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Pawn Shops vs Payday Loans in Detroit, MI
10 pawn shops in and around Detroit — 1.7 per 100,000 residents, compared with 1.6 across Michigan. Call ahead to ask what they're buying and lending on today: inventory needs change weekly. Detroit ranks #23 of 28 Michigan cities with pawn shops by shops per resident.
- Pawn shops
- 10
- Pawn shops per 100k
- 1.7
- Michigan: 1.6
- Big-chain shops
- 0
- Payday & loan stores
- 8
- Population
- 600,573
Pawn shops in Detroit: addresses and phone numbers
| Pawn shop | Address | Phone | Website |
|---|---|---|---|
| American Jewelry & Loan | 20450 Greenfield Rd Detroit, MI 48235 | (313) 345-4000 | pawndetroit.com |
| Bim's Pawnbrokers | 5676 W Fort St Detroit, MI 48209 | (313) 843-7113 | gobims.com |
| City Pawn | 8585 Greenfield Rd Detroit, MI 48228 | (313) 377-7333 | citypawn.us |
| Diamonds R Us | 10570 Gratiot Ave Detroit, MI 48213 | (313) 921-1439 | diamonds-r-us.net |
| Harper Pawn Shop & Check Cashing | 14453 Harper Ave Detroit, MI 48224 | (313) 372-7179 | harperpawnshop.com |
| iPawn Detroit | 21745 W 8 Mile Rd Detroit, MI 48219 | (313) 538-1305 | — |
| Motor City Pawn Brokers | 15440 8 Mile Rd Detroit, MI 48205 | (313) 371-8201 | motorcitypawnbrokers.com |
| Star Loan and jewelry | 6301 Gratiot Ave Detroit, MI 48207 | (313) 458-9000 | — |
| The Gold Mine | 6301 Gratiot Ave Detroit, MI 48207 | (313) 922-0850 | thegold-mine.com |
| Zeidman's Jewelry & Loan Detroit | 2669 Gratiot Ave Detroit, MI 48207 | (313) 486-5500 | zeidmans.com |
Pawn shops vs payday loan stores in Detroit
Detroit has 10 pawn shops and 8 payday, installment and title loan stores.
Pawn shops
10
1.7 per 100k residents
Payday & loan stores
8
1.3 per 100k residents
2 store chains
Biggest loan store chains in Detroit: Advance America (6), Check 'n Go (2).
Borrowing $500 for one month: payday vs pawn vs credit union
| Option | How it works | Cost for one month |
|---|---|---|
| Payday loan (~369% APR) | $75.00 fee every 2 weeks, renewed once | $150.00 |
| Pawn loan (example: 20% a month) | You leave an item worth more than the loan; repay to get it back | $100.00 |
| Credit union PAL (28% APR + $20 fee) | Repaid in installments; membership required | $31.67 |
- Payday cost, share of monthly household income in Detroit
- 4.5%
- Pawn cost, share of monthly household income in Detroit
- 3.0%
- A $400 emergency equals
- 3.7 days of income
Payday: a typical fee of $75 on a $500 loan for 2 weeks, paid twice for a one-month loan (Michigan payday rules are not set in dollars or payday loans are not allowed). Pawn: an example rate of 20% a month; pawn fees and interest are set by Michigan law and vary by shop — ask for the total in writing. PAL: payday alternative loan from a federal credit union, capped at 28% APR plus an application fee of up to $20.
Pawn loan vs payday loan: the key differences
| Pawn loan | Payday loan in MI | |
|---|---|---|
| What you need | An item of value (jewelry, gold, electronics, tools, firearms) and an ID | A bank account, proof of income and an ID |
| Credit check | None | Usually none |
| How much you get | A fraction of the item's resale value | Based on your income, up to the state limit |
| If you can't repay | The shop keeps the item; no collections and no credit damage | Fees pile up with renewals; the debt can go to collections |
| Bank account access | None | Lender can debit your account or cash your check |
| Rules in Michigan | Pawnbrokers are licensed and regulated by Michigan; fees, terms and holding periods are set by state law | Allowed, up to $600; typical APR ~369% |
Detroit at a glance
- Median household income
- $39,565
- Michigan: $75,812
- Poverty rate
- 31.4%
- Michigan: 13.3%
- Households under $25,000
- 34.9%
- Michigan: 16.1%
- A $400 emergency equals
- 3.7 days of income
Payday and installment loan stores in Detroit
For comparison: storefront payday, installment and title lenders in Detroit with addresses, phone numbers and hours.
| Address | Phone | Hours | Google rating |
|---|---|---|---|
| 13601 W. 7 Mile Road Detroit, MI 48235 | (313) 342-1060 | Mon–Thu 10:00 AM – 6:00 PM Fri 9:00 AM – 6:00 PM Sat 10:00 AM – 2:00 PM Sun closed |
— |
| 14640 Mack Ave. Detroit, MI 48215 | (313) 821-5128 | Mon–Thu 10:00 AM – 6:00 PM Fri 9:00 AM – 6:00 PM Sat 10:00 AM – 2:00 PM Sun closed |
— |
| 15405 Gratiot Ave., Ste. 150 Detroit, MI 48205 | (313) 371-0229 | Mon–Thu 10:00 AM – 6:00 PM Fri 9:00 AM – 6:00 PM Sat 10:00 AM – 2:00 PM Sun closed |
— |
| 18345 Plymouth Rd. Detroit, MI 48228 | (313) 270-2966 | Mon–Thu 10:00 AM – 6:00 PM Fri 9:00 AM – 6:00 PM Sat 10:00 AM – 2:00 PM Sun closed |
— |
| 19135 Telegraph Road Detroit, MI 48219 | (313) 794-7081 | Mon–Thu 10:00 AM – 6:00 PM Fri 9:00 AM – 6:00 PM Sat 10:00 AM – 2:00 PM Sun closed |
— |
| 3440 East Jefferson Ave. Detroit, MI 48207 | (313) 567-0709 | Mon–Thu 10:00 AM – 6:00 PM Fri 9:00 AM – 6:00 PM Sat 10:00 AM – 2:00 PM Sun closed |
— |
| 13338 E Jefferson Ave Detroit, MI 48215 | (313) 331-5500 | — | 5.0 |
| 14321 Livernois Detroit, MI 48238 | (313) 834-3000 | — | 4.9 |
Pawn shops near Detroit
More about Detroit
Pawn shop listings: © Overture Maps Foundation (CDLA-Permissive 2.0), including Foursquare OS Places and © OpenStreetMap contributors; filtered and de-duplicated by us. Population, income and poverty: U.S. Census Bureau, American Community Survey. Call ahead to confirm hours and what a shop buys or lends on.