Michigan Payday Loan | List of Best Payday Lender in Michigan

One should never rush into taking out a payday loan from a Michigan payday loan company. It is always wise to choose a company carefully and check the terms and conditions for getting such a loan. Knowing the basics of Michigan payday loan laws is also a good idea and can protect a person from being cheated by an unscrupulous lender.

Michigan Payday Loan Law Overview

A person who wants to take out a Michigan Payday Loan can borrow up to $600 at any given time. However, a loan must always be paid back before taking out another one. Companies are not permitted to grant a payday loan to a person who has already taken out such a loan.

In order to get a loan of this nature, one would need to be over 18 years of age, show proof of employment and fill out an application form. There are no other requirements. However, the cost of obtaining a payday loan in Michigan can be quite high. Lenders are allowed to charge up to 15% interest for any loan under $100. Loans of $100 – $200 have a maximum interest rate of 14%; loans of $200 – $300 have a maximum rate of 13% and loans from $300 – $400 have a maximum rate of 12%. Those who want to take out a loan of more than $400 cannot be charged more than 11% in interest. It should be noted that the maximum interest rate does not include lender’s fees.

The payment deadline for the loan depends on the terms set by the lender. Payday loans companies in the state do not allow more than 31 days for a loan to be paid back. Some companies do permit payday loans extensions as allowed under Michigan law; however, one has to pay extra to enter an extension plan. Furthermore, whether or not an extension is granted is up to the lender.

Taking out a Michigan payday loan can be a good way to get needed cash in hand to pay upcoming expenses. However, one should realize that these loans come with a very high interest rate and some inflexible terms and conditions. Finding the right lender is important, but it is even more important for a borrower to carefully assess his or her own finances and make sure the loan and accompanying interest rate can be paid back on time and in full.

List of Best Payday Lender in Michigan

There are many many payday lenders in Michigan. How do you know which one is the best? This is the list of best payday loans in Michigan. You can apply online now or by phone. That’s up to you.

No
Provider
Review
APR
Visit Site
1
AmeriAdvance
Varied
Go to AmeriAdvance
2
Paydaymax
431.79%-616.85%
Paydaymax
3
Plain Green Loans
59.84% �?378.95%
Go to Plain Green Loans
4
MyCashNow
401.13%-573.05%
MyCashNow
5
Discount Advances
401.13%-573.05%
Discount Advances
6
100 Day Loans
36%�?51.79%
100 Day Loans
7
Cashnet USA
243.25%�?83.04%
Cashnet USA
8
Check City
Varied
Check City
9
Cash Central
Varied
Cash Central
10
CashAdvance
Varied
Go to CashAdvance.com
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