Credit Unions vs Payday Loans in Michigan

170 credit unions are headquartered in Michigan, with 6,123,798 members in total. 59 are federal credit unions and 111 are state-chartered; all are federally insured by the NCUA.

Credit unions

170

Members

6.1M

Federal

59

State-chartered

111

Members per 100 people

61

CUs per 100k people

1.7

Credit unions vs payday loan stores in Michigan

Michigan has 170 credit unions headquartered here and 137 payday, installment and title loan stores. Local credit unions count 6,123,798 members — roughly 61 memberships per 100 residents.

Biggest loan store chains in Michigan: Advance America (69), Check 'n Go (35), OneMain Financial (26), Check Into Cash (6), loanDepot (1).

What a $500 loan costs over 3 months

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 (MI 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 Michigan

Median household income

$75,812

Payday fee of $75, share of two weeks' income

2.6%

Hours of work to pay the $75 fee

4.0 hours

PAL payment of $174.50, share of monthly income

2.8%

A $400 emergency equals

1.9 days of income

Households earning under $25,000

16.1%

Residents below the poverty line

13.3%

Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Michigan are population-weighted and approximate. Hours of work are based on the median individual income.

Payday loans vs credit union PALs: the rules in Michigan

Payday rules: Michigan law as summarized on our Michigan 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 by city in Michigan

Credit unions are headquartered in 97 cities and towns across Michigan. Pick a city for addresses and websites, or scroll down for the smaller towns.

• Muskegon · 9
• Grand Rapids · 7
• Saginaw · 7
• Detroit · 5
• Lansing · 5
• Warren · 5
• Battle Creek · 4
• Bay City · 4
• Jackson · 4
• Traverse City · 4
• Grand Blanc · 3
• Kalamazoo · 3
• Farmington · 2
• Flint · 2
• Livonia · 2
• Midland · 2
• Taylor · 2
• West Bloomfield · 2
• Wyoming · 2
• Ann Arbor · 1
• Dearborn · 1
• East Lansing · 1
• Monroe · 1
• Novi · 1
• Royal Oak · 1
• Southfield · 1
• Troy · 1
• Westland · 1

All credit unions in Michigan

Credit unions in smaller towns of Michigan

Other cities and towns in Michigan where credit unions are headquartered, and how many there are in each.

• Ada 1
• Adrian 2
• Alma 2
• Alpena 5
• Auburn Hills 4
• Berrien Springs 1
• Bessemer 1
• Bingham Farms 1
• Brighton 1
• Brownstown 2
• Bruce Crossing 1
• Buchanan 1
• Cadillac 1
• Chatham 1
• Cheboygan 1
• Clinton Townshi 1
• Dowagiac 1
• Drummond Island 1
• Ecorse 1
• Edmore 1
• Escanaba 3
• Farmington Hill 2
• Ferndale 1
• Fife Lake 1
• Frankenmuth 1
• Frankfort 1
• Fremont 1
• Grand Haven 1
• Hastings 1
• Houghton 1
• Houghton Lake 1
• Ionia 1
• Ishpeming 1
• Kentwood 1
• Kingsford 1
• Lakeview 1
• Lanse 1
• Lathrup Village 1
• Lincoln Park 1
• Ludington 1
• Manistee 1
• Manistique 2
• Marquette 2
• Marshall 1
• Mount Clemens 1
• Mt Pleasant 1
• Newberry 1
• Niles 1
• Norton Shores 1
• Onaway 1
• Ontonagon 1
• Oshtemo 1
• Petoskey 1
• Plymouth 2
• Port Huron 2
• Portland 1
• Powers 1
• Rochester Hills 1
• Rock 1
• Romulus 1
• Saint Johns 1
• Sault Sainte Ma 1
• Sparta 1
• St Joseph 1
• Sterling Height 2
• Trenton 1
• Whitehall 1
• Wolverine Lake 1
• Wyandotte 1