- Payday loans in Vanderbilt 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 107 miles away.
Vanderbilt at a glance
| Vanderbilt | |
|---|---|
| Population (2024 Census estimate) | 532 |
| Change since 2020 | +3.3% (growing) |
| County | Otsego County |
| Size rank among 506 Michigan places we cover | 427th |
| Nearest larger city | Midland (about 107 miles) |
| Credit unions headquartered in town (NCUA) | None |
| Other towns within 25 miles | 7 (about 17,744 residents) |
| Typical payday APR statewide (CRL 2023) | 356% |
Payday lending in Vanderbilt follows Michigan state law. Lenders that serve Vanderbilt, in a store or online, must be licensed by the Michigan Department of Insurance and Financial Services (DIFS).
Credit unions near Vanderbilt
NCUA data (June 2026) shows no credit union headquartered in Vanderbilt or Otsego 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 Vanderbilt
The main Michigan rules for a payday loan in Vanderbilt: 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 Vanderbilt
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 Otsego County before you borrow
- Call or text 211 for help with rent, utilities and food in Otsego 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 Vanderbilt
The nearest larger city is Midland, about 107 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 Vanderbilt?
Yes. Payday loans are legal in Vanderbilt 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 Vanderbilt?
At Michigan’s maximum fee, borrowing $300 costs $42. The typical statewide APR was 356% in 2023.
Where is the nearest credit union to Vanderbilt?
NCUA data shows no credit union headquartered in Vanderbilt 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