- Payday loans in Elberta follow Michigan law (Deferred Presentment Service Transactions Act (Act 244 of 2005)).
- Borrowing $300 at the state maximum costs $42.
- The nearest larger city is Muskegon, about 96 miles away.
Elberta at a glance
| Elberta | |
|---|---|
| Population (2024 Census estimate) | 316 |
| Change since 2020 | +2.3% (growing) |
| County | Benzie County |
| Size rank among 506 Michigan places we cover | 486th |
| Nearest larger city | Muskegon (about 96 miles) |
| Credit unions headquartered in town (NCUA) | None |
| Credit unions headquartered in Benzie County | 1 |
| Other towns within 25 miles | 10 (about 4,831 residents) |
| Typical payday APR statewide (CRL 2023) | 356% |
Payday lending in Elberta follows Michigan state law. Lenders that serve Elberta, in a store or online, must be licensed by the Michigan Department of Insurance and Financial Services (DIFS).
Credit unions near Elberta
No credit union has its main office in Elberta, but these are based elsewhere in Benzie County (NCUA, June 2026):
- Frankfort Community Federal Credit Union in Frankfort (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.
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Payday loan rules that apply in Elberta
The main Michigan rules for a payday loan in Elberta: 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 Elberta
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 Benzie County before you borrow
- Call or text 211 for help with rent, utilities and food in Benzie 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 Elberta
The nearest larger city is Muskegon, about 96 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 Elberta?
Yes. Payday loans are legal in Elberta 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 Elberta?
At Michigan’s maximum fee, borrowing $300 costs $42. The typical statewide APR was 356% in 2023.
Where is the nearest credit union to Elberta?
No credit union is headquartered in Elberta, but Frankfort Community Federal Credit Union is based in Frankfort, also in Benzie County.
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