Payday Loans in Filer City, Michigan

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

Company nameAddressZip codePhone number
Cash Connection 8904 Eight Mile Rd, Ferndale, MI 48220 +1 (248) 414 - 6633
G W Jones Exchange Bank 69139 M-62, Edwardsburg, MI 49112 +1 (269) 663 - 5626
AllStar Payday Loans 11543 Northland Dr NE, Rockford, MI 49341 +1 (616) 951 - 7373
Check n Go 1961 E 8 Mile Rd, Warren, MI 48091 +1 (586) 756 - 0161
GreenStone Farm Credit Services 1517 Lincoln Rd, Allegan, MI 49010 +1 (269) 673 - 5541
Huntington Bank 2322 N Monroe St, Monroe, MI 48162 +1 (734) 241 - 5720
Thrivent Financial-Lutherans 126 E Church St, Adrian, MI 49221 +1 (517) 605 - 4561
TRUE Community Credit Union 121 W Main St, Parma, MI 49269 +1 (517) 784 - 7101
Huntington Bank 06536 M-66 N, Charlevoix, MI 49720 +1 (231) 547 - 0881
Check `n Go 14306 Gratiot Ave, Detroit, MI 48205 +1 (313) 521 - 3146

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Filer City, MI, you can try to find different companies in big cities near by. Check out the following pages here: Bad Credit Loans in Taylor, MI, Payday Loans in Troy, MI, Online Loans in Warren, MI, Emergency Loan in Westland, MI, Payday Loans in Wyoming, MI, Payday Loans in Ann Arbor, MI, Short-term Loans in Battle Creek, MI and Payday Loans in Bay City, 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 Filer City, MI.

Beautiful sights of Filer City, MI

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

49634

Are Payday Loans Legal In Filer City, 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)

Filer City, MI payday loan calculator

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.

F.A.Q.

Are payday loans legal in Filer City, Michigan?

Yes, payday loans are legal in Filer City, Michigan, but they are subject to certain regulations to protect borrowers from predatory lending practices. Under Michigan law, payday lenders are required to be licensed by the state and are subject to certain restrictions on the interest rates and fees they can charge.

How much can I borrow with a payday loan in Filer City, Michigan?

Under Michigan law, payday lenders are generally allowed to lend up to $600 to borrowers. However, some lenders may offer larger loans, depending on the borrower's income and credit history.