Payday Loans in Oak Grove, Michigan

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

Company nameAddressZip codePhone number
QuickCash MI 45460 Ford Rd, Canton, MI 48187
Alden State Bank 2440 Main St, Central Lake, MI 49622 +1 (231) 544 - 8237
Bank of America with Drive-thru ATM 4738 Central Park Dr, Okemos, MI 48864 +1 (517) 347 - 3509
Victory Automotive Group 46352 Michigan Ave Suite 200, Canton, MI 48188 +1 (734) 495 - 3500
Independent Bank ATM 230 W Main St, Ionia, MI 48846 +1 (800) 355 - 0641
First National Bank & Trust- Iron River 901 Riverside Ave, Iron River, MI 49935 +1 (906) 265 - 5163
CoVantage Credit Union 1011 23rd Ave, Menominee, MI 49858 +1 (906) 863 - 3854
Flagstar Bank Home Loans 3155 W Big Beaver Rd 114, Troy, MI 48084 +1 (248) 205 - 1035
Gerber Collision & Glass 1163 S Carpenter Ave, Kingsford, MI 49802 +1 (906) 828 - 1770
Instant Cash 721 Aylworth Ave B, South Haven, MI 49090 +1 (269) 639 - 8800

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Oak Grove, MI, you can try to find different companies in big cities near by. Check out the following pages here: Bad Credit Loans in Lansing, MI, Payday Loans in Lincoln Park, MI, Payday Loan for Livonia, MI, Payday Loans in Macomb, MI, 24-Hour Loan in Madison Heights, MI, Payday Loans in Midland, MI, Quick Loan in Muskegon, MI and Online 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 Oak Grove, MI.

Are Payday Loans Legal In Oak Grove, 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)

Oak Grove, MI payday loan calculator

Payday Loans in Oak Grove, Michigan: Everything You Need to Know

Payday loans in Oak Grove, Michigan are a popular solution for those who need quick cash. They are short-term loans that are designed to help you cover unexpected expenses between paychecks. While they can be a helpful resource, it is important to understand the risks and responsibilities associated with taking out a payday loan.

How Do Payday Loans Work?

Payday loans are typically small loans of a few hundred dollars or less. You borrow the money and agree to repay it with your next paycheck. The lender will charge you a fee for the loan, which is usually a percentage of the amount you borrow.

When you apply for a payday loan, the lender will typically require proof of income and identification. They may also ask for access to your bank account to automatically withdraw the loan amount and fees on your next payday.

Are Payday Loans Legal in Michigan?

Payday loans are legal in Michigan, but there are regulations in place to protect consumers from predatory lending practices. In Michigan, payday loans are limited to a maximum of $600 per loan and borrowers can only have one outstanding loan at a time. The loan term cannot exceed 31 days and lenders are limited in how much they can charge in fees.

The Risks of Payday Loans

While payday loans can be a helpful resource in certain situations, they come with risks that you need to be aware of. First, the fees and interest rates associated with payday loans can be very high. This can make it difficult to repay the loan and can lead to a cycle of debt.

Second, if you are unable to repay the loan on time, you may be subject to additional fees and interest charges. This can quickly add up and make it even more difficult to pay back the loan.

Alternatives to Payday Loans

If you are considering a payday loan, it is important to explore all of your options first. There are several alternatives that may be a better fit for your financial situation.

  • Credit unions: Many credit unions offer small dollar loans with lower interest rates and fees than payday loans.
  • Personal loans: Personal loans from banks or online lenders may have lower interest rates than payday loans, especially if you have good credit.
  • Payment plans: If you are struggling to pay a bill, reach out to the company and ask about payment plan options. Many companies offer programs to help customers who are facing financial hardship.

Interesting Facts and Statistics about Payday Loans in Oak Grove, Michigan

  • In 2019, there were 1.7 million payday loans issued in Michigan.
  • The average payday loan amount in Michigan is $350.
  • Michigan payday lenders charge an average of 369% APR on loans.

Apply Now

If you have explored your options and have decided that a payday loan is the best solution for your financial needs, TheGuaranteedLoans can help. We are a connector service that can help connect you with potential lenders. Fill out our online application today to get started.

Please note that TheGuaranteedLoans is not a direct lender and does not make credit decisions. We simply facilitate your connection with potential lenders. You should review the terms and conditions of any loan offer carefully before accepting.

F.A.Q.

What are payday loans in Oak Grove, Michigan?

Payday loans in Oak Grove, Michigan are short-term loans that are intended to provide individuals with immediate access to funds in the event of a financial emergency. These loans are typically repaid on the borrower's next payday, hence the name "payday loans."

How do payday loans work in Oak Grove, Michigan?

in Oak Grove, Michigan, payday loans are typically offered by lenders who provide the borrower with a cash advance, which is then repaid on the borrower's next payday. The borrower typically provides the lender with a post-dated check or agrees to have the amount withdrawn from their bank account on the due date.