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.

Maximum Principal

Up to $600 can be borrowed, through a combination of up to two lenders.

Length of Loan

Loan terms are set at 31 days.

Rollovers

Extensions and rollovers are prohibited in Michigan.

Fees

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).

APR

The APR on $100 borrowed for two weeks is 390 percent.

Cash Connection
14391 Woodward Avenue
Highland Park, MI 48203
Ace Cash Express
10765 Grand River Avenue
Detroit, MI 48204
Check 'n Go Inc
14321 Livernois Avenue
Detroit, MI 48238
Advance America Cash Advance Center Inc
13601 West 7 Mile Road
Detroit, MI 48235
Cash N Go Plus
307 North State Street
Oscoda, MI 48750
Cash Connection
11600 Kelly Road
Detroit, MI 48224
Armada Boost
4670 West Walton Boulevard
Waterford Township, MI 48329
(248) 461-2140
Cash Store
3220 Tittabawassee Road
Saginaw Charter Township, MI 48604
(989) 792-0401
First Cash Advance
6005 Highland Road
Waterford Township, MI 48327
(248) 666-5940
Instant Cash Advance
3480 Gull Road
Kalamazoo Township, MI 49048
(269) 342-9000

Search Payday Loans by City

Allen Park | Ann Arbor | Battle Creek | Birmingham | Burton | Canton | Dearborn | Dearborn Heights | Detroit | East Lansing | Eastpointe | Farmington Hills | Ferndale | Flint | Grand Rapids | Hamtramck | Harrison | Holland | Inkster | Jackson | Kalamazoo | Lansing | Lincoln Park | Livonia | Madison Heights | Midland | Monroe | Muskegon | Novi | Oak Park | Okemos | Pontiac | Port Huron | Portage | Redford | Rochester Hills | Roseville | Royal Oak | Saginaw | St. Clair Shores | Southfield | Southgate | Sterling Heights | Taylor | Troy | Warren | Waterford | Westland | Wyandotte | Wyoming | Ypsilanti | More Michigan Cities

Michigan Loan Statistics

Pay Schedule
Average Loan Average Age Weekly Bi-Weekly Monthly Twice Per Month Home Owner Renter
2012$5814223%51%21%5%35%65%
2011$5583819%54%21%6%35%65%
2010$5664122%52%17%9%41%59%