Payday Loans in Black River, Michigan

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

Company nameAddressZip codePhone number
University of Michigan Credit Union ATM Central Campus Recreation Building, 401 Washtenaw Ave, Ann Arbor, MI 48104 +1 (734) 662 - 8200
Residential Loan Center Independent Bank 201 N Mitchell St 104, Cadillac, MI 49601 +1 (231) 942 - 7156
Huntington Bank 2591 E M 21, Corunna, MI 48817 +1 (989) 743 - 1131
Access 2 Cash Kalkaska 301 S Cedar St, Kalkaska, MI 49646 +1 (231) 258 - 6868
Chelsea State Bank - Downtown Office 305 S Main St, Chelsea, MI 48118 +1 (734) 475 - 4200
Check `n Go 1912 W Stadium Blvd, Ann Arbor, MI 48103 +1 (734) 213 - 8101
Lighthouse Insurance Group 101 Dame St, Suttons Bay, MI 49682 +1 (231) 271 - 5370
Supreme Lending MI Home Loan Team 620 S Creyts Rd, Lansing, MI 48917 +1 (517) 321 - 2300
Calcite Credit Union 1005 S Main St, Cheboygan, MI 49721 +1 (231) 597 - 9660
The State Bank 10811 Albee Rd, Burt, MI 48417 +1 (989) 770 - 4050

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Black River, MI, you can try to find different companies in big cities near by. Check out the following pages here: Online Loans in Eastpointe, MI, Short-term Loans in Flint, MI, Payday Loans in Grand Rapids, MI, Short-term Loans in Holland, MI, Payday Loan for Jackson, MI, Payday Loan for Kalamazoo, MI, Payday Loans in Lansing, MI and Payday Loans in Lincoln Park, 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 Black River, MI.

Are Payday Loans Legal In Black River, 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)

Black River, MI payday loan calculator

Payday Loans in Black River, Michigan: A Comprehensive Guide

Are you facing a financial crunch in Black River, Michigan and considering a payday loan? While payday loans offer a quick solution to your cash flow problems, it is important to understand the terms and regulations surrounding these loans before making a decision.

Here is everything you need to know about payday loans in Black River, Michigan.

What is a Payday Loan?

Payday loans are short-term loans that typically range from $100 to $1,000 and are meant to be paid back on your next payday. The loan amount, along with a fee, is debited from your bank account automatically on the due date. In Michigan, payday loans are legal, and lenders are regulated by the Michigan Department of Insurance and Financial Services.

How Do Payday Loans Work in Black River, Michigan?

In Black River, Michigan, payday lenders are required to be licensed and follow specific regulations. The maximum loan amount you can borrow is $600, and the maximum fee that a lender can charge is 15% of the loan amount. For example, if you borrow $100, the lender can charge up to $15 as a fee.

The loan term for payday loans in Michigan ranges from 14 to 31 days, and you can only have one outstanding payday loan at a time. Additionally, lenders cannot renew the loan more than once and cannot charge interest beyond 36% APR (Annual Percentage Rate).

Benefits and Drawbacks of Payday Loans

Payday loans offer several benefits. They are quick to obtain, and you can receive the money within a few hours of the application approval. You do not require a high credit score to qualify for a payday loan since they are based on your income and ability to repay the loan. Additionally, payday loans can help you avoid penalties for late bill payments and overdraft fees.

However, payday loans have some drawbacks as well. They can be expensive, with fees and interest rates that can accumulate quickly and lead to a cycle of debt. In some cases, lenders may require access to your bank account or ask for a post-dated check, which can result in bounced checks and additional fees.

Interesting Facts and Statistics about Payday Loans in Black River, Michigan

  • In 2019, the average payday loan amount in Michigan was $371.
  • In 2019, 78% of payday loans in Michigan were taken out on the same day that the previous loan was paid off.
  • In 2019, 39% of borrowers in Michigan took out more than ten payday loans.
  • In Michigan, the percentage of borrowers who default on their payday loans is more than twice the national average.

Apply Now

If you have decided that a payday loan is the right option for your financial needs, TheGuaranteedLoans can help you connect with potential lenders. Fill out our online application, and we will facilitate your connection with lenders who can provide you with the funds you need. Remember that we are not a direct lender, and our services are free of charge. Apply now and take control of your finances.

In conclusion, payday loans can provide a quick solution to your financial problems in Black River, Michigan. However, it is essential to consider the regulations and terms of these loans before borrowing. Take the time to assess your financial situation and only borrow what you can afford to repay. With the right information and responsible borrowing, payday loans can be a useful tool to help you manage your finances.

F.A.Q.

Can I renew or rollover my payday loan in Black River, Michigan?

No, payday loans in Black River, Michigan cannot be renewed or rolled over.

What happens if I can't pay back my payday loan in Black River, Michigan on time?

If you are unable to pay back your payday loan in Black River, Michigan on time, you may be charged additional fees and interest. You may also be subject to collection actions. It is important to contact your lender to discuss your options if you are unable to make a payment.