Payday Loans in Hessel, Michigan
Payday loans are short-term loans that are typically due on your next payday. They are designed to help you cover unexpected expenses or bills that may arise between paychecks, and are a popular option for many people who need quick access to cash.
In Michigan, payday loans are legal, and there are many lenders who offer this type of loan in the state. One such location is Hessel, Michigan, a small town located in the Upper Peninsula.
How do Payday Loans Work in Michigan?
Michigan law allows payday lenders to charge up to 15% on the first $100 borrowed, 14% on the second $100, 13% on the third $100, 12% on the fourth $100, and 11% on the fifth and sixth $100. The Maximum loan amount is $600 and the loan terms cannot exceed 31 days.
For example, if you were to borrow $300 from a payday lender in Michigan, you could expect to pay a fee of $42. This fee is added to the loan amount, and you would be required to pay back a total of $342 on your next payday.
Benefits and Drawbacks of Payday Loans in Hessel, Michigan
Payday loans can be a helpful resource when you need money quickly, but they also come with some potential drawbacks. Here are a few of the benefits and drawbacks of payday loans in Hessel, Michigan:
Benefits:
- Quick access to cash
- Easy application process
- May be able to qualify with bad or no credit
Drawbacks:
- High fees and interest rates
- Short repayment times
- May lead to a cycle of debt if not paid back on time
Interesting Facts and Statistics about Payday Loans in Hessel, Michigan
- In Michigan, the average payday loan amount is $380
- In 2020, the number of payday loans in Michigan decreased by 23%, likely due to the impact of the COVID-19 pandemic
- A survey by the Consumer Financial Protection Bureau found that 70% of payday loan borrowers in Michigan use the funds to pay for everyday expenses like rent, utilities, and groceries
- Research by the Pew Charitable Trusts found that the average payday loan borrower in Michigan takes out eight loans per year, and spends nearly half the year in debt as a result
Apply Now
If you live in Hessel, Michigan and are considering a payday loan, TheGuaranteedLoans can help. We provide a convenient online application process that connects you with potential lenders who may be able to offer you a loan. Please note that we are not a direct lender, but rather a connector service.
To apply for a payday loan through TheGuaranteedLoans in Hessel, Michigan, simply fill out our online form. We’ll then reach out to potential lenders who may be able to offer you a loan. If you are connected with a lender and decide to move forward with the loan offer, you will work directly with the lender to complete your loan application and receive your funds.