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 Gulfport, MS
2 credit unions are headquartered in Gulfport, with 13,220 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
- 2
- Members
- 13,220
- Federal
- 2
- State-chartered
- 0
Credit unions vs payday loan stores in Gulfport
Gulfport has 7 payday, installment and title loan stores but only 2 credit unions headquartered here — about 3.5 loan stores for every credit union. Local credit unions count 13,220 members — roughly 14 memberships per 100 residents.
Credit unions
2
2.1 per 100k residents
13,220 members
Payday & loan stores
7
7.4 per 100k residents
7 store chains
Biggest loan store chains in Gulfport: 1st Franklin Financial (1), Advance America (1), Lendmark Financial Services (1), Mariner Finance (1), OneMain Financial (1).
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 Gulfport
- Median household income
- $52,324
- Payday fee of $100, share of two weeks' income
- 5.0%
- Hours of work to pay the $100 fee
- 6.6 hours
- PAL payment of $174.50, share of monthly income
- 4.0%
- A $400 emergency equals
- 2.8 days of income
- Households earning under $25,000
- 22.7%
- Residents below the poverty line
- 21.5%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Gulfport 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 Gulfport
| Credit union | Address | Members | Website |
|---|---|---|---|
| Gulf Coast Community Federal Credit UnionFederal | 12364 Highway 49 Gulfport, MS 39503 | 12,102 | gulfcoastcommunityfcu.com |
| Memorial Federal Credit UnionFederal | PO Box 1810 Gulfport, MS 39502 | 1,118 | memorialfcu.org |
Payday and installment loan stores in Gulfport
For comparison: storefront payday, installment and title lenders in Gulfport 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 |
|---|---|---|---|
| 12261 US 49 Ste 15 Gulfport, MS 39503 | (228) 539-9336 | — | 4.9 |
| 12373 Hwy. 49, Ste. #1 Gulfport, MS 39503 | (228) 539-6268 | Mon–Thu 10:00 AM – 6:00 PM Fri 9:00 AM – 6:00 PM Sat–Sun closed |
— |
| 15232 Crossroads Pkwy Gulfport, MS 39503 | (228) 222-2040 | — | 4.7 |
| 11010 US 49 Ste 10 Gulfport, MS 39503 | (228) 864-4242 | — | 4.7 |
| 9471 Three Rivers Rd Ste C-3 Gulfport, MS 39503 | (228) 863-3070 | — | 4.5 |
| 9240 US 49 Gulfport, MS 39503 | (228) 214-5077 | — | 4.9 |
| 19 Pass Rd Gulfport, MS 39507 | (228) 200-0338 | — | 5.0 |
More about Gulfport
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 Gulfport 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.