Best Loans In Michigan, Payday, Auto Title Laws 2019 - Elite Personal Finance
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Best Loans In Michigan, Payday, Auto Title Laws 2019

EPF October 27, 2019
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Michigan’s Credit Reform Act requires licensed lenders to cap installment loan APRs at 25%. However, loan amounts are not capped and are determined by the lender and the borrower.

Other allowable charges include:

  • A credit processing fee of up to 2% of the loan
  • A late payment fee – after the agreed-upon grace period has expired – of 5% of the outstanding balance or $15, whichever is greater
  • A non-sufficient funds (NSF) or dishonored check fee of up to $25

Best Bad Credit Loans In Michigan 

Lender:Min Credit Score:Loan Amount:APR:Licensed in Michigan:
BadCreditLoans0$500 – $5,0005.99% – 35.99%Not a direct lender
CashUSA0$500 – $5,0005.99% – 35.99%Not a direct lender
Opploans0$1,000 – $4,00099% – 199%Yes
PersonalLoans580$1,000 – $35,0005.99% – 35.99%Not a direct lender

For tips on how to select the best bad credit loan , see our detailed guide.

Best Personal Loans for Good Credit In Michigan 

Lender:Min Credit Score:Loan Amount:APR:Licensed in Michigan:
Prosper640$2,000 – $40,0006.95% – 35.99%Yes
Payoff640$5,000 – $35,0005.99% – 24.99%Yes
PersonalLoans580$1,000 – $35,0005.99% – 35.99%Not a direct lender
LendingTree500$1,000 – $35,0003.99% – 35.99%Yes

To see what other reputable companies have to offer, check out our full list recommended lenders. Also try SuperMoney. Its loan comparison tool can help you find a great loan today.

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Payday Loans in Michigan

Maximum Loan Amount: $600

Minimum Loan Term: Not specified

Maximum Loan Term: 31 days

Maximum Fee: 11% to 15%

Maximum APR: Averages 369%

Rollovers: Prohibited

Loan Limit: You can only have two payday loans at a time

Payday loans are legal in Michigan.

However, the Deferred Presentment Service Transactions Act requires licensed lenders to cap loan amounts at $600 and terms at 31 days.

Allowable finance charges include:

  • 15% on the first $100 borrowed
  • 14% on the second $100 borrowed
  • 13% on the third $100 borrowed
  • 12% on the fourth $100 borrowed
  • 11% on the fifth and sixth $100 borrowed

Borrowers can only have two payday loans at a time and they have to come from different lenders. Rollovers are prohibited, but borrowers can extend their loan as long as the lender does not levy an extension charge. However, licensed lenders can levy a returned check fee of up to $25.

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