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.
Pawn Shops vs Payday Loans in Grand Rapids, MI
4 pawn shops in and around Grand Rapids — 1.1 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. Grand Rapids ranks #26 of 28 Michigan cities with pawn shops by shops per resident.
- Pawn shops
- 4
- Pawn shops per 100k
- 1.1
- Michigan: 1.6
- Big-chain shops
- 0
- Payday & loan stores
- 8
- Population
- 377,980
Pawn shops in Grand Rapids: addresses and phone numbers
| Pawn shop | Address | Phone | Website |
|---|---|---|---|
| Cash for Goods | 3151 Breton Rd SE Kentwood, MI 49512 | (616) 808-7090 | grandrapidspawnshop.com |
| Fast Cash Outlets | 672 Leonard St NW Grand Rapids, MI 49504 | (616) 235-7190 | — |
| Kentwood Outlet | 4348 Division Ave S Kentwood, MI 49548 | (616) 531-9714 | — |
| Plainfield Trading Center | 3661 Plainfield Ave NE Ste 3 Grand Rapids, MI 49525 | (616) 365-8675 | plainfieldtradingcenter.com |
Pawn shops vs payday loan stores in Grand Rapids
Grand Rapids has 8 payday, installment and title loan stores but only 4 pawn shops.
Pawn shops
4
1.1 per 100k residents
Payday & loan stores
8
2.1 per 100k residents
4 store chains
Biggest loan store chains in Grand Rapids: Advance America (4), Check 'n Go (2), Check Into Cash (1), OneMain Financial (1).
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 Grand Rapids
- 2.4%
- Pawn cost, share of monthly household income in Grand Rapids
- 1.6%
- A $400 emergency equals
- 1.9 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% |
Grand Rapids at a glance
- Median household income
- $74,880
- Michigan: $75,812
- Poverty rate
- 13.7%
- Michigan: 13.3%
- Households under $25,000
- 14.8%
- Michigan: 16.1%
- A $400 emergency equals
- 1.9 days of income
Payday and installment loan stores in Grand Rapids
For comparison: storefront payday, installment and title lenders in Grand Rapids with addresses, phone numbers and hours.
| Address | Phone | Hours | Google rating |
|---|---|---|---|
| 353 Fuller Ave. NE Grand Rapids, MI 49503 | (616) 774-1021 | Mon–Thu 10:00 AM – 6:00 PM Fri 9:00 AM – 6:00 PM Sat 10:00 AM – 2:00 PM Sun closed |
— |
| 3835 28th St. SE, Suite 101 Grand Rapids, MI 49512 | (616) 285-5494 | Mon–Thu 10:00 AM – 6:00 PM Fri 9:00 AM – 6:00 PM Sat 10:00 AM – 2:00 PM Sun closed |
— |
| 3914 Plainfield Ave, NE Grand Rapids, MI 49525 | (616) 363-4634 | Mon–Thu 10:00 AM – 6:00 PM Fri 9:00 AM – 6:00 PM Sat 10:00 AM – 2:00 PM Sun closed |
— |
| 4130 S. Division Avenue Wyoming, MI 49548 | (616) 531-5607 | Mon–Thu 10:00 AM – 6:00 PM Fri 9:00 AM – 6:00 PM Sat 10:00 AM – 2:00 PM Sun closed |
— |
| 160 28th St SW Grand Rapids, MI 49548 | (616) 531-0400 | — | 4.9 |
| 6709 Division Ave S Grand Rapids, MI 49548 | (616) 281-1010 | — | 4.9 |
| 5372 Division St Grand Rapids, MI 49548 | (616) 249-0212 | — | 4.9 |
| 3539 Alpine Ave NW Grand Rapids, MI 49544 | (616) 784-3941 | — | 3.9 |
Pawn shops near Grand Rapids
More about Grand Rapids
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.