Payday Loans in Glen Arbor, Michigan

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

Company nameAddressZip codePhone number
Flagstar Bank 3915 Telegraph Rd, Bloomfield Hills, MI 48302 +1 (248) 988 - 8613
Check Into Cash 30218 Plymouth Rd, Livonia, MI 48150 +1 (734) 261 - 7812
State Savings Bank 1669 Benzie Hwy, Benzonia, MI 49616 +1 (231) 882 - 4476
Independent Bank 41 N State Rd, Newaygo, MI 49337 +1 (231) 652 - 1665
Commercial Bank 322 S Jefferson St, Mason, MI 48854 +1 (517) 676 - 0500
Blue Water Federal CU 526 Water St #113, Port Huron, MI 48060 +1 (810) 985 - 6993
Advance America 11796 Belleville Rd, Belleville, MI 48111 +1 (734) 697 - 7983
Express Payday Advance & Check 24800 Greenfield Rd, Oak Park, MI 48237 +1 (248) 968 - 0900
check n go, Check n Go Store Directory 545 E Grand Blanc Rd Suite 3, Grand Blanc, MI 48439 +1 (810) 953 - 9946
Wells Fargo Advisors 7900 Moorsbridge Rd, Portage, MI 49024 +1 (269) 323 - 4800

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Glen Arbor, MI, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Lansing, MI, Payday Loan for Lincoln Park, MI, Payday Loans in Livonia, MI, Bad Credit Loans in Macomb, MI, Payday Loans in Madison Heights, MI, Payday Loans in Midland, MI, Online Loans in Muskegon, MI and Bad Credit Loans in Novi, 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 Glen Arbor, MI.

Beautiful sights of Glen Arbor, MI

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

49564, 49636

Are Payday Loans Legal In Glen Arbor, 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)

Glen Arbor, MI payday loan calculator

Payday Loans in Glen Arbor, Michigan: An Overview

Payday loans are a type of short-term loan that are designed to provide financial relief for those who are in need of cash fast. They are typically used to cover unexpected expenses, such as medical bills or car repairs, and are intended to be paid back within a few weeks.

While payday loans are legal in Michigan, they are subject to certain regulations and restrictions. In this article, we will discuss everything you need to know about payday loans in Glen Arbor, Michigan, including how they work, the laws and regulations that govern them, and the benefits and drawbacks of using them.

How Do Payday Loans Work?

Payday loans are typically small-dollar loans, ranging from $100 to $1,000, that are usually due on the borrower’s next payday. The borrower writes a post-dated check for the loan amount plus fees, and the lender holds onto it until the loan is due. Alternatively, the borrower may authorize the lender to electronically withdraw the loan amount plus fees from their bank account on the due date.

If the borrower is unable to pay back the loan on time, the lender may offer a rollover or extension, which comes with additional fees and interest. If the borrower defaults on the loan, the lender may file a lawsuit or send the debt to collections.

Laws and Regulations

Payday loans are legal in Michigan under the Michigan Compiled Laws 487.2121 et seq. There are several regulations that govern payday lending in the state, including:

  • The maximum loan amount is $600 per loan, and borrowers may only have one open loan at a time
  • The loan term cannot exceed 31 days
  • The maximum finance charge is 15% of the loan amount for loans under $100, 14% for loans between $100 and $200, 13% for loans between $200 and $300, 12% for loans between $300 and $400, and 11% for loans between $400 and $600
  • The maximum annual percentage rate (APR) is 390%
  • Lenders may not charge prepayment penalties or fees
  • Lenders must provide a written contract detailing the terms and conditions of the loan

The Benefits and Drawbacks of Payday Loans

While payday loans can provide immediate relief for those who are in need of cash, they come with several drawbacks and risks.

One of the main benefits of payday loans is their accessibility. They are relatively easy to obtain, with minimal credit requirements, and can be deposited directly into the borrower’s bank account within a few hours. Payday loans may also be a viable option for those who do not have access to traditional forms of credit, such as credit cards or personal loans.

However, payday loans also come with several drawbacks. One of the main concerns is their high cost. The APR for payday loans in Michigan can be as high as 390%, which means that borrowers may end up paying back significantly more than they borrowed. Additionally, payday loans can lead to a cycle of debt, as borrowers may need to take out additional loans to pay off previous ones. Finally, payday loans can also have a negative impact on the borrower’s credit score if they are unable to pay them back on time.

Interesting Facts and Statistics

  • In 2019, Michigan payday lenders made more than 1.7 million loans, totaling more than $1.6 billion in loan volume (source: Center for Responsible Lending)
  • The average loan amount in Michigan was $350 (source: Michigan Department of Insurance and Financial Services)
  • The majority of payday loan borrowers in Michigan are female, aged 25-44, with an annual income of $20,000-$50,000 (source: State of Michigan)

Apply Now

If you are in need of a payday loan in Glen Arbor, Michigan, TheGuaranteedLoans can help. We are a connector service that can connect you with potential lenders who may be able to provide the loan you need. Our application process is fast and easy, and you can apply from the comfort of your own home. Please note that TheGuaranteedLoans is not a direct lender, and we do not make loan decisions or provide loan funding.

To get started, simply fill out our online application form, and we will match you with potential lenders who may be able to provide the loan you need. If you are approved, the funds may be deposited directly into your bank account within a few hours. Apply now and get the cash you need today!

F.A.Q.

How long do I have to pay back a payday loan in Glen Arbor, Michigan?

The repayment term for a payday loan in Glen Arbor, Michigan is 14 days.

Can I be arrested for not paying back a payday loan in Glen Arbor, Michigan?

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