- Payday loans in Sterling 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 30 miles away.
Sterling at a glance
| Sterling | |
|---|---|
| Population (2024 Census estimate) | 459 |
| Change since 2020 | +0.2% (holding steady) |
| County | Arenac County |
| Size rank among 506 Michigan places we cover | 450th |
| Nearest larger city | Midland (about 30 miles) |
| Credit unions headquartered in town (NCUA) | None |
| Other towns within 25 miles | 7 (about 9,786 residents) |
| Typical payday APR statewide (CRL 2023) | 356% |
Payday lending in Sterling follows Michigan state law. Lenders that serve Sterling, in a store or online, must be licensed by the Michigan Department of Insurance and Financial Services (DIFS).
Credit unions near Sterling
NCUA data (June 2026) shows no credit union headquartered in Sterling or Arenac County. Many credit unions have branches in other towns or accept members online. Use the NCUA’s Credit Union Locator to find one near you.
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 Sterling
The main Michigan rules for a payday loan in Sterling: 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 Sterling
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 Arenac County before you borrow
- Call or text 211 for help with rent, utilities and food in Arenac 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 Sterling
The nearest larger city is Midland, about 30 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 Sterling?
Yes. Payday loans are legal in Sterling 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 Sterling?
At Michigan’s maximum fee, borrowing $300 costs $42. The typical statewide APR was 356% in 2023.
Where is the nearest credit union to Sterling?
NCUA data shows no credit union headquartered in Sterling or its county. Use the NCUA credit union locator to find branches and online credit unions.
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