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 Jackson, MS
11 credit unions are headquartered in Jackson, with 114,403 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
- 11
- Members
- 114,403
- Federal
- 11
- State-chartered
- 0
Credit unions vs payday loan stores in Jackson
Jackson has 11 credit unions headquartered here and 2 payday, installment and title loan stores. Local credit unions count 114,403 members — roughly 76 memberships per 100 residents.
Credit unions
11
7.3 per 100k residents
114,403 members
Payday & loan stores
2
1.3 per 100k residents
2 store chains
Biggest loan store chains in Jackson: Advance America (1), Check Into Cash (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 Jackson
- Median household income
- $44,026
- Payday fee of $100, share of two weeks' income
- 5.9%
- Hours of work to pay the $100 fee
- 7.6 hours
- PAL payment of $174.50, share of monthly income
- 4.8%
- A $400 emergency equals
- 3.3 days of income
- Households earning under $25,000
- 30.5%
- Residents below the poverty line
- 27.6%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Jackson 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 Jackson
| Credit union | Address | Members | Website |
|---|---|---|---|
| Hope Federal Credit UnionFederal | 4 Old River Pl Jackson, MS 39202 | 48,472 | hopecreditunion.com |
| Magnolia Federal Credit UnionFederal | 240 Briarwood Dr Jackson, MS 39206 | 21,084 | magfedcu.org |
| Jackson Area Federal Credit UnionFederal | PO Box 1403 Jackson, MS 39215 | 15,704 | jacksonareafcu.com |
| Members Exchange Federal Credit UnionFederal | P O Box 31049 Jackson, MS 39286 | 11,611 | mecuanywhere.com |
| Mississippi Public Employees Federal Credit UnionFederal | 613 S West St Jackson, MS 39201 | 5,084 | mspecu.org |
| Eagle Express Federal Credit UnionFederal | P O Box 567 Jackson, MS 39205 | 3,924 | eagleexpressfcu.com |
| Mississippi National Guard Federal Credit UnionFederal | 142 Military Dr Jackson, MS 39232 | 2,980 | msngfcu.org |
| Mississippi Dhs Federal Credit UnionFederal | 767 N President St Jackson, MS 39202 | 2,200 | msdhsfcu.com |
| Healthplus Federal Credit UnionFederal | 500 H E Woodrow Wilson Ave Jackson, MS 39216 | 1,538 | healthplusfcu.com |
| Mississippi Highway Safty Pat Federal Credit UnionFederal | P.O. Box 958 Jackson, MS 39205 | 1,391 | mhspfcu.com |
| Treasury Employees Federal Credit UnionFederal | 100 W Capitol St # 603 Jackson, MS 39269 | 415 | — |
Payday and installment loan stores in Jackson
For comparison: storefront payday, installment and title lenders in Jackson 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 |
|---|---|---|---|
| 1444 Bobby Rush Blvd. Jackson, MS 39204 | (601) 352-6004 | Mon–Thu 10:00 AM – 6:00 PM Fri 9:00 AM – 6:00 PM Sat–Sun closed |
— |
| 4896 Hwy 18 W Jackson, MS 39204 | (601) 922-1904 | — | 3.9 |
More about Jackson
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 Jackson 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.