- Payday loans in Monroe 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 Monroe; ask about small-dollar loans before borrowing.
Monroe at a glance
| Monroe | |
|---|---|
| Population (2024 Census estimate) | 20,177 |
| Change since 2020 | -1.3% (shrinking) |
| County | Monroe County |
| Size rank among 506 Michigan places we cover | 54th |
| Nearest larger city | Southgate (about 22 miles) |
| Credit unions headquartered in town (NCUA) | 1 |
| Credit unions headquartered in Monroe County | 1 |
| Other towns within 25 miles | 23 (about 280,928 residents) |
| Typical payday APR statewide (CRL 2023) | 356% |
Whether you borrow at a storefront in Southgate or online from Monroe, the lender must hold a Michigan license from the Michigan Department of Insurance and Financial Services (DIFS) and follow state limits.
Credit unions in Monroe
These credit unions have their main office in Monroe, according to NCUA call report data (June 2026):
- Monroe Community 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.
Need $100–$1,000 before payday?
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- Bad credit and benefit income considered by many lenders
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Payday loan rules that apply in Monroe
Key Michigan limits that apply to Monroe 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 Monroe
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 Monroe 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 Monroe 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 Monroe
- Luna Pier · 8 mi
- Estral Beach · 9 mi
- Maybee · 9 mi
- Carleton · 10 mi
- South Rockwood · 12 mi
- Rockwood · 13 mi
The nearest larger city is Southgate, about 22 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 Monroe?
Yes. Payday loans are legal in Monroe 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 Monroe?
At Michigan’s maximum fee, borrowing $300 costs $42. The typical statewide APR was 356% in 2023.
Are there credit unions in Monroe?
Yes. NCUA data lists 1 credit union with a main office in Monroe, including Monroe Community Credit Union.
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