Best Loans in Michigan, Payday, Auto Title Laws of April 2024

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Last Update: November 2, 2022 Loans By State
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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.
  • 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 April 2024

Amount:

$100 - $15,000

Min. Credit Score:

0

APR:

5.99% - 35.99%

Approval:

5 Minutes