The Best Loans in Michigan 2022: Compare Loan Rates

Financer.com helps you compare online loan rates in Michigan. Compare different loan options in Michigan and read more about the payday loan laws in the state.

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Compare the Best Loans in Michigan for January 2023

Borrow $1,000 for a period of 6 Months.
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Amount: $1,000 | Period: 6 Months
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We found 15 loans

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Chosen 2,153 times

Chosen 2,153 times

Loan amount

$1,000

APR:

4.99% - 35.99%

Total Payment

$1,014.75

for 6 months

Monthly payback

$169.13

for 6 months

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Customer Type

All

Borrow up to

$50,000

Estimated Payback

27/07/2023

Weekend Payout

Age

18

0 Reviews

Interest & Costs

Flexibility & Terms

Website & Functionality

Support & Service

recommended

Chosen 83,440 times

recommended

Chosen 83,440 times

Loan amount

$1,000

APR:

5.99% - 35.99%

Total Payment

$1,017.57

for 6 months

Monthly payback

$169.60

for 6 months

Open right now
Most chosen

Customer Type

All

Borrow up to

$10,000

Estimated Payback

27/07/2023

Weekend Payout

Age

18

35 Reviews

Interest & Costs

Flexibility & Terms

Website & Functionality

Support & Service

recommended

Chosen 28,040 times

recommended

Chosen 28,040 times

Loan amount

$1,000

APR:

5.99% - 35.99%

Total Payment

$1,017.57

for 6 months

Monthly payback

$169.60

for 6 months

Best reviews

Customer Type

All

Borrow up to

$35,000

Estimated Payback

27/07/2023

Weekend Payout

Age

18

15 Reviews

Interest & Costs

Flexibility & Terms

Website & Functionality

Support & Service

Important

Please note that loan amounts, interest rates and other loan terms may vary according to your state and credit profile.

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How to Compare Loans in Michigan

How to Compare Loans in Michigan
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Online Loans in Michigan

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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Save more on your loan by comparing with us first.

The Advantages of Online Michigan Loans

Online Personal Loans Are Convenient
Online Personal Loans Are Convenient
Get Funds As Soon As The Same Day
Get Funds As Soon As The Same Day
Apply Anywhere, Anytime
Apply Anywhere, Anytime
Less Paperwork Required
Less Paperwork Required

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 StatusLegal
Interest Rate (APR)369%
Max. Loan Amount$600
Min. Loan TermNot specified
Max. Loan Term31 days
Number of Rollovers0
Finance Charges11% to 15% depending on the number of $100 transactions
Statute of Limitations6
Updated July 8 2022

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.
Holiday
Holiday
Wedding
Wedding
Home Renovations
Home Renovations
Bills
Bills
Shopping
Shopping
Education
Education

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

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Completely Free Comparison
Instant Results Without a Credit Check
Instant Results Without a Credit Check
Read Genuine Customer Reviews
Read Genuine Customer Reviews
Find the Cheapest Payday Loans in Michigan
Find the Cheapest Payday Loans in Michigan
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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?
Yes. Payday loans are legal in Michigan up to $600.
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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