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 Bay City, MI
4 credit unions are headquartered in Bay City, with 43,216 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
- 43,216
- Federal
- 1
- State-chartered
- 3
Credit unions vs payday loan stores in Bay City
Bay City has 4 credit unions headquartered here and 2 payday, installment and title loan stores. Local credit unions count 43,216 members — roughly 67 memberships per 100 residents.
Credit unions
4
6.2 per 100k residents
43,216 members
Payday & loan stores
2
3.1 per 100k residents
2 store chains
Biggest loan store chains in Bay City: Advance America (1), Check 'n Go (1).
What a $500 loan costs over 3 months
| Option | Payment | Total cost |
|---|---|---|
| Payday loan, re-borrowed 6 times (~369% 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 (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 Bay City
- Median household income
- $57,241
- Payday fee of $75, share of two weeks' income
- 3.4%
- Hours of work to pay the $75 fee
- 4.7 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
- 20.7%
- Residents below the poverty line
- 16.3%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Bay City 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 loan in MI | Credit union PAL | |
|---|---|---|
| Legal status | Allowed | Offered by many federal credit unions |
| Loan amount | $600 | $200 – $2,000 |
| Fee limit | 15% up to $100; scaled down for larger amounts (Varies) | Application fee up to $20 |
| Typical APR | ~369% | 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: 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 headquartered in Bay City
| Credit union | Address | Members | Website |
|---|---|---|---|
| United Bay Community Credit UnionState-chartered | 1309 N Lincoln St Bay City, MI 48708 | 18,870 | ubccu.org |
| Sunrise Family Credit UnionState-chartered | 404 S Euclid Ave Bay City, MI 48706 | 11,117 | sunrisefamilycu.org |
| Financialedge Credit UnionState-chartered | PO Box 446 Bay City, MI 48707 | 8,792 | finedgecu.org |
| Great Lakes Federal Credit UnionFederal | 415 Washington Avenue Bay City, MI 48708 | 4,437 | greatlakesfcu.com |
Payday and installment loan stores in Bay City
For comparison: storefront payday, installment and title lenders in Bay City 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 |
|---|---|---|---|
| 3970 East Wilder Road, Suite C Bay City, MI 48706 | (989) 667-5740 | Mon–Thu 10:00 AM – 6:00 PM Fri 9:00 AM – 6:00 PM Sat 10:00 AM – 2:00 PM Sun closed |
— |
| 3900 State Street Rd Ste 220 Bay City, MI 48706 | (989) 671-0039 | — | 5.0 |
More about Bay City
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 Bay City 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.