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 Racine, WI
3 credit unions are headquartered in Racine, with 236,749 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
- 3
- Members
- 236,749
- Federal
- 0
- State-chartered
- 3
Credit unions vs payday loan stores in Racine
Racine has 7 payday, installment and title loan stores but only 3 credit unions headquartered here — about 2.3 loan stores for every credit union. Local credit unions count 236,749 members — roughly 185 memberships per 100 residents.
Credit unions
3
2.3 per 100k residents
236,749 members
Payday & loan stores
7
5.5 per 100k residents
6 store chains
Biggest loan store chains in Racine: Dollar Loan Center (2), Advance America (1), Check 'n Go (1), Check Into Cash (1), OneMain Financial (1).
What a $500 loan costs over 3 months
| Option | Payment | Total cost |
|---|---|---|
| Payday loan, re-borrowed 6 times (~574%+ APR) | $75.00 every 2 weeks | $450.00 |
| 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
- $406.49 payday costs 10× more
Payday: a typical fee of $75 on a $500 loan for 2 weeks (WI limits are not set in dollars), paid 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 Racine
- Median household income
- $67,844
- Payday fee of $75, share of two weeks' income
- 2.9%
- Hours of work to pay the $75 fee
- 3.9 hours
- PAL payment of $174.50, share of monthly income
- 3.1%
- A $400 emergency equals
- 2.2 days of income
- Households earning under $25,000
- 15.2%
- Residents below the poverty line
- 13.0%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Racine are population-weighted and approximate. Hours of work are based on the median individual income.
Payday loans vs credit union PALs: the rules in Wisconsin
| Payday loan in WI | Credit union PAL | |
|---|---|---|
| Legal status | Allowed | Offered by many federal credit unions |
| Loan amount | No state limit | $200 – $2,000 |
| Fee limit | No strict state limit (N/A) | Application fee up to $20 |
| Typical APR | ~574%+ | 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: Wisconsin law as summarized on our Wisconsin 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 Racine
| Credit union | Address | Members | Website |
|---|---|---|---|
| Educators Credit UnionState-chartered | P O Box 081040 Racine, WI 53408 | 232,112 | educu.com |
| Mcu Financial Center Credit UnionState-chartered | PO Box 085300 Racine, WI 53408 | 2,743 | mcucreditunion.com |
| Racine Municipal Employees Credit UnionState-chartered | 1907 Lathrop Avenue Racine, WI 53405 | 1,894 | rmecu.org |
Payday and installment loan stores in Racine
For comparison: storefront payday, installment and title lenders in Racine 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 |
|---|---|---|---|
| 2401 Douglas Ave Racine, WI 53402 | (262) 297-7514 | — | 1.0 |
| 3810 Durand Ave Racine, WI 53405 | (262) 276-0676 | — | — |
| 4003 Durand Avenue Racine, WI 53405 | (262) 598-0867 | Mon–Fri 9:00 AM – 5:30 PM Sat–Sun closed |
— |
| 6100 Washington Ave Racine, WI 53406 | (262) 884-8500 | — | 4.9 |
| 5201 Washington Ave Ste L Racine, WI 53406 | (262) 635-9000 | — | 4.8 |
| 2215 Lathrop Ave Racine, WI 53405 | (262) 633-4040 | — | 4.5 |
| 4915 Washington Ave Ste A Racine, WI 53406 | (262) 634-5540 | — | 4.9 |
More about Racine
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 Racine 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.