Payday Loans in Clawson, Michigan

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

Company nameAddressZip codePhone number
Huntington Bank 2191 W Columbia Ave, Battle Creek, MI 49015 +1 (269) 965 - 8091
Barron Title Agency 309 Petoskey Ave, Charlevoix, MI 49720 +1 (231) 547 - 8003
Hantz Financial Services - Midland, Michigan 2603 W Wackerly St 100, Midland, MI 48640 +1 (989) 797 - 4234
Principal Financial Group 76 Filer St, Manistee, MI 49660 +1 (231) 758 - 8117
Michigan Money Management 735 W Lake Lansing Rd 125, East Lansing, MI 48823 +1 (517) 349 - 7111
Instant Cash South Haven 721 Aylworth Ave suite b, South Haven, MI 49090 +1 (269) 639 - 8800
Check `n Go 3543 Alpine Ave NW, Grand Rapids, MI 49544 +1 (616) 647 - 9000
Cash Connection 27475 Michigan Ave, Inkster, MI 48141 +1 (313) 359 - 4744
Raymond James Financial Services 8028 Grand River Ave Suite 4, Brighton, MI 48114 +1 (810) 225 - 0850
Credit Repair 13818 S W Bay Shore Dr, Traverse City, MI 49684 +1 (231) 944 - 1405

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Clawson, MI, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Livonia, MI, Payday Loans in Macomb, MI, Payday Loans in Madison Heights, MI, Bad Credit Loans in Midland, MI, Quick Loan in Muskegon, MI, Same Day Loans in Novi, MI, Online Loans in Pontiac, MI and Payday Loan for Portage, 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 Clawson, MI.

Beautiful sights of Clawson, MI

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

48017, 48398

Are Payday Loans Legal In Clawson, 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)

Clawson, MI payday loan calculator

Understanding Payday loans in Clawson, Michigan

Life can be unpredictable, and unexpected expenses can easily overwhelm anyone. Whether it’s a medical bill, car repair, or any urgent expense, most people aren’t financially prepared to handle such emergencies. When you need cash quickly, a payday loan can be a viable option, especially if you are living in Clawson, Michigan.

Payday loans are short-term loans that are designed to provide borrowers with instant cash to handle urgent expenses. In Michigan, payday loans are legal, and you can find payday lenders in various locations across the state, including Clawson. However, before you rush to get a payday loan, it’s important to understand the laws, regulations, and risks involved.

Payday Loan Laws in Michigan

Michigan law regulates payday loans to protect borrowers from predatory lending practices. The payday loan laws in Michigan specify the maximum amount you can borrow, the interest rates, and the repayment terms. However, some lenders try to circumvent these laws to charge excessive fees and interest rates.

In Michigan, the maximum amount you can borrow from a payday loan lender is $600, and you are required to repay the loan within 31 days. The interest rate on payday loans in Michigan is capped at 15% for the first $100 borrowed, 14% for the second $100, and 13% for the third $100. The annual percentage rate (APR) on a 14-day payday loan in Michigan cannot exceed 390%.

It’s important to note that you can only have one outstanding payday loan at a time in Michigan, and lenders are not allowed to rollover or renew your loan. If you default on a payday loan, the lender can charge you additional fees, including collection fees, court costs, and reasonable attorney fees.

Finding a Payday Loan Lender in Clawson, Michigan

Clawson, Michigan, has various payday loan lenders that you can choose from when you need instant cash. However, it’s important to do your research and find a reputable lender who complies with the state’s laws and regulations. You can check for licensed payday lenders in Michigan using the State of Michigan Department of Insurance and Financial Services website.

When choosing a payday loan lender in Clawson, Michigan, consider the following factors:

  • The lender’s reputation and customer reviews
  • The lender’s fees and interest rates
  • The lender’s eligibility requirements and loan application process
  • Whether the lender offers online applications and approval

Benefits and Risks of Payday Loans in Clawson, Michigan

Payday loans are designed to provide borrowers with quick and easy access to cash. However, these loans come with high fees and interest rates that can lead to a cycle of debt if the borrower is unable to repay the loan on time.

Before applying for a payday loan in Clawson, Michigan, it’s important to weigh the benefits and risks involved. Some benefits of payday loans include:

  • Quick access to cash
  • No credit check required
  • No collateral required
  • Easy application and approval process

On the other hand, the risks of payday loans may include:

  • High fees and interest rates
  • The risk of falling into a cycle of debt
  • The threat of legal action and credit damage in case of default

It’s important to borrow payday loans responsibly and ensure you can afford to repay the loan on time.

Interesting Facts about Payday Loans in Clawson, Michigan

  • Michigan law caps payday loans at $600, which is relatively high compared to other states that allow payday lending.
  • Michigan’s payday loan limit of 31 days for repayment is shorter than the standard 14- to 30-day repayment terms in other states.
  • The average payday loan amount in Michigan is $380, and borrowers pay an average fee of $35 for each loan.
  • The payday loan industry generates an estimated $89 billion in loan fees in the United States every year.

Apply Now

If you find yourself in need of quick cash to handle urgent expenses, TheGuaranteedLoans can help connect you with potential lenders. Our online application process is fast, secure, and easy to use. Fill out our online application form today and get connected with lenders who may be able to help you get the cash you need. Please note that TheGuaranteedLoans is not a direct lender but a connector service that facilitates your connection with potential lenders.

F.A.Q.

What is the repayment period for payday loans in Clawson, Michigan?

The repayment period for payday loans in Clawson, Michigan is typically 14 days.

Can I have multiple payday loans at once in Clawson, Michigan?

in Clawson, Michigan, borrowers are not allowed to have more than one payday loan outstanding at any given time.