- Payday loans in Detroit follow Michigan law (Deferred Presentment Service Transactions Act (Act 244 of 2005)).
- Borrowing $300 at the state maximum costs $42.
- 5 credit unions are headquartered in Detroit; ask about small-dollar loans before borrowing.
Detroit at a glance
| Detroit | |
|---|---|
| Population (2024 Census estimate) | 645,705 |
| Change since 2020 | +1.1% (growing) |
| County | Wayne County |
| Size rank among 506 Michigan places we cover | 1st |
| Share of Michigan’s population | 6.4% |
| Credit unions headquartered in town (NCUA) | 5, 1 federal |
| Credit unions headquartered in Wayne County | 20 |
| Other towns within 25 miles | 74 (about 2,055,698 residents) |
| Typical payday APR statewide (CRL 2023) | 356% |
Payday lending in Detroit follows Michigan state law. Lenders that serve Detroit, in a store or online, must be licensed by the Michigan Department of Insurance and Financial Services (DIFS).
Credit unions in Detroit
These credit unions have their main office in Detroit, according to NCUA call report data (June 2026):
- International Uaw Federal Credit Union (federal charter — may offer payday alternative loans (PALs))
- One Detroit Credit Union (state charter)
- I.M. Detroit District Credit Union (state charter)
- Diversified Members Credit Union (state charter)
- Electrical Workers Local 58 Credit Union (state charter)
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 Detroit
| Rule | Michigan |
|---|---|
| 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 |
| Database | All licensed lenders check a statewide database |
What a $300 loan costs in Detroit
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 Wayne County before you borrow
- Call or text 211 for help with rent, utilities and food in Wayne County.
- Ask a federal credit union about a PAL: $200–$2,000 at no more than 28% APR (how PALs work).
- Check your bank app for a small-dollar loan or early pay (bank options).
- Try a cash advance app if you have direct deposit (apps compared).
Towns near Detroit
- Highland Park · 2 mi
- Hamtramck · 3 mi
- Hazel Park · 5 mi
- Ferndale · 5 mi
- Pleasant Ridge · 6 mi
- Oak Park · 7 mi
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 Detroit?
Yes. Payday loans are legal in Detroit 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 Detroit?
At Michigan’s maximum fee, borrowing $300 costs $42. The typical statewide APR was 356% in 2023.
Are there credit unions in Detroit?
Yes. NCUA data lists 5 credit unions with a main office in Detroit, including International Uaw Federal Credit Union and One Detroit 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