Payday Loans in Newport, Michigan

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

Company nameAddressZip codePhone number
TCF Bank 471 S Broadway St, Lake Orion, MI 48362 +1 (800) 823 - 2265
Gogebic Range Bank 155 E Cloverland Dr, Ironwood, MI 49938 +1 (906) 932 - 7646
Compass Credit Union 115 S Stone Rd, Fremont, MI 49412 +1 (866) 399 - 3762
Lake Trust Credit Union 2180 W Stadium Blvd, Ann Arbor, MI 48103 +1 (888) 267 - 7200
Primerica Financial Services 10751 S. Saginaw St. Bldg A B, Grand Blanc, MI 48439 +1 (810) 603 - 7108
Honor Bank 11926 Chippewa Hwy, Bear Lake, MI 49614 +1 (877) 325 - 8031
Instant Cash 3087 W Houghton Lake Dr, Houghton Lake, MI 48629 +1 (989) 366 - 6500
TCF Bank 8081 Main St, Dexter, MI 48130 +1 (800) 823 - 2265
Express Payday Advance & Check 24800 Greenfield Rd, Oak Park, MI 48237 +1 (248) 968 - 0900
Huntington Bank 4280 E Court St, Burton, MI 48509 +1 (810) 715 - 1868

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Newport, MI, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loan for Troy, MI, Payday Loan for Warren, MI, Payday Loan Companies in Westland, MI, Quick Loan in Wyoming, MI, Payday Loans in Ann Arbor, MI, Payday Loans in Battle Creek, MI, Payday Loan for Bay City, MI and Bad Credit Loans in Bedford, 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 Newport, MI.

Beautiful sights of Newport, MI

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

48166

Are Payday Loans Legal In Newport, 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)

Newport, MI payday loan calculator

Understanding Payday Loans in Newport, Michigan

When you find yourself in a financial emergency and you don’t have enough savings to cover your expenses, payday loans can seem like a lifesaver. In Michigan, payday loans are legal, and they remain a popular choice among those who need quick money. However, before you take out a payday loan, it’s essential to understand how they work, the benefits, and potential risks.

What are Payday Loans?

Payday loans are short-term, high-interest loans typically due on your next payday. In Michigan, payday lenders can lend up to $600 per loan and charge a maximum fee of 15% of the loan amount. If you take out a $600 loan, the maximum fee you could be charged is $90. The loan term cannot exceed 31 days, and borrowers can only have one payday loan at a time.

How to Apply for Payday Loans in Newport, Michigan

Applying for a payday loan can be a quick and easy process. You need a few essential documents, including your government-issued ID, proof of income, and a bank account. The lender will use your paycheck as collateral for the loan, and you’ll be required to provide a post-dated check or authorization for an electronic debit for the total loan amount plus fees.

Suppose you’re approved for the loan amount. In that case, the lender will deposit the money into your bank account or provide cash, depending on the lender’s policies. You’ll have to repay the loan plus the fees on your next payday, or the lender can electronically withdraw the funds from your bank account.

The Benefits of Payday Loans in Newport, Michigan

Payday loans are fast and convenient, making them an ideal choice for those who need money quickly. Unlike traditional bank loans, payday lenders don’t require an extensive credit check or collateral. Additionally, payday loans can be an excellent tool for rebuilding your credit score, especially if you make timely payments.

The Risks of Payday Loans in Newport, Michigan

While payday loans can be a lifesaver for those who need quick money, they come with high interest rates and fees. In Michigan, lenders can charge up to 391% APR. This means that if you take out a $600 loan for one month, you’ll pay a total of $766. If you can’t repay the loan in full on your next payday, the loan will roll over, and you’ll accrue additional fees and interest.

Interesting Facts about Payday Loans in Newport, Michigan

  • In Michigan, payday loan borrowers can take out up to two renewals on their existing loan. The borrower must pay at least 25% of the loan before the renewal.
  • Michigan law requires payday lenders to display a poster in their storefront with information about fees, interest rates, and borrower rights.
  • In Michigan, 70% of payday loan borrowers take out additional loans within 30 days of their first loan.

Apply Now for a Payday Loan in Newport, Michigan

If you need quick cash, TheGuaranteedLoans can help connect you with trusted lenders who offer payday loans in Newport, Michigan. Simply fill out our easy online application, and we’ll match you with lenders who meet your needs. Remember, we are a connector service, not a lender, and we cannot determine your loan eligibility or specific loan terms. However, we work with reputable lenders who follow state and federal lending guidelines.

Don’t let a financial emergency stress you out. Apply now for a payday loan in Newport, Michigan, and get the money you need to cover your expenses.

F.A.Q.

Can a payday lender in Newport, Michigan repossess my property if I default on my loan?

No, a payday lender in Newport, Michigan cannot repossess your property if you default on your loan. However, they may pursue other collections actions, such as garnishing your wages or seizing your assets.

Are payday loans in Newport, Michigan regulated by the state?

Yes, payday loans in Newport, Michigan are regulated by the state and must adhere to certain guidelines and restrictions, including maximum loan amounts and interest rates.