Payday Loans in Somerset, Michigan

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

Company nameAddressZip codePhone number
Approved Cash 541 N Telegraph Rd, Monroe, MI 48162 +1 (734) 243 - 0433
Ready Money 625 W Main St, Gaylord, MI 49735 +1 (989) 732 - 0605
Mercantile Bank of Michigan 230 Woodworth Ave, Alma, MI 48801 +1 (989) 463 - 3137
Advance America 22538 Telegraph Rd, Southfield, MI 48033 +1 (248) 304 - 2836
Lerner Csernai & Fath Financial Group 15505 Waldron Way, Big Rapids, MI 49307 +1 (231) 796 - 8621
Instant Cash 151 S Main #6, Cedar Springs, MI 49319 +1 (616) 696 - 8888
Shelby Financial Corporation 242 N Michigan Ave A, Shelby, MI 49455 +1 (231) 861 - 2123
Ledford Tax & Financial Services 302 N State Highway, M-553, Marquette, MI 49855 +1 (906) 228 - 4347
Huntington Bank 7157 E Saginaw St, East Lansing, MI 48823 +1 (517) 339 - 3650
First Merchants Bank 2917 Lewis Ave, Ida, MI 48140 +1 (734) 269 - 3355

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Somerset, MI, you can try to find different companies in big cities near by. Check out the following pages here: Online Loans in Bedford, MI, Payday Loan Without a Credit Check in Dearborn, MI, Payday Loans in Dearborn Heights, MI, Payday Loans in Detroit, MI, No Credit Check Loans in East Lansing, MI, Payday Loan Without a Credit Check in Eastpointe, MI, Quick Loan 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 Somerset, MI.

Beautiful sights of Somerset, MI

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

49281

Are Payday Loans Legal In Somerset, 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)

Somerset, MI payday loan calculator

Understanding Payday Loans in Somerset, Michigan

When unexpected financial expenses arise, coming up with the required funds can be a challenge. For many people in Somerset, Michigan, one solution has been to turn to payday loans. In this article, we will explore what payday loans are and how they work, as well as their legal standing in Michigan.

What are Payday Loans?

Payday loans are short-term loans that are meant to be paid back within a couple of weeks. They are typically used to cover unexpected expenses, such as car repairs or medical bills, and are generally available to those with poor credit ratings. Payday loans are usually relatively small and generally require the borrower to provide proof of income and identification.

How Do Payday Loans Work?

Payday loans usually work on the basis of repayment within a few weeks, or on the borrower’s next payday. Typically, the loan amount will be the amount required by the borrower plus a fee, which is based on a percentage of the loan amount. For example, if you borrow $400, you may need to pay back $460 if the fee is 15%.

In Somerset, Michigan, payday loans operate in accordance with the Payday Lending Reform Act, which was put in place in 2019. This act states that payday loans must have a maximum amount of $600 and that fees and interest cannot exceed 15% of the loan amount. Payday lenders also cannot issue loans to borrowers who already have an outstanding payday loan or who have already rolled over a loan to extend its repayment.

The Pros and Cons of Payday Loans

As with any financial product, payday loans have their pros and cons. On the positive side, payday loans are easily accessible and do not require high credit scores. They are also quick to apply for and receive, often offering same-day approval. On the negative side, however, payday loans come with high interest rates and fees, which can make them difficult to pay back in full. Many borrowers also find that they become trapped in a cycle of payday loan debt, repeatedly taking out new loans to repay their existing ones.

Interesting Facts and Statistics about Payday Loans in Somerset, Michigan

  • In Michigan, there are more payday lenders than McDonald’s restaurants; there are over 550 payday lender locations in the state.
  • In 2019, Michigan lenders issued more than 2.3 million payday loans.
  • In 2020, the average payday loan borrower in Michigan had 12 payday loans per year.
  • The annual percentage rate (APR) for payday loans in Michigan can reach up to 391%.

Apply Now

If you find yourself in need of financial assistance, TheGuaranteedLoans can help connect you with potential lenders who may be able to offer you a payday loan. Please note that we are a connector service and not a direct lender, and that we are committed to ensuring that our customers have access to the resources they need to make informed financial decisions. To apply for a payday loan, simply visit our website and fill out the online application form.

We hope that this article has been informative in providing an overview of payday loans in Somerset, Michigan. As with any financial decision, it is important to carefully consider all options and to understand the terms and conditions of any loan agreement before signing on the dotted line.

F.A.Q.

Are payday loans legal in Somerset, Michigan?

Yes, payday loans are legal in Somerset, Michigan, but they are subject to certain regulations to protect borrowers from predatory lending practices. Under Michigan law, payday lenders are required to be licensed by the state and are subject to certain restrictions on the interest rates and fees they can charge.

How much can I borrow with a payday loan in Somerset, Michigan?

Under Michigan law, payday lenders are generally allowed to lend up to $600 to borrowers. However, some lenders may offer larger loans, depending on the borrower's income and credit history.