Payday Loans in Pelkie, Michigan

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

Company nameAddressZip codePhone number
Cash Giant Of Eastpointe 14871 E 8 Mile Rd, Eastpointe, MI 48021 +1 (586) 871 - 2069
Fifth Third Bank & ATM 601 Phoenix St, South Haven, MI 49090 +1 (269) 639 - 2144
Advance America 11796 Belleville Rd, Belleville, MI 48111 +1 (734) 697 - 7983
Caliber Home Loans - Northern Michigan Mortgage Lending 300 E Front St 240, Traverse City, MI 49684 +1 (231) 486 - 5446
Advance America 444 N Beacon Blvd Ste. C108, Grand Haven, MI 49417 +1 (616) 844 - 2758
Michigan First Credit Union Inside Kroger 2200 Twelve Mile Rd, Royal Oak, MI 48067 +1 (800) 664 - 3828
Independent Bank 404 Perry Ave Suite A, Big Rapids, MI 49307 +1 (231) 796 - 5865
Colenso Dana CPA 333 S Stephenson Ave 1, Iron Mountain, MI 49801 +1 (906) 774 - 4051
Forest Area Federal Credit Union 409 W Mile Rd, Kalkaska, MI 49646 +1 (231) 879 - 4154
Advance America 910 S US Hwy 131, Three Rivers, MI 49093 +1 (269) 279 - 9405

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Pelkie, MI, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Bedford, MI, Payday Loans in Dearborn, MI, Short-term Loans in Dearborn Heights, MI, Payday Loans in Detroit, MI, Payday Loans in East Lansing, MI, Payday Loans in Eastpointe, MI, Payday Loans in Flint, MI and Payday Loans in Grand Rapids, 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 Pelkie, MI.

Beautiful sights of Pelkie, MI

Are Payday Loans Legal In Pelkie, 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)

Pelkie, MI payday loan calculator

Understanding Payday Loans in Pelkie, Michigan

If you reside in Pelkie, Michigan, and are facing a temporary financial crisis, payday loans can be a viable option for your immediate financial needs. Payday loans are short-term loans, usually due on your next payday. They are often available without a credit check and can be a quick way to receive cash when you’re in a pinch.

Are Payday Loans Legal in Pelkie, Michigan?

Payday loans are legal in Michigan under the Deferred Presentment Service Transactions Act (DPSTA), with certain limitations. This act allows lenders to offer payday loans, but they must be licensed by the Department of Insurance and Financial Services (DIFS).

The DPSTA places the following limitations on payday loans:

  • Borrowers can’t take out more than one payday loan at a time.
  • The loan amount cannot exceed $600.
  • The loan term cannot exceed 31 days.
  • Lenders can charge a maximum of 15% interest per $100 borrowed.

How Do Payday Loans Work?

To obtain a payday loan in Pelkie, Michigan, borrowers must provide proof of income, identification, and have a checking account. Borrowers write a postdated check for the loan amount plus the interest and fees charged by the lender. The lender holds the check until the borrower’s next payday.

Upon depositing the borrower’s check, the lender will receive the funds borrowed plus the interest and fees charged. If the borrower is unable to repay the loan by the due date, they may be charged additional fees and interest or may be given the option to rollover the loan for an additional fee.

What Are the Pros and Cons of Payday Loans?

Before applying for a payday loan, it’s crucial to weigh the pros and cons. Here are some benefits and drawbacks to consider:

Pros:

  • Quick access to funds when needed
  • No credit check required
  • Availability to individuals with poor credit or a lack of credit history

Cons:

  • High fees and interest charges
  • Potentially harmful to credit score if not repaid on time
  • May trap borrowers in a cycle of debt and continued borrowing

Interesting Facts About Payday Loans in Pelkie, Michigan

  • As of 2019, there were 555 licensed payday lenders in Michigan.
  • The average payday loan amount in Michigan is $375.
  • Michigan law allows for a maximum of two rollovers of a payday loan.

Apply Now

If you’re in need of quick cash and believe that a payday loan is the right option for you, TheGuaranteedLoans is here to help. Apply now on our website and we’ll work to connect you with a potential lender. Remember, we are a connector service, not a direct lender, and we always encourage responsible borrowing and repayment.

F.A.Q.

Are there any restrictions on the use of payday loan funds in Pelkie, Michigan?

Yes, there are restrictions on the use of payday loan funds in Pelkie, Michigan. The funds must be used for a legitimate financial need, such as covering unexpected expenses or paying for bills.

What are the penalties for violating payday loan regulations in Pelkie, Michigan?

Penalties for violating payday loan regulations in Pelkie, Michigan may include fines, revocation of a lender's license, and criminal prosecution.