Filer City, Michigan: The Lowdown on Payday Loans
If you’re living in Filer City, Michigan, and find yourself in need of extra cash, you may be considering taking out a payday loan. Payday loans can be a quick way to get the funds you need to cover unexpected expenses or emergencies. However, it’s important to understand the facts before you take the plunge.
What are Payday Loans?
Payday loans are short-term loans that are typically due on your next payday. These loans are often used to cover unexpected expenses or to bridge the gap between paychecks. However, payday loans come with high interest rates and fees, making them a costly way to borrow money.
To qualify for a payday loan in Michigan, you must be at least 18 years old, have a steady income, and provide proof of identification and a checking account.
The Cost of Payday Loans in Filer City, Michigan
The state of Michigan regulates payday loans to help protect consumers from predatory lending practices. In Filer City, payday lenders are allowed to charge up to 15% of the first $100 borrowed, 14% of the second $100 borrowed, 13% of the third $100 borrowed, 12% of the fourth $100 borrowed, and 11% of the fifth and sixth $100 borrowed. This means that for a $500 loan, the maximum finance charge would be $65.
It’s important to note that payday loans are designed to be short-term solutions. The high interest rates and fees associated with payday loans can quickly add up, making it difficult to repay the loan in full on your next payday. This cycle of borrowing and repaying can lead to a cycle of debt that is difficult to break.
The Benefits of Payday Loans
While payday loans can be expensive, there are some benefits to taking out a payday loan. The application process is quick and easy, and you can often get approved for a loan within minutes. This can be a great option if you need cash fast to cover unexpected expenses.
In addition, payday lenders don’t typically require a credit check, which can be helpful if you have a poor credit history or no credit history at all.
Important Facts and Statistics
According to data from the Michigan Department of Insurance and Financial Services, there were 444,333 payday loans made in the state of Michigan in 2019 with a total of $1.29 billion borrowed. The average payday loan was $518, and the average finance charge was $94.
It’s also important to note that the majority of payday loan borrowers in Michigan are low-income earners. According to a report from the Center for Responsible Lending, 62% of payday loan borrowers earn less than $30,000 per year.
Apply Now
If you’ve considered the facts and decided that a payday loan is the right choice for your financial needs, TheGuaranteedLoans can help. We are a lending connector service that specializes in connecting borrowers with potential lenders.
Our process is quick and easy. Simply fill out our online application form, and we’ll take care of the rest. We’ll connect you with a lender who can offer you a payday loan that meets your needs and budget.
It’s important to note that TheGuaranteedLoans is not a direct lender and does not make loan decisions. Instead, we work with a network of trusted lenders to help you find the right loan for your needs.
Conclusion
Payday loans can be a helpful financial tool for those who need cash fast. However, it’s important to understand the costs and risks associated with these loans, and to only borrow what you can afford to repay. If you’re considering a payday loan in Filer City, Michigan, TheGuaranteedLoans can help you find a lender that meets your needs.