Payday Loans in Cedar, Michigan

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

Company nameAddressZip codePhone number
Straits Area Federal Credit Union 121 E Central Ave, Mackinaw City, MI 49701 +1 (231) 436 - 4037
QuickcashMI 4649 Washtenaw Ave, Ann Arbor, MI 48108 +1 (734) 973 - 1748
Approved Cash 1968 Mall Pl #4, Benton Harbor, MI 49022 +1 (269) 926 - 1539
The State Bank 175 N Leroy St, Fenton, MI 48430 +1 (810) 629 - 2263
Bank Michigan 417 S Main St, Brooklyn, MI 49230 +1 (517) 592 - 3205
Mbank Loan Office 309 Cass St, Traverse City, MI 49684 +1 (231) 421 - 8901
Upper Peninsula State Bank 430 N Lincoln Rd, Escanaba, MI 49829 +1 (906) 789 - 7000
Instant Cash Kalkaska 103 3rd St suite d, Kalkaska, MI 49646 +1 (231) 258 - 0300
Cash Net Advance 20914 Gratiot Ave, Eastpointe, MI 48021 +1 (586) 200 - 2405
U.P. Pawn 1212 N Stephenson Ave, Iron Mountain, MI 49801 +1 (906) 828 - 4288

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Cedar, MI, you can try to find different companies in big cities near by. Check out the following pages here: Same Day Loans in Portage, MI, Guaranteed Loans in Roseville, MI, Payday Loans in Royal Oak, MI, Payday Loans in Saginaw, MI, Payday Loans in Saint Clair Shores, MI, Payday Loans in Southfield, MI, Payday Loans in Sterling Heights, MI and Payday Loans in Taylor, 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, MI.

Beautiful sights of Cedar, MI

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

49621

Are Payday Loans Legal In Cedar, 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, MI payday loan calculator

Payday loans in Cedar, Michigan are a popular choice for many people in need of quick cash. Although there are plenty of reputable payday loan providers in Cedar, it’s important to understand the associated risks and consider alternative options.

What Are Payday Loans?

A payday loan is a short-term, high-interest loan. Typically, the loan amount is for a few hundred dollars or less and is due on the borrower’s next payday. Payday loans are intended to help people bridge the gap between paychecks or cover an unexpected expense.

How Do Payday Loans Work?

The payday lender will require the borrower to write a post-dated check for the full loan amount plus fees or authorize an electronic withdrawal from their bank account on the due date. If the borrower doesn’t repay the loan in full on the due date, the lender will cash the check or initiate the electronic withdrawal.

Are Payday Loans Legal in Michigan?

Yes, payday loans are legal in Michigan, but there are restrictions on the loan amount, fees, and repayment terms. The maximum loan amount in Michigan is $600, and lenders aren’t allowed to charge more than 15% of the loan amount in fees. The loan term must be at least 31 days.

The Pros and Cons of Payday Loans

Pros

  • Quick cash: Payday loans can provide fast access to cash when it’s needed most.
  • No credit check: Payday lenders typically don’t check the borrower’s credit score, making them an option for people with poor credit.
  • Ease of access: Payday loans are widely available, with many lenders offering online applications.

Cons

  • High fees: Payday loans typically have high fees, making them an expensive way to borrow money.
  • Short repayment terms: The short repayment terms associated with payday loans can make it difficult to repay the loan in full on time.
  • Risk of cycle of debt: If the borrower can’t repay the loan in full on the due date, they may be tempted to roll over the loan, incurring additional fees and interest.

Alternatives to Payday Loans

While payday loans can be a solution for those in need of quick cash, there are alternatives that may be more affordable and less risky.

Credit Union Loans

Credit unions are not-for-profit financial cooperatives that offer affordable loans to their members. Credit union loans typically have lower interest rates and fees than payday loans. Many credit unions also offer financial education and counseling to their members.

Personal Loans

Personal loans are unsecured loans that can be used for a variety of purposes. Many personal loan providers offer competitive interest rates and flexible repayment terms. However, personal loans may require a credit check and may not provide same-day access to cash.

Community Assistance Programs

Many community organizations offer emergency financial assistance programs for those in need. These programs may provide one-time grants or no- or low-interest loans to help with expenses such as rent, utilities, and medical bills.

Interesting Facts and Statistics About Payday Loans in Cedar, Michigan

  • In 2019, there were 542 payday lending locations in Michigan.
  • The average payday loan in Michigan is for $350.
  • Michigan’s 15% cap on payday loan fees is among the lowest in the United States.

Apply Now

If you’re considering a payday loan, we encourage you to apply now through TheGuaranteedLoans. We are a connector service that matches borrowers with potential lenders. Our application process is quick and easy, and we work with a network of reputable lenders. Remember, a payday loan may not be the best option for everyone, so be sure to explore all your options before borrowing.

F.A.Q.

What is the maximum interest rate that a payday lender can charge in Cedar, Michigan?

in Cedar, Michigan, the maximum interest rate that a payday lender can charge is 15% per $100 borrowed. This means that for a loan of $100, the maximum interest charged would be $15.

What are some alternatives to payday loans in Cedar, Michigan?

There are several alternatives to payday loans in Cedar, Michigan, including borrowing from friends or family, using a credit card or line of credit, or seeking assistance from a non-profit organization or government agency. Some employers also offer short-term, low-interest loans to their employees as a way to help them through difficult financial times.