Payday Loans Michigan
Michigan State – Payday Loans Information
Payday loans Michigan are made by payday loan stores, check cashers, and pawn shops. Some rent-to-own companies also make payday loans. Loans are also marketed via toll-free telephone numbers and over the Internet. All a consumer needs to get a payday loan is an open bank account in relatively good standing, a steady source of income, and identification. Lenders do not conduct a full credit check or ask questions to determine if a borrower can afford to repay the loan.
Legal Status: Legal
Maximum Loan Amount: $600
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of first $100, 14% of second $100, 13% of third $100, 12% of fourth $100, 11% of fifth $100, 11% of sixth $100 + any database verification fee
Finance Charge for 14-day $100 loan: $15
APR for 14-day $100 loan: 390%
Maximum Number of Outstanding Loans at One Time: Two, only one with same lender.
Rollovers Permitted: None (cannot renew; lender may extend only if it does not charge a fee)
Cooling-off Period: N/A
Repayment Plan: Yes
Collection Fees: One $25 NSF fee
Criminal Action: Prohibited
Call for Cash: +1 (855) 462-5019
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