How to Compare Loans in Michigan
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We've seen a decline in the number of unsecured loans that banks provide in the past few years. While it may be challenging to get a personal loan from a bank, you could still get financing by taking a payday loan.
The way payday loans are governed varies from state to state, and the laws in Michigan are quite different from the laws set in the other states.
Compare online loans in Michigan with our loan comparison tool above, or read more about online payday loan laws in Michigan below.
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Michigan Payday Loans Laws
This article is all about certain limitations with regard to payday lending in Michigan. All lenders must comply with the following regulations:
- Maximum loan amount is $600;
- Borrowers cannot have more than two outstanding loans from different lenders;
- The first $100 loan is charged 15%, the second $100 is granted 14%, the third $100 is charged at 13% and the fourth $100 is charged at 12%;
- Some lenders charge 45 cents as verification fee;
- APR for a 2-week loan cannot exceed 390%.
Michigan cash advances can be given for a period not exceeding 31 days. In the event that a borrower fails to pay in time, he may request an installment payback plan. Moreover, lenders are allowed to charge a $25 funds fee in case of defaulted payment.
The borrower has a legal obligation to repay the loan and may be subject to permitted collection actions from the lender. If a lender considers a lender is operating against the law, he may issue a letter of notification.
The lender has 3 days to agree to or deny these claims. If the lender admits the violation, he pays the borrower five times the fee attached to the loan.
Michigan Payday Loan Regulations
| Legal Status | Legal |
| Interest Rate (APR) | 369% |
| Max. Loan Amount | $600 |
| Min. Loan Term | Not specified |
| Max. Loan Term | 31 days |
| Number of Rollovers | 0 |
| Finance Charges | 11% to 15% depending on the number of $100 transactions |
| Statute of Limitations | 6 |
How Michigan Installment Loans Work
- Payday loans are governed by the Deferred Service Transactions Act;
- Borrowers sign a written agreement showing and fees and APR;
- The agreement must clearly explain the loan terms and conditions.
The Act requires lenders to provide customers with a written contract to sign. The contract should disclose all the includes fees, APRs, and repayment terms and timelines. It should also contain a list of consumer rights disclosed.
Get the Loan You Need
An online personal loan can help when you need cash for large purchases or unplanned expenses.
Debt and Collection Limits
The loan is expected to be repaid on time since no rollovers are allowed. A lender can only extend a loan if it does not charge a fee.
A lender can charge a one-time collection fee of $25 for a returned check. However, a lender is prohibited from taking criminal action against a borrower for failing to pay.
Why Compare Personal Loans at Financer.com
Compare Michigan Loans at Financer.com
Financer.com helps you compare the best personal loans in Michigan and get the best loan rates from leading lenders.
We look for lenders that offer full transparency and have a long track record of successful lending and satisfied customers. We are always improving our comparisons, but are confident in what we can bring to market, and we know you will be as well.
Use our free loan comparison tool to find the right personal loan in Michigan and take the guesswork out of doing all the legwork yourself.
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Michigan Loans - FAQs
Can I get a payday loan in Michigan?
What is the maximum loan term?
Michigan cash advances can be given for a period not exceeding 31 days.
How are payday loans regulated in Michigan?
Payday loans are governed by the Deferred Service Transactions Act.
What happens if I can't pay my Michigan loan?
A lender can charge a one-time collection fee of $25 for a returned check. However, a lender is prohibited from taking criminal action against a borrower for failing to pay.
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