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 Saint Paul, MN
7 credit unions are headquartered in Saint Paul, with 396,623 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
- 396,623
- Federal
- 4
- State-chartered
- 3
Credit unions vs payday loan stores in Saint Paul
Saint Paul has 7 credit unions headquartered here and 6 payday, installment and title loan stores. Local credit unions count 396,623 members — roughly 49 memberships per 100 residents.
Credit unions
7
0.9 per 100k residents
396,623 members
Payday & loan stores
6
0.7 per 100k residents
3 store chains
Biggest loan store chains in Saint Paul: OneMain Financial (3), ACE Cash Express (2), loanDepot (1).
Borrowing $500 for 6 months in Saint Paul
| 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 Saint Paul
- Median household income
- $91,715
- A $400 emergency equals
- 1.6 days of income
- Households earning under $25,000
- 11.2%
- Residents below the poverty line
- 10.1%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Saint Paul 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 Saint Paul
| Credit union | Address | Members | Website |
|---|---|---|---|
| Affinity Plus Federal Credit UnionFederal | 175 W Lafayette Frontage Rd Saint Paul, MN 55107 | 298,790 | affinityplus.org |
| City & County Credit UnionState-chartered | 144 11th St E Saint Paul, MN 55101 | 62,149 | cccu.com |
| Carpenters Federal Credit UnionFederal | 720 Olive St Saint Paul, MN 55130 | 15,373 | mycarpenterscu.org |
| St. Paul Federal Credit UnionFederal | 1330 Conway St Ste 200 Saint Paul, MN 55106 | 15,143 | stpaulfcu.org |
| Catholic United Financial Credit UnionState-chartered | 3499 Lexington Ave N Saint Paul, MN 55126 | 2,815 | catholicunited.org |
| Farm Credit Employees Federal Credit UnionFederal | 30 7th St E Ste 265 Saint Paul, MN 55101 | 1,406 | myspire.com |
| Metropolitan Services Credit UnionState-chartered | 475 Etna St Ste 27 Saint Paul, MN 55106 | 947 | mymscu.org |
Payday and installment loan stores in Saint Paul
For comparison: storefront payday, installment and title lenders in Saint Paul 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 |
|---|---|---|---|
| 1270 Northland Dr #200 Mendota Heights, MN 55120 | (612) 852-3829 | — | 3.9 |
| 2645 White Bear Ave Maplewood, MN 55109 | (651) 777-3731 | — | 4.3 |
| 8300 Tamarack Village STE 112 Woodbury, MN 55125 | (651) 501-1736 | — | 4.0 |
| 1532 University Ave W Ste 100 St Paul, MN 55104 | (651) 645-3965 | — | 4.8 |
| 668 7th St W St Paul, MN 55102 | (651) 291-5246 | — | 4.4 |
| 1895 Plaza Dr #100 Eagan, MN 55122 | (651) 358-7950 | — | 4.9 |
More about Saint Paul
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 Saint Paul 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.