Payday Loans in Filion, Michigan

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

Company nameAddressZip codePhone number
First Merchants Bank 1204 N Monroe St, Monroe, MI 48162 +1 (734) 242 - 9166
Fifth Third Bank & ATM 630 Capital Ave SW, Battle Creek, MI 49015 +1 (269) 965 - 3962
Community Short-Term Loans 18570 Grand River Ave Ste 100, Detroit, MI 48223 +1 (313) 334 - 3372
Mercantile Bank of Michigan 9002 E Howard City Edmore Rd, Vestaburg, MI 48891 +1 (989) 268 - 5445
check n go, Check n Go Store Directory 26926 Telegraph Rd, Flat Rock, MI 48134 +1 (734) 782 - 2300
American Jiffy Tax 103 N Wisner St 4155, Jackson, MI 49202 +1 (517) 784 - 3278
Huntington Bank 3825 Carpenter Rd, Ypsilanti, MI 48197 +1 (734) 975 - 0328
Frankenmuth Credit Union Midland Branch 401 S Saginaw Rd, Midland, MI 48640 +1 (989) 497 - 1600
Frankenmuth Credit Union Richville Branch 9321 Sanilac Rd, Richville, MI 48758 +1 (989) 497 - 1600
Creative Planning, Inc 3000 Town Center Suite 2235, Southfield, MI 48075 +1 (866) 273 - 2848

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Filion, MI, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Bedford, MI, Bad Credit Loans in Dearborn, MI, Payday Loans in Dearborn Heights, MI, Payday Loans in Detroit, MI, Payday Loans in East Lansing, MI, Payday Loans in Eastpointe, MI, Payday Loans in Flint, MI and Payday Loans in Grand Rapids, 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 Filion, MI.

Are Payday Loans Legal In Filion, 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)

Filion, MI payday loan calculator

Payday Loans in Filion, Michigan

Payday loans are a common way for people in need of quick cash to get the money they require to cover unexpected expenses. In Michigan, payday loans are legal, which means that people living in Filion, Michigan, have access to this type of loan when they need it. Understanding how payday loans work and the regulations in place to protect borrowers is essential when considering this loan option.

What Are Payday Loans and How Do They Work?

Payday loans are short-term loans that allow borrowers to receive quick cash typically within 24 hours. They are designed to be paid back with the borrower’s next paycheck.

The application process for payday loans is generally quick and straightforward. The borrower provides proof of income, such as a recent pay stub, and a bank account. The lender will then use this information to approve or deny the loan based on their internal criteria.

Once approved, the funds are deposited into the borrower’s bank account, and the borrower can use the money for any purpose they desire. When the loan comes due, the borrower must pay back the principal loan amount plus any interest and fees in full. If the borrower cannot pay the loan back in full, they may be able to extend it for an additional fee.

The Regulations Surrounding Payday Loans in Filion, Michigan

Michigan has specific regulations in place to protect borrowers from unscrupulous practices by payday lenders. These regulations limit the amount of interest that can be charged on payday loans and set maximum loan amounts to prevent borrowers from taking out more than they can afford to pay back.

The maximum amount a borrower can take out in a payday loan in Michigan is $600. The interest rate on payday loans in Michigan is limited to 15% for the first $100 borrowed, 14% for the second $100 borrowed, 13% for the third $100 borrowed, and 12% for the fourth and subsequent loans.

In addition to these regulations, Michigan law requires that lenders provide borrowers with a written agreement outlining the terms and conditions of the loan. This agreement must include the loan amount, interest rate, and any fees associated with the loan. Borrowers have the right to cancel the loan within one business day without penalty.

Interesting Facts and Statistics

  • Over 80% of payday loans are rolled over or followed by another loan within two weeks.
  • The average payday loan borrower pays $520 in fees to borrow $375.
  • Michigan has one of the highest payday loan usage rates in the country.

Apply Now

TheGuaranteedLoans is a connector service that can help borrowers in Filion, Michigan, find a payday loan lender online. By filling out an online application, borrowers can be connected with a potential lender and receive the money they need in as little as 24 hours.

Please note that TheGuaranteedLoans is not a direct lender and does not make credit decisions. Instead, our service helps connect borrowers with lenders who may offer them a loan based on their unique circumstances.

Apply now to get started with TheGuaranteedLoans and get the cash you need today.

F.A.Q.

What is the maximum interest rate that a payday lender can charge in Filion, Michigan?

in Filion, Michigan, the maximum interest rate that a payday lender can charge is 15% per $100 borrowed. This means that for a loan of $100, the maximum interest charged would be $15.

What are some alternatives to payday loans in Filion, Michigan?

There are several alternatives to payday loans in Filion, Michigan, including borrowing from friends or family, using a credit card or line of credit, or seeking assistance from a non-profit organization or government agency. Some employers also offer short-term, low-interest loans to their employees as a way to help them through difficult financial times.