Find Payday Loans in Michigan
The payday loan industry recently became legally recognized and accepted in Michigan, however, cash advance businesses are strictly regulated by The Michigan Office of Financial and Insurance Services. Borrowers are not allowed to hold more than two payday loans at once and can only be issued one loan per cash advance lender. Before a check advance loan can be issued to a consumer, the lenders must present a written loan agreement providing the name, phone number, and address of the payday loan company, a thorough explanation of interest rates and fees, the consumer’s payment responsibilities to the lenders, and an example demonstrating how the total loan amount is calculated based on a specific loan value.
A consumer can receive a maximum of $600 in payday loan funds.
Cash advance loans can be issued up to 31 days.
Payday advance renewals and rollovers are not permitted in Michigan.
Cash advance companies can charge a 15% finance charge on the first $100 issued to a consumer. Borrowers in good standing with lenders in Michigan can benefit from a consecutively decreasing finance rate on payday loans issued thereafter.
A loan with a $100 face value and a 14-day term will have an APR equal to 390%.