Payday Loans in Champion, Michigan

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

Company nameAddressZip codePhone number
Gogebic County Federal CU 600 W Lead St, Bessemer, MI 49911 +1 (906) 663 - 4011
Range Bank 601 US-41, Negaunee, MI 49866 +1 (906) 475 - 6586
Menominee Abstract & Land Co 945 1st St, Menominee, MI 49858 +1 (906) 863 - 3292
Vic Canever Chevrolet Service 3000 Owen Rd 1766, Fenton, MI 48430 +1 (810) 629 - 3350
Advance America 3730 Alpine Ave NW, Comstock Park, MI 49321 +1 (616) 647 - 0144
The Miners State Bank 1203 Ridge Rd, Houghton, MI 49931 +1 (906) 482 - 5131
Huntington Bank 100 E Main St, Gaylord, MI 49735 +1 (989) 731 - 7338
CheckSmart 29235 Six Mile Rd, Livonia, MI 48152 +1 (734) 261 - 2318
Bank of America with Drive-thru ATM 25001 Van Dyke Ave, Center Line, MI 48015 +1 (586) 758 - 4300
Cashway Financial 4076 E Grand River Rd, Howell, MI 48843 +1 (517) 545 - 0300

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Champion, MI, you can try to find different companies in big cities near by. Check out the following pages here: Online Loans in Macomb, MI, Payday Loans in Madison Heights, MI, Payday Loans in Midland, MI, Payday Loans in Muskegon, MI, Bad Credit Loans in Novi, MI, 24-Hour Loan in Pontiac, MI, No Credit Check Loans in Portage, MI and Payday Loans in Roseville, 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 Champion, MI.

Beautiful sights of Champion, MI

Payday Loans Available in Champion, MI By The Following ZIP Codes:

49814

Are Payday Loans Legal In Champion, 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)

Champion, MI payday loan calculator

Payday loans can be an effective solution when you need cash fast. These short-term loans are designed to provide borrowers with a quick cash infusion to help cover unexpected expenses. For those living in Champion, Michigan, payday loans are legal. Here’s everything you need to know about payday loans in Champion, Michigan.

How Payday Loans Work

A payday loan is typically a small loan that you can use to cover expenses until your next payday. In Michigan, payday loans can be up to $600 with a maximum term of 31 days. The loan agreement will typically include the total amount borrowed, the fees associated with borrowing, and the date by which you need to repay the loan.

One of the key benefits of payday loans is the speed with which you can get your money. Many lenders offer same-day or next-day funding, so you don’t have to wait long to get access to the cash you need.

Interest Rates and Fees

It’s important to understand the fees associated with payday loans before you apply. While the fees can vary from lender to lender, Michigan law caps the fees for payday loans at 15% of the first $100 borrowed, 14% of the second $100, 13% of the third $100, 12% of the fourth $100, and 11% of the fifth and sixth $100. This means that if you borrow $100, you’ll likely pay around $15 in fees. However, if you borrow $600, you may end up paying over $100 in fees.

It’s also important to note that if you can’t repay your loan on time, you may be subject to additional fees. Michigan law allows lenders to charge a $25 fee for returned checks or electronic payments. Additionally, if you default on your loan, the lender may charge a one-time collection fee of up to 25% of the outstanding loan balance.

Choosing a Lender

When it comes to choosing a lender for your payday loan, there are a few key factors to keep in mind. First, you’ll want to make sure the lender is licensed to do business in Michigan. You can search for licensed lenders on the Michigan Department of Insurance and Financial Services website. Additionally, you’ll want to compare fees and interest rates from multiple lenders to make sure you’re getting the best deal.

It’s also important to read the loan agreement carefully before you sign it. Make sure you understand the fees, interest rates, and repayment terms before you agree to the loan. If you have any questions, don’t hesitate to ask the lender for clarification.

The Bottom Line

Payday loans can be a helpful financial tool when used responsibly. If you need cash fast and don’t have other options, a payday loan may be a good solution. Just be sure to understand the fees and repayment terms before you agree to the loan.

Interesting Facts or Statistics about Payday Loans in Champion, Michigan

  • As of 2019, there were over 550 payday lenders operating in Michigan.
  • The average payday loan in Michigan is for $350.
  • A typical payday loan in Michigan carries an annual percentage rate (APR) of 369%.
  • About 70% of payday loan borrowers in Michigan use the funds to cover recurring expenses like rent or utilities.
  • In Michigan, the total amount of payday loans issued in 2019 was approximately $450 million.

Apply Now for a Payday Loan in Champion, Michigan

If you need a payday loan in Champion, Michigan, TheGuaranteedLoans can help. As a connector service, we work with a network of potential lenders to help you find the right loan for your needs. To get started, simply fill out our online application. We’ll review your information and connect you with potential lenders who may be able to provide you with a loan. Remember, TheGuaranteedLoans is not a direct lender. We’re here to facilitate your connection with potential lenders and help you get the cash you need.

F.A.Q.

Can a payday lender in Champion, Michigan take me to court if I default on my loan?

Yes, a payday lender in Champion, Michigan can take you to court if you default on your loan. The lender may seek a judgment against you for the unpaid balance, which could result in additional legal fees and consequences. It is important to seek legal advice if you are facing this situation.

What are the requirements to qualify for a payday loan in Champion, Michigan?

To qualify for a payday loan in Champion, Michigan, you must be at least 18 years old, have a valid ID, a checking account, and a steady source of income.