Financial emergencies can occur at any moment and they often happen between paydays when available cash is low or non-existent. Michigan payday loans provide rapid cash that can be used to meet such situations, thus providing peace of mind. Such cash advances are also repaid rapidly, usually on the following payday.
Michigan payday advances can be obtained through licensed state lenders or via lenders operating online that service Michigan residents. Therefore, you have various sources from which to obtain the money you need to avert stressful financial emergencies without heaping long-term loan payments onto your stressed budget. Since interest rates and accompanying service fees can be high, it is advised to shop around for the best rates.
Michigan Payday Loans Defined
In the state of Michigan, payday cash advances are referred to as "deferred presentment service transactions," but still fall under the definition of "payday loans." Payday loans are short-term cash advancements that are small in amount (up to $1,000 in most states) and have high interest and service fees attached. Michigan payday loans are designed to meet cash emergencies by providing rapid cash that can be used immediately.
Michigan payday loans are easily acquired through a short application and verification process. Applications are normally approved in less than 24 hours, providing fast cash to meet such financial situations as vehicle or home repair, bill payments, medical emergencies or required medications, vacations, etc.
The Process for Obtaining Michigan Payday Advances
Payday advance Michigan loans are obtained via a fast and easy application process that entails filling out a simple form. Besides providing basic information, you are also required to supply a current form of personal identification, checking account information, and proof of regular income from a job or through government benefits.
along with required information, is submitted for approval that normally occurs within 24 hours. Once approved, funds are usually supplied by direct deposit into your provided account, but they can also be retrieved in cash or via a money order, depending on your need.
Michigan payday loans are then repaid on the agreed upon date which normally occurs on the date of your next payday or receipt of government funds. Cash advance loans can be repaid by visiting the physical location, through a post-dated check that is supplied during the application process, or by approving direct withdrawal from your supplied bank account.
Legal Guidelines for Michigan Payday Advances
In the state of Michigan, payday short-term loans cannot exceed $600 and are payable within 31 days. Two outstanding payday loans are allowed, but different lenders must carry them. Rollovers, or loan extensions, are not allowed; therefore, loans must be paid within the specified period (up to 31 days).
Michigan has set interest and fee limits on various loan amounts. Therefore, the ascending fee schedule is as follows: Loan amount/Fee Limit = $50 - $7.50; $100 - $15; $200 - $29; $300 - $42; $400 - $54; $500 - $65; $600 - $76. A $100 loan taken out for a 14-day period equates to an APR of 390%. Also, one $25 fee can be charged on accounts having non-sufficient funds (NSFs).
Michigan payday loans can be obtained through either licensed in-state lenders or Internet providers. However, online payday loan lenders must adhere to Michigan state laws.
Contact Information for Information on Michigan Payday Loans
If you need more information or have additional questions regarding Michigan payday advances, you can contact the following state office.
- Michigan Office of Financial and Insurance Regulation
Category: Payday loans