Michigan Payday Loans
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Payday loans are one of the most common forms of lending among the people of Michigan. These loans are fast, easy, and convenient. Every day the payday loans lenders receive applications from people applying for this loan from all across the state. Due to the high demand, lenders are available all around the clock. People can apply for payday loans at any time of the day and night. It makes it a lot suitable for Michigan residents that the lenders are available 24/7. As you can have an emergency at any time and would require payday loans. These loans are a form of instant cash. Payday loans are small-dollar, short-term loans. You receive these loans in less than three days. People prefer payday loans MI instead of other types of loans because they receive them very almost instantly. It is their first choice in case of an emergency.
However, if you want to take this loan, you should keep in mind that payday loans are comparatively more expensive than other forms of loans. You should only take this loan if you know that you will be able to pay it back. You should not consider taking payday loans if you already have loans to repay, as that can cause you to get into a debt trap. You should thoroughly go through the rules, regulations, and finance charges of this loan before applying for it. Keep reading to find out everything you need to know about payday loans in Michigan.
Updated Laws of Michigan Payday Loans
The lenders of this loan often exploit people’s urgent need for money by charging them very high finance charges. But payday loan laws are stringent in Michigan. The state government wants to ensure its residents’ safety, which is why it has made a set of rules. All lenders of payday loans in this state have to abide by these laws. It is essential to know these laws before applying for a loan. This way, you will not end up being tricked by unlicensed payday loan lenders.
Following are the laws:
- The highest value you would be charged on your first $100 of your payday loans would be 15%. The second $100 would be charged 14%, finance charges on the third $100 would be $13, and similarly, the finance charges on your fourth $100 would be 12%. You will also have to give verification fees on your payday loans.
- If you take a 14 days $100 loan, then you will be charged a maximum of $15. This amount is exclusive of the verification fees.
- If you are unable to payday loans on time and want an extension in your period, you will only be allowed if your lender is not charging extra fees.
- In some cases, your lender is allowed to charge you a single $25 NSF fee.
Are There Online Payday Loans in Michigan?
When you are in urgent need of cash, losing a single second is the equivalent of losing time. People do not have the time to drive to loan lenders. This is why there are Online loans in Michigan available where people can apply for a loan within a few minutes. You can be sitting at a bus station or waiting for your coffee in a cafe?. All you have to take out your phone and access a payday loans website and start filling the application form.
The application form would require you to add your necessary information, contact information such as phone number, email address, residence address, and the amount you want to loan out. You will be directly contacted by the payday loans lender. The lender would like to ensure that you are a resident of Michigan, so you may be asked to upload or fax some of your documents, such as electricity bills and ID. Sometimes, the lender may contact your employee and confirm the information you provided to the payday loans lender, such as your payday.
Within a few minutes to an hour, you will be notified if your application was approved or not. Since payday loans online in Michigan are high in demand, the lenders make sure to give the application result as soon as possible. If your application was approved, you would receive the requested amount in your provided bank account within the next one business day. It is as easy as that to get online payday loans Michigan.
Main Requirements for Getting Payday Loans in Michigan
- You will have to be at least 18 years old to apply for this loan. This is the first eligibility requirement for payday loans. In Michigan and all across the USA, it is illegal to give loans to anyone younger than 18. Being an adult legally means you can support yourself financially and repay the payday loans yourself.
- You need to present the lender with a valid driver’s license or ID. This is very important as it proves that you are not lying about your residence in Michigan and your data in the payday loans application form.
- You need to be employed, and your income should be stable. Having an unstable source of income would indicate that you might not be able to pay off your payday loans in time.
- You should have a valid bank account that is registered in your name. As your payday loans will be transferred directly into your account.
- You need to give the lender your valid phone number and email address in Michigan. The payday loans lender will have to contact you regarding your loans, so it is mandatory to give your contact information. You should not provide any fake or invalid data. Sharing incorrect information can result in a rejection of your payday loans.
Information About the Other Options of Cash Advance in Michigan
There are a few other good options for small-dollar loans available. There are online cash advance Michigan options as well as the shop ones. While payday loans are prevalent in this state, some people still do not prefer taking them because of the high finance charges.
Following are the cash advance options available in Michigan:
- Advance Paycheck: You can contact your employer to give you next month’s salary in advance. If you have a good relationship with your boss, then he might understand your urgent need for cash and give you an advance salary. It is a safer option than opting for payday loans where you would have to provide high finance chances and risk getting into a debt trap.
- Payday loans may not be an option for people with unstable income. In such cases, they can ask non-profit organizations to pay their bills or cover their grocery expenses. Unlike payday loan lenders, these organizations help low-income earners for free. You would not have to give them any fees or even the money you took from them.
- Instead of thinking of taking payday loans right away, you should ask your close friends or family instead of for a loan. They will be more understanding of your needs and will probably not charge fees for them.
- Payday loans in Michigan can burden you as you will have to pay the amount altogether next month. Instead, you can opt for installment loan plans. In these plans, you will have to repay your loan money in small installments over some time. The APR rates on these loans are different from payday loans. Your APR will be between the value of 99% to 149%, and you can take loans from any amount between $500-$5000. You will have to pay back the loans in installments between 7-26 months. This period is a lot more than that of payday loans. Banks offer these loans, and you receive the amount on the next business day.
Regulations by Government for Payday Loans in Michigan
Taking a Michigan payday loan is legal and convenient, so many people opt for this loan in a financial emergency situation. But these loans can get you into a debt trap if you are not careful and borrow more than you can repay. This is why the government has set regulations for the safety and benefits of people taking payday loans.
Following are the regulations set by the Government of Michigan:
- Lenders in Michigan are not allowed to lend out money more than $600. The government has set this amount, so people only loan an amount for payday loans to returning. Mainly because this loan has high finance charges.
- People have to return their loans within 31 days after they receive their payday. The countdown starts from the payday, which they had mentioned when filling out the payday loans application form. There is no minimum time to pay back the loan. You can return your payday loan Michigan as soon as you get the money.
- Your lender is not allowed to take any criminal action against you if you cannot pay the loans on time.
- How many payday loans can you have in Michigan? This is an important rule to know. You can take a maximum of two of these loans at a time. Each one of your payday loans cannot be of a more excellent value than $600. The state has limited people to only two at a time, so they would not have a significant burden when their payment comes next month. You are allowed to apply for more payday loans next month only after you pay back your previous loans.
Are People With Poor Credit Eligible for Michigan Payday Loans?
One of the main reasons people prefer to take these loans so often in Michigan is the leniency of lenders when it comes to credit history. The payday loans lenders go thoroughly through your credit history. They will ask for documents related to it as well. This would make you get worried, thinking that maybe your payday loan application would get a rejection because of your poor credit history. But fortunately, having a good credit history is not on the list of eligibility conditions for this loan.
The payday loans lenders are aware that everyone has good and bad days, so even if you had bad credit for a few days, it does not mean you will always have them. As long as you meet all the eligibility criteria requirements, you can expect your payday loan application to get approved.
Benefits of Obtaining Payday Loans in Michigan
Are you still confused if you should opt for this loan or not? Then read these lists of the benefits you will get from taking payday loans:
- These loans are only for the short-term. This means that your payday loan debt will only be with you for a month. They won’t be clinging to your finances for an extended period like other loans. Your stress for payday loans will end sooner than you’ll realize.
- When applying for a loan elsewhere or in banks, having a good reason for it is essential. But in the case of payday loans, you can have any reason for applying for the loan. Your reasons for the loan does not matter.
- Online payday MI has the most straightforward and easy application forms for getting a loan. It doesn’t have almost any of the complications which arise when applying for a loan.
- You can apply for payday loans any day, and anytime you want. You can even use it at late nights or on weekends. But you will receive payments in a business day.
- Some lenders of payday loans are very cooperative, and they even allow you to pay in three months. You can decide the time you need for repayment with the lender when filling out the application form.
- The online payday loans Michigan option is very convenient as it allows the members to view all their personal information, which they gave online on the site. It shows the repayment time and date and gives you the exact outstanding amount of your payday loans. This way it will be easier for you to keep track of your loans.
- Payday loans are legal in Michigan, so if you see a lender breaking the law or charging a high amount than the government has allowed, then you can easily report it.
- You can take payday loans from only those lenders who are following each law. This would prevent you from facing any scam.
- You can receive your payday loans in Michigan in one business day, which makes it the best option in emergencies.
- You can spend the amount wherever you want. You are free to use your payday loan amount whichever way you like. There are no restrictions in this regard from the lender. This gives payday loans borrowers full freedom for spending with their loans.
Applying does NOT affect your credit score!
No credit check to apply.