Michigan Payday Loans Online (Bad Credit) No Credit Checks
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Michigan Payday Loans Online: Same Day Instant Approval
When a customer applies for a payday loan, the lender will typically run a database check to see if the borrower has any outstanding payday loans.
This is done to prevent customers from taking out multiple payday loans and getting into financial trouble.
If the borrower does have outstanding payday loans, the lender may still approve the loan but may charge a higher interest rate. This is because the borrower is considered to be a high-risk customer.
How Much Does a Payday Loan Cost in Michigan?
The amount you are paying for a payday loan in Michigan will depend on the lender you use. Some lenders will charge a flat fee, while others will charge a percentage of the loan amount.
The interest rate charged will also play a role in how much you pay for the loan. You can expect to pay between $30 and $60 for every $200 borrowed. The APR for a typical two-week payday loan is generally between 300% and 700%.
Your credit score may also impact the cost of your loan.
What if I’m unable to repay the loan on time?
If you cannot repay your payday loan, the lender may allow you to roll over the loan into a new one. This means that you will pay the fees and interest on the loan, plus an additional cost, for another two weeks.
After this, you will need to repay the entire loan amount plus fees and interest.
If you are still unable to repay the loan, the lender may choose to take legal action against you. This could result in wage garnishment, asset seizure, or a court order for repayment.
Is it possible to extend the time I have to repay the loan?
In some cases, the lender may be willing to extend the time you have to repay the loan. However, this will typically result in additional fees. If you are having difficulty repaying the loan, you may consider talking to a credit counseling service.
They can help you develop a plan to repay the loan and get your finances back on track.
What if I suspect the payday lender of breaking the law?
If you believe that a payday lender has violated the law, you can file a complaint with the Michigan Department of Insurance and Financial Services. You can also file a complaint with the Consumer Financial Protection Bureau.
Read more about Michigan’s payday lending laws to verify if the lender has violated the payday lending laws. If so, you may proceed to file a complaint against the lender.
Are There Payday Loan Alternatives in Michigan?
Yes, you can get payday loan alternatives in Michigan. They are as follows:
PALs:
A PAL is a Payday Alternative Loan offered by a credit union. In Michigan, the maximum loan amount is $500, and the term cannot exceed six months. The interest rate is capped at 28% APR. There are no fees for taking out a PAL, and you may be able to get the money you need within one business day.
Credit Cards:
If you have a credit card, you may be able to use it to get cash advances. The interest rate on cash advances is typically higher than the interest rate on purchases, but it may be lower than the interest rate on a payday loan.
Personal Loans:
You can also get a personal loan from a bank, credit union, or online lender. Personal loans typically have lower interest rates than payday loans, but the terms can vary greatly. Make sure you shop around and compare offers before taking out a personal loan.
Installment loans:
Installment loans are another type of loan that you can use to get the money you need. With an installment loan, you borrow a set amount of money and then make equal payments each month until the loan is paid off. The interest rate on an installment loan is usually lower than the interest rate on a payday loan.
Auto loans:
If you have a car, you may be able to get an auto title loan. An auto title loan uses your car as collateral to secure the loan. The interest rate on an auto title loan is typically high, so you should only consider this option if you are confident that you can repay the loan.
Borrowing from Friends or Family:
If you have a friend or family member willing to lend you the money you need, this may be a good option. Just be sure to put everything in writing so that there is no misunderstanding about the loan terms.
Who Qualifies To Take Out a Payday Loan?
Below are the eligibility criteria that determine if you qualify for a payday loan:
- Residence: To be eligible for a payday loan, you must be a resident of Michigan.
- You must have a steady source of income: Payday loans are typically only given to those who have a constant source of income. This can come from a job, benefits, or another source.
- You must have an active checking account: To qualify for a payday loan, you must have an active checking account. This is where the loan will be deposited.
- Be an adult: You must be 18 years of age to qualify for a payday loan.
- Source of income: Your employment status will play a role in whether or not you are eligible for a payday loan. Those employed full-time are typically the most likely to be approved for a loan. If you are self-employed, you may still be able to qualify for a loan if you can provide proof of income.
What Are the Payday Loan Fees and Regulations in Michigan?
The maximum amount you can borrow with a payday loan in Michigan is $600. The minimum loan term is 14 days, and the maximum loan term is 31 days. The finance charge for a 14-day $100 loan is $15.50, which equals an APR of 390%! Your credit score will not be a factor in determining whether or not you are approved for a loan.
The state must license all payday lenders in Michigan. The Michigan Department of Insurance and Financial Services regulates all payday lenders.
You must repay all payday loans in full on your next payday. If you cannot repay the loan, you may be able to roll it over into a new loan. However, this will come with additional fees.
Why Do People Need Payday Loans?
There are several reasons why someone might need to take out a payday loan. Some common causes include:
- Taking care of unexpected expenses: Unexpected expenses can crop up. If you cannot cover the cost with your savings, a payday loan may be suitable.
- To cover a car repair: If your car needs repairs and you do not have the money to cover the cost, a payday loan can help.
- Taking care of a medical bill: Medical bills can be costly, and if you do not have insurance or enough savings to cover the cost, a payday loan may be a good option.
- To cover a child’s expense: Children can be expensive, and if you need help covering the cost of an unexpected expense, a payday loan may be a good option.
Is it difficult to get a payday loan in Michigan if you have a bad credit history?
No, your credit history will not be a factor in determining whether or not you are approved for a payday loan. All you need to qualify for a payday loan is an active checking account and proof of income.
Lenders have other means of checking your ability to repay the loan without relying on your credit score.
The cons of Michigan payday loans
- High-interest rates: One of the most significant drawbacks of taking out a payday loan is the high-interest rate. The APR on a 14-day $100 loan is 390%, which is very expensive.
- Short repayment terms: Another downside of payday loans is the short repayment term. You will need to repay the loan in full on your next payday, which can be difficult if you are already tight on money.
- Rolling over the loan: If you cannot repay the loan on your next payday, you may be able to roll it over into a new loan. However, this will come with additional fees that can add up quickly.
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Wenn Lauren is a copywriter and copyeditor at Oakparkfinancial. She writes all about personal finance to help Oakparkfinancial blog readers better understand the finance world and all their options in it. Wenn has covered topics like the basics of bad credit, how to start applying for a business loan, and tips on getting cash advances. She also takes on different editing jobs and manages Oakparkfinancial's social media accounts. Wenn was writing about the basics of financing and how everyday people can save money in everyday ways, she was working as an Assistant Editor for the Linguistic and International Studies department at Brigham Young University (BYU). Currently, she also helps authors get their books ready for publishing with her manuscript copyediting services.
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