Michigan State - Payday Loans Information

Payday loans are made by payday loan stores, check cashers, and pawn shops. Some rent-to-own companies also make payday loans. Loans are also marketed via toll-free telephone numbers and over the Internet. All a consumer needs to get a payday loan is an open bank account in relatively good standing, a steady source of income, and identification. Lenders do not conduct a full credit check or ask questions to determine if a borrower can afford to repay the loan.

Legal Status: Legal

Loan Terms:

Maximum Loan Amount: $600

Loan Term: Max: 31 days

Maximum Finance Rate and Fees: 15% of first $100, 14% of second $100, 13% of third $100, 12% of fourth $100, 11% of fifth $100, 11% of sixth $100 + any database verification fee

Finance Charge for 14-day $100 loan: $15

APR for 14-day $100 loan: 390%

Debt Limits:

Maximum Number of Outstanding Loans at One Time: Two, only one with same lender.

Rollovers Permitted: None (cannot renew; lender may extend only if it does not charge a fee)

Cooling-off Period: N/A

Repayment Plan: Yes

Collection Limits:

Collection Fees: One $25 NSF fee

Criminal Action: Prohibited

Call for Cash: +1 (855) 462-5019

State Rate & Fee Regulations

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