Payday Loans in Romulus, Michigan

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

Company nameAddressZip codePhone number
Port Austin State Bank 62 E State St, Port Austin, MI 48467 +1 (989) 738 - 5235
Cash Plus of Traverse City 1323 W South Airport Rd, Traverse City, MI 49686 +1 (231) 946 - 2274
Frankenmuth Credit Union Bridgeport Branch 5540 Dixie Hwy, Saginaw, MI 48601 +1 (989) 497 - 1600
CASE Credit Union 730 E Saginaw Hwy, Grand Ledge, MI 48837 +1 (517) 393 - 7710
Check `n Go 26926 Telegraph Rd, Flat Rock, MI 48134 +1 (734) 782 - 2300
Fifth Third Bank & ATM 37687 W Red Arrow Hwy, Paw Paw, MI 49079 +1 (269) 657 - 6061
First Community Bank 115 E Lake St, Harbor Springs, MI 49740 +1 (231) 526 - 2747
Allied Cash Advance 1571 Capital Ave NE Unit N, Battle Creek, MI 49017 +1 (269) 963 - 3357
Eastern Michigan Bank 324 S Sandusky Rd, Sandusky, MI 48471 +1 (810) 648 - 3230
Huron Community Bank 3150 E Huron Rd, Au Gres, MI 48703 +1 (989) 876 - 8068

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Romulus, MI, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Southfield, MI, Online Loans in Sterling Heights, MI, Payday Loan Without a Credit Check in Taylor, MI, Payday Loan for Troy, MI, Payday Loans in Warren, MI, Emergency Loan in Westland, MI, Online Loans in Wyoming, MI and 24-Hour Loan in Ann Arbor, 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 Romulus, MI.

Beautiful sights of Romulus, MI

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

48174

Are Payday Loans Legal In Romulus, 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)

Romulus, MI payday loan calculator

Payday Loans in Romulus, Michigan: What You Need to Know

When you’re in a financial bind and need cash quickly, payday loans can provide some relief. These loans are short-term, high-interest loans meant to help borrowers cover unexpected expenses until their next paycheck. In Romulus, Michigan, payday loans are legal and regulated by state law. However, it’s important to understand the potential risks and benefits before taking out a payday loan.

What are Payday Loans?

Payday loans, also known as cash advances, are small loans generally for amounts of $500 or less. Borrowers typically repay the loan on their next payday, which is why they’re called “payday loans.” These loans are not meant to be long-term solutions and often come with high fees and interest rates.

Benefits of Payday Loans

One of the main benefits of payday loans is their accessibility. Borrowers with poor credit or no credit may still be eligible for a payday loan. The application process is relatively simple, and funds can be available within a few hours. In addition, some payday lenders offer installment loans, which allow borrowers to repay the loan over a longer period of time.

Risks of Payday Loans

While payday loans can help borrowers in a pinch, they also come with significant risks. The high interest rates and fees associated with payday loans can lead to a cycle of debt. For borrowers who are unable to repay the loan on time, the lender may roll over the loan, extending the repayment period but also adding additional fees and interest charges.

In addition, some payday lenders may engage in predatory lending practices, such as charging excessive fees or requiring borrowers to provide collateral. Borrowers should always read the loan agreement carefully and understand the terms and conditions before accepting the loan.

Payday Loans in Romulus, Michigan

In Romulus, payday loans are legal and are regulated by state law. Lenders are required to be licensed and comply with certain regulations, such as limiting the loan amount to 31 days and capping the interest rate at 15% of the first $100 borrowed, 14% of the second $100, 13% of the third $100, 12% of the fourth $100, and 11% of the fifth and sixth $100.

Interesting Facts and Statistics

  • According to a report by the Center for Responsible Lending, the average payday loan borrower in Michigan takes out nine loans per year, each with an average fee of $49.
  • As of 2019, there were over 550 payday lending storefronts in Michigan, according to the State of Lending in America report by the Center for Responsible Lending.
  • In 2018, over 2.5 million payday loans were made in Michigan, according to data from the Michigan Department of Insurance and Financial Services.

Apply Now

If you’re considering a payday loan in Romulus, Michigan, TheGuaranteedLoans can help connect you with potential lenders. As a connector service, we work with a network of lenders to help borrowers find the best loan options for their needs. Simply fill out our online application to get started, and we’ll match you with lenders who may be able to provide the cash you need.

Please note that TheGuaranteedLoans is not a direct lender and does not make lending decisions. We provide a free service to connect borrowers with lenders, but we do not endorse or recommend any particular lender. Borrowers should carefully review the terms and conditions of any loan offer before accepting it.

F.A.Q.

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

Yes, there are restrictions on the use of payday loan funds in Romulus, 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 Romulus, Michigan?

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