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 Waterford, MI
4 pawn shops in and around Waterford — 5.7 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. Waterford ranks #4 of 28 Michigan cities with pawn shops by shops per resident.
- Pawn shops
- 4
- Pawn shops per 100k
- 5.7
- Michigan: 1.6
- Big-chain shops
- 0
- Payday & loan stores
- 2
- Population
- 70,274
Pawn shops in Waterford: addresses and phone numbers
| Pawn shop | Address | Phone | Website |
|---|---|---|---|
| Game Pawn | 5148 Highland Rd Waterford, MI 48327 | (248) 383-8249 | gamepawnusa.com |
| Mega Pawn & Jewelry 3 | 4415 Dixie Hwy Waterford Twp, MI 48329 | (248) 674-7222 | megapawnstores.com |
| National Pawnbrokers Outlet of Waterford | 1075 W Huron St Waterford, MI 48328 | (248) 683-8888 | cashforgoldwaterfordmi.com |
| Pontiac Brokers | 1155 W Huron St Waterford, MI 48328 | (248) 683-2233 | — |
Pawn shops vs payday loan stores in Waterford
Waterford has 4 pawn shops and 2 payday, installment and title loan stores.
Pawn shops
4
5.7 per 100k residents
Payday & loan stores
2
2.8 per 100k residents
2 store chains
Biggest loan store chains in Waterford: Advance America (1), Check 'n Go (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 Waterford
- 2.3%
- Pawn cost, share of monthly household income in Waterford
- 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% |
Waterford at a glance
- Median household income
- $76,951
- Michigan: $75,812
- Poverty rate
- 8.4%
- Michigan: 13.3%
- Households under $25,000
- 12.0%
- Michigan: 16.1%
- A $400 emergency equals
- 1.9 days of income
Payday and installment loan stores in Waterford
For comparison: storefront payday, installment and title lenders in Waterford with addresses, phone numbers and hours.
| Address | Phone | Hours | Google rating |
|---|---|---|---|
| 4381 Highland Rd. Waterford, MI 48328 | (248) 683-1892 | Mon–Thu 10:00 AM – 6:00 PM Fri 9:00 AM – 6:00 PM Sat 10:00 AM – 2:00 PM Sun closed |
— |
| 4223 Highland Rd Unit N Waterford Township, MI 48328 | (248) 706-0911 | — | 5.0 |
Pawn shops near Waterford
More about Waterford
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.