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 Hattiesburg, MS
4 credit unions are headquartered in Hattiesburg, with 56,014 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
- 56,014
- Federal
- 4
- State-chartered
- 0
Credit unions vs payday loan stores in Hattiesburg
Hattiesburg has 5 payday, installment and title loan stores but only 4 credit unions headquartered here — about 1.2 loan stores for every credit union. Local credit unions count 56,014 members — roughly 64 memberships per 100 residents.
Credit unions
4
4.6 per 100k residents
56,014 members
Payday & loan stores
5
5.7 per 100k residents
5 store chains
Biggest loan store chains in Hattiesburg: 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 Hattiesburg
- Median household income
- $56,103
- Payday fee of $100, share of two weeks' income
- 4.6%
- Hours of work to pay the $100 fee
- 6.6 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
- 25.2%
- Residents below the poverty line
- 23.4%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Hattiesburg 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 Hattiesburg
| Credit union | Address | Members | Website |
|---|---|---|---|
| Sunbelt Federal Credit UnionFederal | 6885 U S Highway 49 Hattiesburg, MS 39402 | 35,226 | sunbeltfcu.org |
| Centuryfirst Federal Credit UnionFederal | 3318 Hardy St Hattiesburg, MS 39401 | 16,149 | centuryfirstfcu.com |
| Camp Shelby Federal Credit UnionFederal | Warehouse Ave, Bldg 82 Hattiesburg, MS 39407 | 3,058 | campshelbyfcu.com |
| Pine Belt Federal Credit UnionFederal | PO Box 1441 Hattiesburg, MS 39403 | 1,581 | pinebeltfcu.com |
Payday and installment loan stores in Hattiesburg
For comparison: storefront payday, installment and title lenders in Hattiesburg 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 |
|---|---|---|---|
| 6335 US 49 #20 Hattiesburg, MS 39401 | (601) 296-0400 | — | 4.9 |
| 3901 Hardy Street, Suite 20 Hattiesburg, MS 39402 | (601) 296-0900 | Mon–Thu 10:00 AM – 6:00 PM Fri 9:00 AM – 6:00 PM Sat–Sun closed |
— |
| 6117 US-98 Ste 40 Hattiesburg, MS 39402 | (601) 255-1865 | — | 4.3 |
| 560 Weathersby Rd Ste 120 Hattiesburg, MS 39402 | (601) 296-0380 | — | 4.8 |
| 2109 Hardy St B Hattiesburg, MS 39401 | (601) 544-6420 | — | 4.0 |
More about Hattiesburg
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 Hattiesburg 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.