- Payday loans in Merrill 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 Midland, about 16 miles away.
Merrill at a glance
| Merrill | |
|---|---|
| Population (2024 Census estimate) | 671 |
| Change since 2020 | -2.2% (shrinking) |
| County | Saginaw County |
| Size rank among 506 Michigan places we cover | 403rd |
| Nearest larger city | Midland (about 16 miles) |
| Credit unions headquartered in town (NCUA) | None |
| Credit unions headquartered in Saginaw County | 8 |
| Other towns within 25 miles | 16 (about 118,995 residents) |
| Typical payday APR statewide (CRL 2023) | 356% |
There is no separate Merrill payday law: Michigan rules apply here, and any lender serving Merrill residents, online or in person, needs a license from the Michigan Department of Insurance and Financial Services (DIFS).
Credit unions near Merrill
No credit union has its main office in Merrill, but these are based elsewhere in Saginaw County (NCUA, June 2026):
- Health Advantage Federal Credit Union in Saginaw (federal charter — may offer payday alternative loans (PALs))
- Wildfire Credit Union in Saginaw (state charter)
- Lake Huron Credit Union in Saginaw (state charter)
- United Financial Credit Union in Saginaw (state charter)
- Frankenmuth Credit Union in Frankenmuth (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 Merrill
In short, Michigan rules that cover Merrill include: 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 Merrill
The Center for Responsible Lending put the typical APR on a $400 payday loan in Michigan at 356% (June 2023). For $300 at the state maximum, expect $42. Check any offer with our payday loan calculator.
Other help in Saginaw County before you borrow
Before a payday loan, Merrill residents can usually find something cheaper:
- Local assistance through 211 covering Saginaw County.
- A credit union payday alternative loan (max 28% APR). See PALs explained.
- Your bank’s small-dollar loan, if offered (compare banks).
- A cash advance app for $20–$500 (apps compared).
Towns near Merrill
The nearest larger city is Midland, about 16 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 Merrill?
Yes. Payday loans are legal in Merrill 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 Merrill?
At Michigan’s maximum fee, borrowing $300 costs $42. The typical statewide APR was 356% in 2023.
Where is the nearest credit union to Merrill?
No credit union is headquartered in Merrill, but Health Advantage Federal Credit Union is based in Saginaw, also in Saginaw 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