Michigan Payday Loans

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Michigan makes room for short term loans in their laws, providing residents with an option for temporary cash flow problems. When availing of this right, Michigan consumers must be aware of the different regulations governing cash advance fees in their area. This is why our site has compiled updated information regarding Michigan payday loan laws. Offering comprehensive data, paydayloansusa.biz hopes to contribute to the industry and welcomes any question or comments from the consumers. Payday loan information about other states is also available through the website.

Payday Loan Process in Michigan

To qualify for a payday loan, individuals must first meet a set of requirement set up by the law. If you correspond to all the conditions below then obtaining a loan should be easy.

  • Must be 18 years old and above
  • A resident of Michigan
  • Must be employed
  • Must meet minimum monthly salary requirements
  • Own a savings or checking account

Application process is typically done through the internet and takes less than a week. Borrowers simply need to fill in a form and send the documents necessary. Some lenders are flexible with their dealings and allow welfare checks and retirement check in lieu of salary. Bad credit applicants are also entertained.

Michigan Payday Loan Laws and Regulations

Following are the state limitations enforced on payday loans.

  • Maximum Loan Amount: $600
  • Loan Term: 31 Days Maximum
  • Finance charge for $100 loan in 14 days: $15
  • APR for $100 loan in 14 days: 390%
  • Maximum number of allowable loans at a time: one with licensee
  • Repayment plan: Allowed
  • Collection fees: $25 NSF Fee

Finance rate fees vary depending on the amount borrowed. For the first $100, lenders can enforce a maximum of 15% rate. The second $100 gets 14%, 13% for the third, 12% for the fourth and so on. Verifications fees are added in to the total. Rollovers are not permitted and regulations on cooling off period are unspecified. Consumers are advised to read the fine print carefully to determine if the rates asked for are excessive or within limit.

Michigan Consumer Protection

Any problems with Michigan payday loans can be brought to the attention of the Michigan Office of Financial and Insurance Regulation.

Borrowers can also inquire through email or visit the regulatory group’s official website. All consumers are advised to understand the impact of payday loan laws on their transactions in order to protect themselves against unsavory dealings. Comparing lenders and reading online reviews are also excellent self-help strategies.

Michigan Payday Loan Alternatives

For those who are wary of payday loans, there are other options to meet temporary cash setbacks. The most basic ones would be asking friends and family for financial support. You can also try selling some of your unused items, therefore avoiding interest rates. Pawnshops are also a viable source of income along with cash advance from credit cards. Employers can also offer advance on salary at no additional cost. For larger cash needs, a bank loan provides friendlier rates and longer terms.

Payday Loans cities in Michigan:
Adrian Albion Allegan
Alma Ann Arbor Battle Creek
Bay City Belleville Benton Harbor
Benzonia Bingham Farms Birch Run
Brighton Burton Cadillac
Canton Caro Charlotte
Chelsea Chesterfield Clinton Township
Coldwater Coloma Commerce Township
Comstock Park Concord Corunna
Dearborn Heights Detroit Dimondale
Dowagiac East Lansing Eaton Rapids
Farmington Farmington Hills Fenton
Flint Fort Gratiot Frankenmuth
Garden City Grand Blanc Grand Haven
Grand Ledge Grand Rapids Grandville
Greenville Grosse Pointe Hastings
Highland Park Hillsdale Holland
Holt Hudsonville Imlay City
Iron Mountain Jackson Jenison
Kalamazoo Lake Odessa Lake Orion
Lanse Lansing Lapeer
Livonia Ludington Marquette
Marshall Marysville Midland
Monroe Mount Pleasant Muskegon
Negaunee New Baltimore New Buffalo
Niles Novi Okemos
Onsted Owosso Petoskey
Pewamo Pinckney Pontiac
Port Huron Portage Redford
Reed City Rochester Rochester Hills
Roseville Royal Oak Saginaw
Saint Clair Shores Saint Johns Saint Joseph
Saranac Sault Sainte Marie Shelby Township
Six Lakes Southfield Southgate
Sparta Spring Arbor Sterling Heights
Stevensville Sturgis Taylor
Tecumseh Three Oaks Three Rivers
Traverse City Troy Utica
Warren Waterford Wayland
Wayne West Bloomfield Westland
Ypsilanti Zeeland  

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