Payday Loans in Michigan (MI)

Want a payday loan in Michigan? Learn more about your options!

We may find it hard to beieve but one day all of us might find ourselves in a situation where we might need to borrow some fast money in the form of a short-term loan. Although they are now mentioned under the umbrella term of a payday loan in real there are over 10 different types of loans of the same nature. All these loans share a couple of things in common. Let’s see these qualities:

  • Virtually anyone above the legal adult age can obtain them
  • One has to be a US citizen or hold a Resident card
  • One has to have a proper employment
  • Payday loans have become popular because even people with bad credit can obtain them.

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Payday Loans Michigan

Of course every its not all good in payday land. Let’s see the downsides:

  • Interest rates can get sky high sometimes even higher than 200%. Watch out who you obtain loan from and always go for a longtime standing licensed and trusted company.
  • If you don’t read your contract precisely you can easily get in a debt trap and can’t pay back on time. There are contracts that limit borrowers from negotiating alternate payback options.
  • The maximum amount one can obtain is only around USD 500 at most companies. This loan is way too small for you to pay thousands back in return.

Every borrower is highly advised to look for other options for these very reasons. However, we know that sometimes, things lead to the necessity to get money fast.

Let’s therefore see, what the payday loan conditions are in the state of Michigan.

What are the payday loan laws and regulations in Michigan?

Payday loans are legal to obtain in the state of Michigan. The loan is regulated by the Mich. Comp. Laws §§ 487.2121 et seq.

According to the law the following terms apply for payday loans:

  • The maximum amount of loan is USD 600
  • The maximum term of loan is 31 days
  • The maximum number of outstanding loans: two at the same time and should be at a different lender
  • No rollovers are permitted, it depends on the lender to extend for no additional fee
  • No cooling-off period
  • Repayment plan: can be obtained

How much can you be charged by a payday lender in Michigan?

The following rates and extra charges apply Maximum rate:

15% after the first USD 100 then 14% for the second USD 100 going at the same rate until total reaches USD 500

Extra verification fees apply depending on the lender APR for a USD 100 loan is 390%

Your rights as a borrower in MI

Lender can charge database verification fee and apply a finance charge for the loan Lenders (example after a 100 USD loan USD 15 would be charged as a finance charge) also apply a collection fee of USD 25. License should be obtained before starting a loan business at the Department of Insurance and Financial Services Borrowers can also complain at the Department of Insurance and Financial Services.