Laws overview

Online Payday Loans Michigan

Michigan is divided into Upper and Lower peninsulas by the Straits of Mackinac, a narrow waterway which links lakes Michigan and Huron. It borders on four of the five Great Lakes. Michigan’s population of roughly 9,922,576 which means it is the 10th most populous US state. 

Its economy is pretty diverse and includes production of  military and aerospace equipment, automobiles and many other things. Lately, Michigan payday loans are gaining more popularity and becoming a first choice for borrowers in Michigan.

No matter where you live, Upper or Lower Michigan. Check my reference. Have any questions? Need Help?  Call Now (800) 961-5909

Law regulations

Michigan payday loans laws regulations

Michigan payday loans laws regulations

Payday loans in Michigan is legal according to Mich. Comp. Laws 487.2121 et seq and so the lending companies can run their businesses freely. We can say that Michigan laws for payday loans are a somewhat complicated compared to  some other US states. Lenders for payday loans in Michigan must operate within certain limitations. The maximum payday loan total a borrower can take is $600.

However, in Michigan, people taking out payday loans are able to take out more than two outstanding loans from different lending companies. In Michigan, the time of given payday loan cannot be longer than 31 days with no extensions allowed. It is also legal for lending companies to ask for $25 insufficient funds fee in case a payment has defaulted.

Payday loan lenders in Michigan

Payday loan lending industry is rapidly growing in the past 10 years and a main reason for it is the availability of online lending. In Michigan, it is likely to find a payday loan lender’s office near your home or your workplace. You can apply for a loan from your home is something that makes the service more attractive to customers. Therefore, more and more businesses open doors in Michigan.

Why taking out a payday loan in Michigan can be a good borrowing option?

Taking out a payday loan, like with any other type of loans has its advantages and disadvantages. Let’s have a look at some of the benefits you get with payday loans:

  • You get options

You get options

You get options

You live in the city with payday loan offices all around you – great. You live outside the city and want to acquire a payday loan with no offices near your home – still great. This is because payday loans give you the opportunity to apply by going to a physical store or by going online to a lender’s website.

  • You need it fast, you get it fast

We all know that when people go through financial difficulties, every hour seems like a drag. Michigan payday loan lending companies make sure that you get your money as quickly as possible. You usually get your cash within few hours or within a business day if you apply for your loan online.

  • You may still apply with bad credit

Yes, that’s correct. With payday loans, having a bad credit is not an issue and you can apply for your loan just as easily as you would if your credit score was good. This fact alone is enough to convince most borrower to choose payday loans as their first choice when it comes to borrowing.

  • No spending limitations

That’s right, unlike with traditional lending institutions where you have to follow certain limitations when spending the loan you’ve taken out, with payday loans you are free to spend your money wherever. It just has to be legal spending, that’s all.

Michigan fees for Payday Loans

Here are some important things you should know if you are considering a payday loan:

  • APR

Typically, the yearly rate for a payday loan in Michigan can’t be more than 390%.

Interest charges for payday loans in the state of Michigan go like this:

  • 15% charge is for the first $100,
  • Second $100 loan is granted at 14%
  • You can get the third $100 loan at 13%
  • The fourth $100 loan is granted at 12%

All loans exceeding $400 are granted at 11%. The stated annual percentage rate for a $100 14-days loan cannot over 390%.

  • Charges and fees

The fees depend on the total amount that you’re borrowing:

  • The fee for a $100 loan is $15
  • The fee for a $250 loan is $35.50
  • The fee for a $600 loan is $76
  • Collection fees

Collection fees

Collection fees

In case of a declined payment, it is most likely you’ll be charged with at most $25 NSF for fees.

  • Rollovers

According to Michigan laws, a payday loan lending companies are are in no way allowed to rollover or renew a loan in case of failed payment.

Eligibility and application process

You need to satisfy some requirements if you want to take out a payday loan in Michigan:

  • You have to be 18 years old or older
  • You have to be a permanent resident of the US or an American
  • You have to have a steady source of income

Have the information to complete your payday loan application:

  • Date of birth, social security number, and name
  • Phone number, home and email address
  • Details about your salary and job

Cities in Michigan where you can find payday loan lenders:

  • Ann Arbor
  • Battle Creek
  • Bay City
  • Burton
  • Dearborn
  • Dearborn Heights
  • Detroit
  • Eastpointe
  • Flint
  • Garden City
  • Grand Rapids
  • Holland
  • Inkster
  • Jackson
  • Kalamazoo
  • Lansing
  • Lincoln Park
  • Livonia
  • Madison Heights
  • Midland
  • Muskegon
  • Oak Park
  • Plymouth
  • Pontiac
  • Port Huron
  • Portage
  • Redford
  • Roseville
  • Royal Oak
  • Shelby
  • Southfield
  • Southgate
  • Sterling Heights
  • Taylor
  • Troy
  • Warren
  • Waterford
  • West Bloomfield
  • Westland
  • Wyoming

 

Mihaela