601 W 98th St Bloomington, MN 55420 | (952) 881-0179 | — | 4.6 |
| 6219 Brooklyn Blvd Brooklyn Center, MN 55429 | (763) 535-6872 | — | 4.8 |
| 6525 Nicollet Ave Richfield, MN 55423 | (612) 866-6505 | — | 4.7 |
| 8314 MN-7 St Louis Park, MN 55426 | (952) 935-7100 | — | 4.9 |
| 3901 Silver Lake Rd NE St Anthony, MN 55421 | (612) 789-9225 | — | 4.0 |
| 5109 Minnetonka Blvd St Louis Park, MN 55416 | (952) 926-1780 | — | 3.5 |
| 8565 Lyndale Ave S Bloomington, MN 55420 | (952) 888-2047 | — | 4.1 |
| 1330 Lagoon Ave Minneapolis, MN 55408 | (612) 851-9410 | — | 2.3 |
More about Minneapolis
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 Minneapolis 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.