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Find Payday Loan Companies in Michigan

Governing law in state:
Under Michigan law, a loan agreement must contain the following: the name, phone number, and address of the cash advance business, a detailed listing of the interest and fees imposed, a clear explanation of the borrower's payment duties to the payday advance creditor, and an example illustrating the sum a consumer pays for borrowing a certain loan amount. A consumer is not permitted to have more than two outstanding cash advance payday loans at a time with more than one payday loan per lender.  Michigan law prescribes a private right of action for the lender but prohibits criminal action.

Maximum loan amount:
A borrower can request up to $600 in payday loan funds.

Loan terms:
The loan term is 31 days.

Extensions:
Borrowers cannot rollover or extend their cash advance loans.

Fees and charges:
Michigan law allows check cash advance creditors to charge an administrative fee of $5 as well as a service fee per transaction, provided that it does not exceed a 25% annual interest rate. Payday loan businesses can charge a maximum finance fee of 15% depending on the amount of the loan. The finance fee for a two-week payday loan in the amount of $100 is $15.

Fee schedules and APR:
The APR for a two-week loan valued at $100 is 390%.

Payday Companies

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1

Quickcashmi

45460 Ford Rd,
Canton, Michigan 48187
(734) 207-3770
You never know what's going to happen which is why you will always need to be ready. A payday advance through QuickCash MI is a great way to do that. ...
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2

A-1 Cash Advance

613 28th St Se,
Grand Rapids, Michigan 49548
(616) 241-3415
Believe it or not, there is a place where you could have a payday loan for free. That is because there is a loan company called A-1 Cash Advance that...
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3

Cash Giant

19290 Kelly Rd,
Harper Woods, Michigan 48225
(313) 245-5626
Cash Giant is always ready to help you out whenever you are shot on cash, by giving you a one-step and very convenient solution to your current finan...
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4

Quickcash MI

897 S Washington Ave,
Holland, Michigan 49423
(616) 396-1608
People always say to expect the unexpected, but how do they really expect you to prepare for the unexpected when you do not know what to expect. Luck...
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5

Advantage Cash Advance

7722 E 8 Mile Rd,
Detroit, Michigan 48234
(313) 422-8785
...

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Michigan Loan Statistics
2012 2011 2010
Average Loan528537524
Average Age383738
Pay Schedule
  Weekly18%15%17%
  Bi-Weekly58%61%59%
  Monthly18%18%15%
  Twice Per Month5%6%9%
Home Owner27%27%33%
Renter73%73%67%
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