Credit Unions vs Payday Loans in Mississippi

55 credit unions are headquartered in Mississippi, with 820,906 members in total. 55 are federal credit unions and 0 are state-chartered; all are federally insured by the NCUA.

Credit unions

55

Members

820,906

Federal

55

State-chartered

0

Members per 100 people

28

CUs per 100k people

1.9

Credit unions vs payday loan stores in Mississippi

Mississippi has 154 payday, installment and title loan stores but only 55 credit unions headquartered here — about 2.8 loan stores for every credit union. Local credit unions count 820,906 members — roughly 28 memberships per 100 residents.

Biggest loan store chains in Mississippi: Advance America (46), 1st Franklin Financial (40), OneMain Financial (25), Check Into Cash (11), Mariner Finance (11).

What a $500 loan costs over 3 months

You keep with a credit union PAL over 3 months

$556.49 payday costs 14× more

Payday: the MS maximum — $100 on a $500 loan for 2 weeks, paid again each time the loan is renewed or taken out again (6 times in 3 months). PAL: payday alternative loan from a federal credit union, capped at 28% APR with an application fee of up to $20.

What it means for a household in Mississippi

Median household income

$57,184

Payday fee of $100, share of two weeks' income

4.5%

Hours of work to pay the $100 fee

6.7 hours

PAL payment of $174.50, share of monthly income

3.7%

A $400 emergency equals

2.6 days of income

Households earning under $25,000

23.8%

Residents below the poverty line

19.2%

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

Payday loans vs credit union PALs: the rules in Mississippi

Payday rules: Mississippi law as summarized on our Mississippi 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 Mississippi

Credit unions are headquartered in 25 cities and towns across Mississippi. Pick a city for addresses and websites, or scroll down for the smaller towns.

• Jackson · 11
• Biloxi · 4
• Hattiesburg · 4
• Meridian · 4
• Gulfport · 2

All credit unions in Mississippi

Credit unions in smaller towns of Mississippi

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

• Amory 2
• Boyle 1
• Choctaw 1
• Clinton 1
• Columbus 3
• Flowood 1
• Greenville 1
• Hamilton 1
• Mayersville 1
• Mccomb 1
• Monticello 1
• Moss Point 1
• Natchez 3
• Newton 1
• Pascagoula 2
• Pearl 2
• Philadelphia 1
• Ridgeland 2
• Tupelo 1
• Vicksburg 3