- Payday loans in Memphis 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 Port Huron, about 18 miles away.
Memphis at a glance
| Memphis | |
|---|---|
| Population (2024 Census estimate) | 1,083 |
| Change since 2020 | +0.4% (holding steady) |
| Counties | Macomb County and St. Clair County |
| Size rank among 506 Michigan places we cover | 343rd |
| Nearest larger city | Port Huron (about 18 miles) |
| Credit unions headquartered in town (NCUA) | None |
| Credit unions headquartered in these counties | 11 |
| Other towns within 25 miles | 20 (about 129,041 residents) |
| Typical payday APR statewide (CRL 2023) | 356% |
Payday lending in Memphis follows Michigan state law. Lenders that serve Memphis, in a store or online, must be licensed by the Michigan Department of Insurance and Financial Services (DIFS).
Credit unions near Memphis
No credit union has its main office in Memphis, but these are based elsewhere in Macomb County (NCUA, June 2026):
- Tandem Federal Credit Union in Warren (federal charter — may offer payday alternative loans (PALs))
- A.B.D. Federal Credit Union in Warren (federal charter — may offer payday alternative loans (PALs))
- Warren Municipal Federal Credit Union in Warren (federal charter — may offer payday alternative loans (PALs))
- Ukrainian Selfreliance Michigan Federal Credit Union in Warren (federal charter — may offer payday alternative loans (PALs))
- Freestar Financial Credit Union in Mount Clemens (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 Memphis
The main Michigan rules for a payday loan in Memphis: 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 Memphis
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 Macomb County before you borrow
- Call or text 211 for help with rent, utilities and food in Macomb 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 Memphis
The nearest larger city is Port Huron, about 18 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 Memphis?
Yes. Payday loans are legal in Memphis 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 Memphis?
At Michigan’s maximum fee, borrowing $300 costs $42. The typical statewide APR was 356% in 2023.
Where is the nearest credit union to Memphis?
No credit union is headquartered in Memphis, but Tandem Federal Credit Union is based in Warren, also in Macomb 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