- Payday loans in Cheboygan follow Michigan law (Deferred Presentment Service Transactions Act (Act 244 of 2005)).
- Borrowing $300 at the state maximum costs $42.
- 1 credit union is headquartered in Cheboygan; ask about small-dollar loans before borrowing.
Cheboygan at a glance
| Cheboygan | |
|---|---|
| Population (2024 Census estimate) | 4,831 |
| Change since 2020 | +1.3% (growing) |
| County | Cheboygan County |
| Size rank among 506 Michigan places we cover | 156th |
| Nearest larger city | Midland (about 140 miles) |
| Credit unions headquartered in town (NCUA) | 1, 1 federal |
| Credit unions headquartered in Cheboygan County | 1 |
| Other towns within 25 miles | 6 (about 6,278 residents) |
| Typical payday APR statewide (CRL 2023) | 356% |
Whether you borrow at a storefront in Midland or online from Cheboygan, the lender must hold a Michigan license from the Michigan Department of Insurance and Financial Services (DIFS) and follow state limits.
Credit unions in Cheboygan
These credit unions have their main office in Cheboygan, according to NCUA call report data (June 2026):
- Straits Area Federal Credit Union (federal charter — may offer payday alternative loans (PALs))
Only federal credit unions can offer payday alternative loans (PALs), capped at 28% APR; state-chartered credit unions often have their own small-loan products. Membership rules apply, and only main offices are listed here; find branches near you with the NCUA Credit Union Locator. See how PALs work.
Payday loan rules that apply in Cheboygan
Key Michigan limits that apply to Cheboygan borrowers: maximum loan: $600; maximum fee: 15% of the first $100, 14% of the second, 13% of the third, 12% of the fourth, 11% of the fifth and sixth ($76 on $600); loan term: up to 31 days. See the full Michigan payday loan rules.
What a $300 loan costs in Cheboygan
At Michigan’s maximum fee, borrowing $300 costs $42. Statewide, the typical APR on a $400 payday loan was 356% (Center for Responsible Lending, June 2023). Check any offer with our payday loan calculator.
Other help in Cheboygan County before you borrow
- Credit union payday alternative loans (PALs): $200–$2,000 at no more than 28% APR. Search for a federal credit union in Cheboygan that offers them. See how PALs work.
- Your bank’s small-dollar loan, if it offers one. See bank small-dollar loans.
- Cash advance apps for $20–$500 based on your direct deposits. See apps compared.
- 211: call or text 211 for local help with rent, utilities and food.
Towns near Cheboygan
- Pellston · 16 mi
- Mackinac Island · 17 mi
- Mackinaw · 17 mi
- Alanson · 21 mi
- St. Ignace · 21 mi
- Onaway · 23 mi
The nearest larger city is Midland, about 140 miles away. See all 506 Michigan cities.
Need cash before payday?Send one free request to our lender network. We are not a lender; offers and rates come from lenders.
Request a loanFrequently asked questions
Are payday loans legal in Cheboygan?
Yes. Payday loans are legal in Cheboygan under Michigan state law, and lenders must be licensed by the Michigan Department of Insurance and Financial Services (DIFS).
How much does a payday loan cost in Cheboygan?
At Michigan’s maximum fee, borrowing $300 costs $42. The typical statewide APR was 356% in 2023.
Are there credit unions in Cheboygan?
Yes. NCUA data lists 1 credit union with a main office in Cheboygan, including Straits Area Federal Credit Union. Federal credit unions can offer payday alternative loans capped at 28% APR.
Sources
- U.S. Census Bureau — City and town population totals, Vintage 2024
- U.S. Census Bureau — 2024 Gazetteer files (place locations)
- NCUA — Credit union call report data, June 2026 (FOICU)
- Michigan DIFS — Deferred presentment FAQ
- Act 244 of 2005
- Center for Responsible Lending — Red Alert Rates: APRs on $400 single-payment payday loans (June 2023)
- CDFI Fund — NCUA payday alternative loans summary