Michigan Payday Loans
Payday loans are permitted in Michigan and there are several state requirements in place to protect consumers. The Michigan laws regarding payday loans are designed to inform the public of what is actually being taken on with a cash advance. Some of the requirements for payday lenders include: a detailed list of the fees and interest rates associated with the advance, clear wording on what the borrower is responsible for in regards to the lender, and a clear example of what the fee percentage looks like in actual dollars. Consumers can have up to two loans at a time, but only one per lender. This is why it's good to know of multiple lenders, in cities like Detroit, if you are ever in a bind. Criminal action cannot be taken by the lender, but civil action is permitted if a borrower defaults.
Up to $600 can be borrowed, through a combination of up to two lenders.
Length of Loan
Loan terms are set at 31 days.
Extensions and rollovers are prohibited in Michigan.
Cash advance businesses are permitted to charge a $5 administrative fee, along with a service fee for each transaction. The maximum finance fee is set at 15 percent by Michigan law, so for every $100 borrowed, the finance fee is $15 (not included the administrative or service fees).
The APR on $100 borrowed for two weeks is 390 percent.
Highland Park, MI 48203
Detroit, MI 48204
Detroit, MI 48238
Detroit, MI 48235
Oscoda, MI 48750
Detroit, MI 48224
Waterford Township, MI 48329
Saginaw Charter Township, MI 48604
Waterford Township, MI 48327
Kalamazoo Township, MI 49048
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