Payday Loans in Bitely, Michigan

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No payday loan companies in Bitely, MI. Consider companies in other cities:

Company nameAddressZip codePhone number
Check Into Cash 716 Chicago Dr, Holland, MI 49423 +1 (877) 244 - 8254
Thrivent Financial for Lutherans 298 Main St, East Tawas, MI 48730 +1 (989) 623 - 7022
Frankenmuth Credit Union SVRC Branch 203 S Washington Ave, Saginaw, MI 48607 +1 (989) 497 - 1600
Metro Mortgage Group 216 E Ludington Ave, Ludington, MI 49431 +1 (231) 425 - 5555
Honor Bank 1112 S Garfield Ave, Traverse City, MI 49686 +1 (877) 325 - 8031
First Merchants Eureka and Fifth Commercial Lending Center 467 Eureka Rd, Wyandotte, MI 48192 +1 (734) 242 - 2204
Mr Bucks Check Cashing 1024 Ecorse Rd, Ypsilanti, MI 48198 +1 (734) 547 - 8242
Advia Credit Union 825 M-89, Plainwell, MI 49080 +1 (844) 238 - 4228
Huntington Bank 6405 B Dr N, Battle Creek, MI 49014 +1 (269) 282 - 7424
Cash Connexion 826 Welch Blvd, Flint, MI 48504 +1 (810) 232 - 7955

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Bitely, MI, you can try to find different companies in big cities near by. Check out the following pages here: No Credit Check Loans in Ann Arbor, MI, Payday Loans in Battle Creek, MI, Payday Loan for Bay City, MI, 24-Hour Loan in Bedford, MI, Short-term Loans in Dearborn, MI, Payday Loans in Dearborn Heights, MI, Quick Loan in Detroit, MI and Payday Loans in East Lansing, MI. But also, you can apply for a loan online, not coming out of your home. Just fill out a simple application on our website and we will connect you with trusted direct lenders in Bitely, MI.

Beautiful sights of Bitely, MI

Are Payday Loans Legal In Bitely, Michigan?

Loan Rates and Fees, Laws and Regulations in Michigan.

Michigan Loan Regulations

Legal StatusLegal
Interest Rate (APR, %)369
Maximum Loan Amount$600
Minimum Loan TermNot Specified
Maximum Loan Term31 days
Number of Rollovers Allowed0
Finance Charges15%-11% (depending on the number of $100 transactions)

Bitely, MI payday loan calculator

Payday loans have been gaining popularity across the United States over the past few years, and Michigan is no exception. In fact, payday loans are perfectly legal in Michigan, including in communities like Bitely. While there are both advantages and drawbacks to payday loans, they can be a useful financial tool when used responsibly and wisely.

What is a payday loan?

Payday loans are short-term loans that are typically due on the borrower’s next payday. They are intended to help individuals who are experiencing financial difficulties or unexpected expenses, such as healthcare expenses or car repairs, that they are unable to cover with their existing funds. Payday loans do not require collateral and are typically unsecured, meaning that the borrower does not need to put up any assets, such as a car or house, as security for the loan.

How do payday loans work?

In order to receive a payday loan, the borrower typically needs to provide proof of income and an active checking account. The loan amount, which can vary depending on the lender, is typically due on the borrower’s next payday, and it is usually automatically withdrawn from their bank account. Some lenders may also require post-dated checks as backup for the loan repayment.

Advantages of payday loans

  • Quick funding: Payday loans are typically available quickly, sometimes within hours of application, making them a useful option for those who need funds urgently.
  • No credit check: Unlike other types of loans, payday lenders typically do not require a credit check, which makes them more accessible to borrowers with poor credit or no credit history.
  • No collateral needed: Payday loans are unsecured loans, meaning that borrowers do not need to put up any assets as collateral to secure the loan.

Drawbacks of payday loans

  • High interest rates: Payday loans are typically associated with high interest rates, often in excess of 300% APR. Because they are short-term loans, lenders may argue that high interest rates are necessary to cover the high risk of default.
  • Debt cycle: Borrowers who are unable to repay their payday loans on time may face further fees and charges, potentially leading to a cycle of debt that can be difficult to escape.
  • Can be predatory: Some payday lenders have been criticized for engaging in predatory lending practices, such as charging excessive fees or targeting vulnerable borrowers who may be unlikely to repay the loan.

The reality of payday loans in Bitely, Michigan

Bitely, Michigan is a village located in Newaygo County, and payday loans are legal in Michigan. However, the state has implemented some regulations to help protect borrowers from predatory lending practices.

Michigan law permits payday loans of up to $600 per lender. Furthermore, lenders may charge up to 15% of the loan amount as a finance charge, and up to 45% as an annual percentage rate (APR). Borrowers are also limited to one loan at a time and a maximum of two in a 90-day period. If a borrower misses a payment or fails to repay the loan on time, lenders may charge a one-time NSF fee of up to $25 but cannot pursue criminal charges.

Interesting facts and figures about payday loans in Michigan

  • Michigan is home to around 600 payday lenders, which is more than three times the number of McDonald’s restaurants in the state.
  • In 2019, Michigan borrowers took out over 1.7 million payday loans, with an average loan amount of $455. However, more than 200,000 borrowers failed to repay their loans on time.
  • Over 80% of payday loans in Michigan are taken out by borrowers who subsequently take out another loan on the same day that their previous loan is paid off.

Apply now for a payday loan

If you’re considering a payday loan and live in Bitely, Michigan or the surrounding area, TheGuaranteedLoans can help connect you with a lender. Remember that payday loans should be used responsibly and only for the purposes for which they are intended. We encourage you to fully review the terms and conditions of any loan offers and ensure that you are able to repay the loan on time and in full. TheGuaranteedLoans is a service that facilitates connections between borrowers and lenders and does not directly provide loans. Apply today and see if you can get the funds you need to meet your short-term financial needs.

F.A.Q.

What is the maximum amount I can borrow with a payday loan in Bitely, Michigan?

The maximum amount you can borrow with a payday loan in Bitely, Michigan is $600.

What is the APR for payday loans in Bitely, Michigan?

The APR for payday loans in Bitely, Michigan is 390%.