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 Biloxi, MS
4 credit unions are headquartered in Biloxi, with 398,358 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
- 398,358
- Federal
- 4
- State-chartered
- 0
Credit unions vs payday loan stores in Biloxi
Biloxi has 4 credit unions headquartered here, and we found no storefront payday loan chains. Local credit unions count 398,358 members — roughly 608 memberships per 100 residents.
Credit unions
4
6.1 per 100k residents
398,358 members
Payday & loan stores
0
0 store chains
What a $500 loan costs over 3 months
| Option | Payment | Total cost |
|---|---|---|
| Payday loan, re-borrowed 6 times (~521% APR) | $100.00 every 2 weeks | $600.00 |
| Credit union PAL, 3 monthly payments (28% APR + $20 fee) | $174.50 a month | $43.51 |
- 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 Biloxi
- Median household income
- $59,289
- Payday fee of $100, share of two weeks' income
- 4.4%
- Hours of work to pay the $100 fee
- 6.0 hours
- PAL payment of $174.50, share of monthly income
- 3.5%
- A $400 emergency equals
- 2.5 days of income
- Households earning under $25,000
- 19.5%
- Residents below the poverty line
- 15.0%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Biloxi 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 loan in MS | Credit union PAL | |
|---|---|---|
| Legal status | Allowed | Offered by many federal credit unions |
| Loan amount | $500 | $200 – $2,000 |
| Fee limit | $20 per $100 advanced ($100) | Application fee up to $20 |
| Typical APR | ~521% | 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: 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 headquartered in Biloxi
| Credit union | Address | Members | Website |
|---|---|---|---|
| Keesler Federal Credit UnionFederal | P O Box 7001 Biloxi, MS 39534 | 395,107 | kfcu.org |
| Southern Coastal Federal Credit UnionFederal | PO Box 503 Biloxi, MS 39533 | 1,607 | socofcu.org |
| Biloxi Teachers Federal Credit UnionFederal | PO Box 168 Biloxi, MS 39533 | 1,047 | biloxischools.net |
| Water's Edge Federal Credit UnionFederal | 1976 Popps Ferry Road Biloxi, MS 39532 | 597 | wefcu.org |
More about Biloxi
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 Biloxi 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.