Payday Loans in Michigan (MI)

Recognized as a highly professional loan broker online in the USA, Weloans connects you with lenders with good reputation for payday loans in Michigan. Check out more details in the following section.

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    15 Best Payday Loans & Cash Advance in Michigan (MI)

    Here we show you detailed infos concerning a group of payday loan lenders in Michigan. Hit on the button below to apply now.

    • 5.0
      AllStarAllStarAllStarAllStarAllStar
      (688)
      • Address:
      • 1050 Wilshire Dr Suite 300, Troy, MI 48084, United States
      • Phone:
      • +1 586-945-3424
      • Open hours:
    • 4.9
      AllStarAllStarAllStarAllStarHallStar
      (1516)
      • Address:
      • 210 Fulton St E, Grand Rapids, MI 49503, United States
      • Phone:
      • +1 616-774-9160
      • Open hours:
    • 5.0
      AllStarAllStarAllStarAllStarAllStar
      (496)
      • Address:
      • 234 S Main St, Eaton Rapids, MI 48827, United States
      • Phone:
      • +1 517-663-0600
      • Open hours:
    • 4
      4.9
      AllStarAllStarAllStarAllStarHallStar
      (643)
      • Address:
      • 3205 Eaglecrest Dr NE #206, Grand Rapids, MI 49525, United States
      • Phone:
      • +1 800-555-2098
      • Open hours:
    • 5
      4.9
      AllStarAllStarAllStarAllStarHallStar
      (627)
      • Address:
      • 3099 Biddle Ave Ste 101, Wyandotte, MI 48192, United States
      • Phone:
      • +1 877-243-2528
      • Open hours:
    • 6
      4.9
      AllStarAllStarAllStarAllStarHallStar
      (613)
      • Address:
      • 7415 Chicago Rd, Warren, MI 48092, United States
      • Phone:
      • +1 877-243-2528
      • Open hours:
    • 7
      5.0
      AllStarAllStarAllStarAllStarAllStar
      (347)
      • Address:
      • 21800 Haggerty Rd #102, Northville, MI 48167, United States
      • Phone:
      • +1 313-790-4008
      • Open hours:
    • 8
      5.0
      AllStarAllStarAllStarAllStarAllStar
      (347)
      • Address:
      • 20 W Jefferson Ave 11th floor, Detroit, MI 48226
      • Phone:
      • (877) 252-0827
      • Open hours:
    • 9
      5.0
      AllStarAllStarAllStarAllStarAllStar
      (320)
      • Address:
      • 5043 Cascade Rd SE Suite A, Grand Rapids, MI 49546, United States
      • Phone:
      • +1 616-974-9710
      • Open hours:
    • 10
      4.9
      AllStarAllStarAllStarAllStarHallStar
      (446)
      • Address:
      • 34930 Ann Arbor Trail, Livonia, MI 48150, United States
      • Phone:
      • +1 877-243-2528
      • Open hours:
    • 11
      5.0
      AllStarAllStarAllStarAllStarAllStar
      (266)
      • Address:
      • 4223 Highland Rd Unit N, Waterford Twp, MI 48328
      • Phone:
      • (248) 706-0911
      • Open hours:
    • 12
      4.9
      AllStarAllStarAllStarAllStarHallStar
      (371)
      • Address:
      • 25555 W Warren St, Dearborn Heights, MI 48127, United States
      • Phone:
      • +1 877-243-2528
      • Open hours:
    • 13
      5.0
      AllStarAllStarAllStarAllStarAllStar
      (256)
      • Address:
      • 29444 Northwestern Hwy, Southfield, MI 48034, United States
      • Phone:
      • +1 800-249-0080
      • Open hours:
    • 14
      4.8
      AllStarAllStarAllStarAllStarHallStar
      (563)
      • Address:
      • 15420 Farmington Rd, Livonia, MI 48154, United States
      • Phone:
      • +1 877-243-2528
      • Open hours:
    • 15
      4.8
      AllStarAllStarAllStarAllStarHallStar
      (558)
      • Address:
      • 8701 Hall Rd, Utica, MI 48317, United States
      • Phone:
      • +1 586-737-7731
      • Open hours:
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    Michigan Payday Loans Regulations

    • Loan Amount (max)

      $600

    • Loan Term (max)

      31 days

    • Finance Charges

      15%-11% (depending on the number of $100 transactions)

    • APR
      369%

    Abide by the laws in Michigan, payday loans are Legal.The interest rate can be 369%.You can get payday loans of $600 at most.0 rollovers are allowed. Finance charges is 15%-11% (depending on the number of $100 transactions). Borrowers must payback the due amount within 6 years (from the last payment).

    What Is the Payday Lending Cap in Michigan?

    The highest amount available to qualified borrowers in Michigan is $600. Borrowers are permitted to have less than two outstanding loans only, from various lenders.

    What Are the Rates, Fees and Other Charges in Michigan

    Loan providers are allowed to charge service fees for each payday loan transaction. The service fee is applied at the time of the transaction. 

    A lender has the right to charge both the following amounts as a feature of their service fee:

    An amount not exceeding the total sum of those listed below, where applicable:

    • 15 percent of the initial $100 loan;
    • 14 percent of the second $100 loan;
    • 13 percent of the third $100 loan;
    • 12 percent of the fourth $100 loan;
    • 11 percent of the fifth $100 loan;
    • 11 percent of the sixth $100 loan.

    An amount of a database verification fee as permitted by §,34(5) of Comp. Laws 487.2121 et seq.

    Even though the service fees may appear to be low, they tend to pile up for borrowers who often fall back on such loans or renew them repeatedly. A $300 payday loan in Michigan can carry an APR of 369% (According to the Center for Responsible Lending 2019).

    Besides, Section 408.020. reads: “When no rate of interest is agreed upon, nine percent allowed as legal interest.”

    How Is the APR Calculated For a $100 Payday Loan in Michigan?

    If the term is 14 days

    Interest Rate (APR): 369%*

    Loan Cost: $100*369%*(14/365)=$14.2

    To Return: Principal+Loan Cost=$100+$14.2=114.2

    What Are the Maximum Terms?

    Loan terms range from 14 to 31 days.

    Consumer Information

    Attention!

    Since July 2020, as permitted by the Consumer Financial Protection Bureau (CFPB), lenders are no longer required to verify if a borrower can repay the loan. Before taking out payday loans,  access your current financial situation to see if you have the ability to meet your financial obligations. Default payment penalties can throw you into a never-ending cycle of debts.

    • All criminal actions against borrowers are prohibited.
    • If a borrower fails to repay in a timely manner, an installment payback plan would be needed from the lender. $15 can be charged for this kind of service. In addition, lenders are permitted to charge an insufficient funds fee of $25 when borrowers default on their payments. The loanees remain responsible to repay the loan. The lender may pursue collection action against the borrower for not repaying the loan.
    • A borrower has the right to let a lender know through a letter if the former believes that the latter was unlawfully operating. Upon receiving the letter, the lender has 3 days for a decision. When the lender admits any kind of lawbreaking activity, the borrower should be compensated five times the loan fee (minimum $15).

    Further information about payday loans in Michigan is available at the Michigan Department of Insurance and Financial Services.

    Borrowers can file a complaint or report illegal practices with the Online Complaint Form.

    Sort out Payday Loans in Michigan by Cities

    It is easy to apply for an online payday loan in Michigan. Simply click the city listed below and pick out the lender who offers the best terms and conditions.

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    Michigan Payday Loan Calculator

    Find out the amount of money you're going to pay for a Michigan payday loan easily with the calculator below.

    Estimated Payment

    $ null

    • Total Principal Paid:$ 1,000.00
    • Finance charge:$ 255.62
    • APR: 311.00 %

    Payment Breakdown

    Close Payday Loans in Michigan

    American 1 Credit Union
    4.8
    AllStarAllStarAllStarAllStarHallStar
    (529)
    Credit union
    Check `n Go
    4.9
    AllStarAllStarAllStarAllStarHallStar
    (328)
    Loan agency
    Motor City Pawn Brokers
    4.8
    AllStarAllStarAllStarAllStarHallStar
    (462)
    Pawn shop
    Academy Mortgage
    4.9
    AllStarAllStarAllStarAllStarHallStar
    (297)
    Mortgage lender