Best Loans in Michigan, Payday, Auto Title Laws of October 2024
Best Loans in All States
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.
- After the agreed-upon grace period, a late payment fee becomes 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 of October 2024
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