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Michigan Payday Loan Laws

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  • 0 Comment |
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  • by Joseph Priebe|
  • June 14, 2013 |
  • Loan Laws

Read payday loan laws in the state of Michigan

Regulations for Cash advances are governed on a state-by-state basis. Regardless of where your lender operates, the rules for your loan apply to the state in which you currently live. If you reside in Michigan, keep these important facts in mind before you apply for a cash advance loan.

Michigan is less traditional in its approach to governing payday loans, as their fees operate on a tiered system based on increasing increments of $100. When broken down more simply, a borrower is responsible for a 15 percent interest charge for the first $100, and for every additional $100 borrowed, the fee decreases by 1 percent until the maximum borrowing amount of $600 is reached.

The maximum payday loan period is 31 days, and rollovers are not permitted. However, if the customer is having difficulty making timely payments, the lender must advise the borrower of any repayment options when they become available to use. The lender may also charge an additional one-time fee $25 fee for insufficient funds.

Payday loans are a smart alternative lending option to consider for critical circumstances as no background check is required and approval is typically instant. However, it is important to keep in mind that cash advances are intended to function as a temporary solution for emergency financial assistance.

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