Payday Loans in Drayton Plains, Michigan

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

Company nameAddressZip codePhone number
Genisys Credit Union 4055 S Lapeer Rd, Lake Orion, MI 48359 +1 (248) 370 - 0530
Imlay City Auto Sales 225 E Capac Rd 1, Imlay City, MI 48444 +1 (810) 721 - 7199
Lake Trust Credit Union 2550 N Squirrel Rd, Auburn Hills, MI 48326 +1 (888) 267 - 7200
University of Michigan Credit Union ATM Central Campus Recreation Building, 401 Washtenaw Ave, Ann Arbor, MI 48104 +1 (734) 662 - 8200
TRUE Community Credit Union 1100 Clinton Rd, Jackson, MI 49202 +1 (517) 784 - 7101
Check `n Go 10015 Joseph Campau Ave, Hamtramck, MI 48212 +1 (313) 872 - 3000
Approved Cash 1001 US-223, Adrian, MI 49221 +1 (517) 264 - 5125
Chase Bank 1650 Busha Hwy, Marysville, MI 48040 +1 (810) 364 - 5575
Thumb Bank & Trust 7254 E Michigan Ave, Pigeon, MI 48755 +1 (989) 453 - 3113
Allied Cash Advance 1021 W Main St, Fremont, MI 49412 +1 (231) 928 - 0838

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Drayton Plains, MI, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Dearborn, MI, No Credit Check Loans in Dearborn Heights, MI, Online Loans in Detroit, MI, Payday Loans in East Lansing, MI, Payday Loans in Eastpointe, MI, Payday Loans in Flint, MI, Same Day Loans in Grand Rapids, MI and Quick Loan in Holland, 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 Drayton Plains, MI.

Beautiful sights of Drayton Plains, MI

Are Payday Loans Legal In Drayton Plains, 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)

Drayton Plains, MI payday loan calculator

Looking for a short-term cash boost? Payday loans in Drayton Plains, Michigan may be the answer you need. Payday loans have been legal in Michigan since 2005, and they can provide a quick solution to a financial emergency.

What are payday loans?

A payday loan is a small, short-term loan that borrowers must repay with their next paycheck. The loans are usually for amounts of $500 or less and have high interest rates. Borrowers can obtain payday loans from a lender or a financial institution that offers this service.

When you apply for a payday loan, the lender will typically ask for your proof of income, photo ID, and a post-dated check. The check should be dated for the borrower’s payday, and it will be cashed or deposited on that day as repayment for the loan.

How do payday loans work in Drayton Plains, Michigan?

Payday loans are legal in Michigan, and the state does have some regulations in place to protect borrowers. Michigan law limits payday loans to $600 and caps the fees that lenders can charge. The loans also must have a term of 31 days or less. Michigan does not allow borrowers to renew their payday loans, but lenders must offer a repayment plan if a borrower can’t repay their loan on time.

In Drayton Plains, Michigan, payday lenders are required to have a valid license from the state. Lenders must also follow state and federal regulations, including disclosure requirements and truth in lending laws.

Pros and cons of payday loans

While payday loans can be a valuable resource in a financial emergency, they do come with some drawbacks. Here are some pros and cons to consider:

Pros

  • Quick access to cash: you can usually get a payday loan in one business day
  • Easy application process: payday loans are often easier to obtain than other types of loans
  • No collateral required: payday loans are unsecured, meaning you don’t have to put up collateral to get one

Cons

  • High interest rates: payday loans have some of the highest interest rates of any loan type
  • Short repayment period: borrowers must often repay their loans within 14-31 days
  • Potential debt cycle: borrowers can get trapped in a cycle of debt if they can’t repay their loans on time

Interesting facts and statistics about payday loans in Drayton Plains, Michigan:

  • Michigan’s average payday loan amount in 2020 was $481.83, with an average APR of 369%.
  • In 2020, Michigan payday lenders made 1,993,810 loans, totaling $956,298,619.
  • The most common reason Michigan residents take out payday loans is for household expenses, followed by car repairs and medical expenses.

Apply now for a payday loan

If you’re in need of a payday loan in Drayton Plains, Michigan, TheGuaranteedLoans can help. We’re not a direct lender, but we can connect you with multiple lenders who may be able to offer you a loan. Fill out our online application to get started today. Remember, payday loans should only be used in emergencies, and be sure to always read and understand the terms and conditions of any loan you consider.

F.A.Q.

How long do I have to pay back a payday loan in Drayton Plains, Michigan?

The repayment term for a payday loan in Drayton Plains, Michigan is 14 days.

Can I be arrested for not paying back a payday loan in Drayton Plains, Michigan?

No, you cannot be arrested for not paying back a payday loan in Drayton Plains, Michigan. However, your lender may take legal action to collect the debt.