Payday Loans in Mount Clemens, Michigan

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

Company nameAddressZip codePhone number
Walmart Pharmacy 1920 S Stephenson Ave, Iron Mountain, MI 49801 +1 (906) 779 - 7185
Lease Corporation of America 3150 Livernois Rd 300, Troy, MI 48083 +1 (800) 800 - 8098
check n go, Check n Go Store Directory 620 S Main St, Lapeer, MI 48446 +1 (810) 667 - 6500
Arbor Financial Credit Union 2019 W Centre Ave, Portage, MI 49024 +1 (269) 321 - 8695
First National Bank & Trust- Iron River 901 Riverside Ave, Iron River, MI 49935 +1 (906) 265 - 5163
GreenStone Farm Credit Services West Carleton Road Olds Street 500, Jonesville, MI 49250 +1 (517) 437 - 3336
Midas Kalkaska 202 Elm St, Kalkaska, MI 49646 +1 (231) 518 - 9558
Advance Auto Parts 435 Sanilac Rd, Sandusky, MI 48471 +1 (810) 648 - 3362
TruNorth Federal Credit Union 3225 US-41, Marquette, MI 49855 +1 (906) 228 - 0624
Berlinski Financial Services 1917 N Stephenson Ave, Iron Mountain, MI 49801 +1 (906) 779 - 0116

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Mount Clemens, MI, you can try to find different companies in big cities near by. Check out the following pages here: No Credit Check Loans in Pontiac, MI, Payday Loans in Portage, MI, Payday Loan for Roseville, MI, Bad Credit Loans in Royal Oak, MI, Payday Loans in Saginaw, MI, Payday Loans in Saint Clair Shores, MI, Bad Credit Loans in Southfield, MI and Payday Loans in Sterling Heights, 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 Mount Clemens, MI.

Beautiful sights of Mount Clemens, MI

Payday Loans Available in Mount Clemens, MI By The Following ZIP Codes:

48043, 48046

Are Payday Loans Legal In Mount Clemens, 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)

Mount Clemens, MI payday loan calculator

Payday Loans in Mount Clemens, Michigan: Your Ultimate Guide

If you live in the Mount Clemens, Michigan area and find yourself in a tight spot financially, you may be considering a payday loan. As a legal and regulated form of lending in Michigan, payday loans can provide short-term financial relief to those in need. However, they are not without their risks and downsides, so it’s important to understand what you’re getting into before signing on the dotted line.

What Are Payday Loans?

Payday loans, also known as cash advances or payday advances, are small, short-term loans that are designed to be repaid on the borrower’s next payday. They are typically unsecured and are meant to be a temporary solution to unexpected financial expenses, such as a medical emergency or a car repair.

To obtain a payday loan, the borrower must provide proof of income and a valid form of identification, such as a driver’s license or passport. The lender may also require a post-dated check or access to the borrower’s bank account to ensure repayment.

How Do Payday Loans Work in Michigan?

In Michigan, payday loans are legal and regulated by the Michigan Department of Insurance and Financial Services. Lenders are required to be licensed and must comply with certain regulations to protect borrowers from predatory lending practices.

Michigan law allows for a maximum loan amount of $600 and a maximum term of 31 days. Lenders are also prohibited from charging more than 15% of the loan amount in fees.

While payday loans can be a viable option for those in need of short-term financial relief, they can also be expensive and come with high interest rates and fees. Therefore, it’s important to consider all of your options and only take out a payday loan if you truly need it and can repay it on time.

What Are the Risks of Payday Loans?

While payday loans can be a helpful tool in certain situations, they also come with risks. Because of their high interest rates and fees, borrowers who cannot repay their loans on time may find themselves trapped in a cycle of debt, forced to take out additional loans to cover the original loan and its associated fees.

Additionally, some lenders may engage in predatory practices, such as charging excessive fees or renewing loans without the borrower’s consent. Before taking out a payday loan, be sure to read and understand the loan agreement, including all fees and terms.

Interesting Facts and Statistics About Payday Loans in Mount Clemens, Michigan

  • In Mount Clemens, the average payday loan amount is $350.
  • The average interest rate for payday loans in Michigan is 369%, according to the Center for Responsible Lending.
  • Michigan law limits borrowers to one payday loan at a time and requires a cooling-off period of at least one day between loans.
  • According to a 2019 report from the Michigan League for Public Policy, payday loans drain over $90 million from Michigan’s economy each year.

Apply Now

If you’re considering a payday loan in Mount Clemens, Michigan, it’s important to do your research and choose a reputable lender. TheGuaranteedLoans.com is a connector service that can help connect you with potential lenders who can provide payday loans in your area.

However, it’s important to note that TheGuaranteedLoans.com is not a direct lender and does not make lending decisions. Instead, we work to connect borrowers with potential lenders who can meet their financial needs.

To apply for a payday loan through TheGuaranteedLoans.com, simply fill out our online application form. We’ll then match you with potential lenders who can provide the loan amount and terms that best suit your needs.

Conclusion

Payday loans can be a helpful tool for those in need of short-term financial relief in Mount Clemens, Michigan. However, they also come with risks and downsides, so it’s important to understand the terms and fees associated with them before signing on the dotted line.

If you decide to take out a payday loan, be sure to choose a reputable lender and only borrow what you can afford to repay on time. And if you need help connecting with potential lenders, TheGuaranteedLoans.com is here to help.

F.A.Q.

Can I file for bankruptcy to discharge my payday loan debt in Mount Clemens, Michigan?

Yes, you may be able to file for bankruptcy to discharge your payday loan debt in Mount Clemens, Michigan, depending on your specific circumstances. It is recommended to consult with a bankruptcy attorney to determine the best course of action.

What happens if I default on my payday loan in Mount Clemens, Michigan?

If you default on your payday loan in Mount Clemens, Michigan, the lender may choose to pursue collections actions against you, such as garnishing your wages or seizing your assets.