Payday Loans in Boyne Falls, Michigan
In many cases, people find themselves in need of quick cash to handle an unexpected bill or emergency expense. If you’re one of those facing an urgent need for cash in Boyne Falls, Michigan, payday loans may be a solution.
Payday loans are short-term loans that you can get relatively quickly, and they can help you cover unexpected expenses or bridge a gap between paychecks. Michigan is one of the many states in the U.S where payday loans are legal.
How do payday loans work?
In Michigan, payday lenders can provide loans of up to $600. The borrower provides a post-dated check, which the lender will cash on the agreed-upon date typically within two to four weeks from the loan’s approval date.
Borrowers usually apply for payday loans online or in-store. If the application is accepted, the lender will deposit the money into the borrower’s bank account. Once the loan is due, the lender will cash the post-dated check provided during the application.
What are the requirements for getting a payday loan in Boyne Falls, Michigan?
To qualify for a payday loan in this area, you need to be at least 18 years old and have a steady income source. Lenders typically require a government-issued ID, an active bank account, and a contact number. Some lenders may also request proof of residency and income.
Payday loans often come with high-interest rates, so be sure to read the loan agreement and understand the fees before borrowing. Michigan law limits the amount of interest payday lenders can charge. For example, for the first $100 borrowed, the maximum fee is set at 15% of the loan amount, with a maximum finance charge of $15. For amounts between $101 and $200, the maximum fee is set at 14%, with a maximum finance charge of $29. If you borrow $551 to $600, the max fee is 11%, and the maximum finance charge is $66.
Interesting facts about payday loans in Boyne Falls, Michigan
- In Michigan, the average payday loan amount borrowed is $350, and the average length of the loan term is 14 days
- The payday loan industry in Michigan is worth approximately $90 million annually
- The number of payday lenders in Michigan has more than tripled since 2005
- Between 2012 and 2017, Michigan payday lenders charged over $513 million in fees alone
Apply Now
If you’re facing a sudden financial emergency and need quick access to cash, don’t hesitate to apply for a payday loan online. However, bear in mind that TheGuaranteedLoans is a connector service, not a direct lender. That means that we can facilitate your connection with potential lenders, and you can get the necessary funds to resolve your financial issue.
We connect borrowers with various lenders, increasing their chances of getting approved. Plus, our application process is quick, secure, and confidential. You can apply from the comfort of your own home and get the money you need deposited into your bank account in as little as one business day.
Don’t delay. Apply today!