Payday Loans in Cedar Lake, Michigan

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

Company nameAddressZip codePhone number
Instant Cash Advance 3945 Plainfield Ave NE, Grand Rapids, MI 49525 +1 (616) 364 - 8888
Clearwater Financial, INC 104 E Grant St, Plainwell, MI 49080 +1 (269) 685 - 1170
Frankenmuth Credit Union Main Branch 580 N Main St, Frankenmuth, MI 48734 +1 (989) 497 - 1600
MSU Federal Credit Union 2313 Cedar St, Holt, MI 48842 +1 (517) 333 - 2424
Hometown Lending 104 S Washington St, Oxford, MI 48371 +1 (248) 969 - 9000
Advance America 5462 Gull Rd Ste. 2, Kalamazoo, MI 49048 +1 (269) 276 - 9474
Northwest Michigan Community Action Agency 3963 Three Mile Rd, Traverse City, MI 49686 +1 (231) 947 - 3780
Homestead Savings Bank 415 S Superior St, Albion, MI 49224 +1 (517) 629 - 5588
Primerica Financial Services 10751 S. Saginaw St. Bldg A B, Grand Blanc, MI 48439 +1 (810) 603 - 7108
Fifth Third Bank & ATM 328 Lansing St, Charlotte, MI 48813 +1 (517) 543 - 3700

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Cedar Lake, MI, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Troy, MI, No Credit Check Loans in Warren, MI, Payday Loans in Westland, MI, Payday Loans in Wyoming, MI, Payday Loans in Ann Arbor, MI, Payday Loans in Battle Creek, MI, Guaranteed Loans in Bay City, MI and Quick Loan in Bedford, 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 Cedar Lake, MI.

Are Payday Loans Legal In Cedar Lake, 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)

Cedar Lake, MI payday loan calculator

Payday Loans in Cedar Lake, Michigan

Payday loans are a type of short-term loan that helps individuals bridge the gap between paychecks. If you’re in Cedar Lake, Michigan and need quick access to cash, then you may be considering getting a payday loan. This article will provide you with everything you need to know about payday loans in Cedar Lake: the good, the bad, and the facts you should know before making a decision.

How do Payday Loans Work in Cedar Lake, Michigan?

In Michigan, payday loans are legal, but heavily regulated. Any lender operating within the state must be licensed and comply with state and federal regulations. Payday loans are available both online and at brick-and-mortar storefronts. To obtain a payday loan in Cedar Lake, you must have a valid government-issued ID, a verifiable source of income, and an active checking account.

The maximum amount you can borrow in a payday loan in Michigan is $600, with a maximum period of 31 days. However, there are restrictions on how much a lender can charge for the loan. For the first $100 borrowed, the maximum finance charge is 15%. For amounts between $101 and $200, the maximum finance charge is 14%. For amounts between $201 and $300, the maximum finance charge is 13%. For amounts between $301 and $400, the maximum finance charge is 12%. And for amounts between $401 and $600, the maximum finance charge is 11%. This means that the Annual Percentage Rate (APR) for a two-week loan of $100 in Michigan is 390%.

The Pros and Cons of Payday Loans in Cedar Lake, Michigan

Pros:

  • Quick Access to Cash: When you’re in a financial bind, payday loans can provide you with quick access to cash without going through the rigorous and time-consuming process of applying for a traditional loan.
  • No Credit Check Required: Most payday loan lenders don’t check your credit score. This makes payday loans ideal for those who have bad credit or no credit history.

Cons:

  • High-Interest Rates: The annual percentage rate (APR) for payday loans in Michigan is very high, often exceeding 390%. This makes payday loans a very expensive way to borrow money.
  • Short Repayment Period: You typically have 31 days to repay a payday loan in Michigan. This can be a challenge for many borrowers, given that the average paycheck may only cover basic expenses.
  • Risk of Getting Trapped in a Debt Cycle: Some borrowers end up taking out multiple payday loans to pay off their initial loan, leading to a cycle of debt that is difficult to break.

Interesting Facts and Statistics about Payday Loans in Cedar Lake, Michigan

  • According to the Center for Responsible Lending, the average payday loan borrower in Michigan takes out 8 payday loans per year.
  • Michigan is one of 27 states that regulates payday lending, and one of only 13 states that allows payday lending with triple-digit APRs.
  • Research has shown that payday loan borrowers are more likely to experience financial hardship than those who don’t use payday loans.

Apply Now

If you’re considering a payday loan in Cedar Lake, Michigan, and you need fast access to cash, then TheGuaranteedLoans can help. We’re a connector service that can help you find a lender that meets your needs. Fill out our online application form today to get started. Please note that we are not a direct lender and do not make credit decisions. Instead, we facilitate connections between borrowers and potential lenders. Apply today and get connected with a lender in Cedar Lake, Michigan!

F.A.Q.

What is the repayment period for payday loans in Cedar Lake, Michigan?

The repayment period for payday loans in Cedar Lake, Michigan is typically 14 days.

Can I have multiple payday loans at once in Cedar Lake, Michigan?

in Cedar Lake, Michigan, borrowers are not allowed to have more than one payday loan outstanding at any given time.