Michigan Payday Loan
Michigan, much like many other states, is going through a controversy dealing with payday loans that is sweeping the nation. However, at present they are still legal. If you need a payday loan in Michigan, then SameDayPayday can help. Our site offers company profiles and user reviews of the biggest lenders operating in the US. If you choose to apply in person, our city links below will help you find a local payday store.
Getting a cash advance in Michigan is really not that complicated. Many residents in the Wolverine State have come to SameDayPayday.com and discovered that applying online is much faster and convenient than the traditional way. Loan amounts range from $100 - $500, approvals happen in minutes, and funds are usually deposited within one business day.
Payday Loan Lending Laws in Michigan
Previously there were no laws that regulated how the payday loan industry was run. As of June 2006, however, new payday lending regulations are placed on the payday loan business. People can borrow up to $600 over one month but cannot have more than one loan at a time. The borrowers have to pay the interest rates being $15 for every $100 that is loaned in a period of 2 weeks.
In one count that was done as recently as 2006, 650 payday lenders were situated in the state of Michigan. In 2011, the number of licensed operators increased by just 1 to 651. Due to the growth of the market and the increased use of the internet as an integral tool, the numbers have changed exponentially. In an internet search early 2017, “payday loans Michigan” turned up 448,000 hits!
The state motto of Michigan is: “If you seek a pleasant peninsula, look about you.”
Michigan Payday Loan - Cities