Payday Loans in Comins, Michigan

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

Company nameAddressZip codePhone number
Check Into Cash 205 W Carleton Rd, Hillsdale, MI 49242 +1 (517) 437 - 4668
Pepp Motors 2203 US 41 West, Marquette, MI 49855 +1 (906) 228 - 7279
Soo Co-op Credit Union 12214 W Lakeshore Dr, Brimley, MI 49715 +1 (906) 632 - 5358
Cason Home Loans 786 S Main St, Lapeer, MI 48446 +1 (810) 664 - 4330
ChoiceOne Bank 3 N Main St, Yale, MI 48097 +1 (810) 387 - 3229
Cash Now 4640 State St #19, Saginaw, MI 48603 +1 (989) 921 - 5626
Huntington Bank 450 E Michigan Ave, Saline, MI 48176 +1 (734) 429 - 3828
Independent Bank 1985 W Genesee St, Lapeer, MI 48446 +1 (810) 245 - 8908
Northland Area Federal Credit Union 2170 M-76, West Branch, MI 48661 +1 (989) 739 - 1401
Flagstar Bank 4675 32nd Ave 110, Hudsonville, MI 49426 +1 (616) 662 - 5400

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Comins, MI, you can try to find different companies in big cities near by. Check out the following pages here: Online Loans in East Lansing, MI, Bad Credit Loans in Eastpointe, MI, Payday Loans in Flint, MI, Same Day Loans in Grand Rapids, MI, Quick Loan in Holland, MI, Payday Loan Without a Credit Check in Jackson, MI, Payday Loans in Kalamazoo, MI and Payday Loans in Lansing, 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 Comins, MI.

Beautiful sights of Comins, MI

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

48619

Are Payday Loans Legal In Comins, 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)

Comins, MI payday loan calculator

Comprehensive Guide to Payday Loans in Comins, Michigan

When it comes to financial emergencies, it can be challenging to find the right solution, especially if your credit score is not that impressive. If you’re in Comins, Michigan, and experiencing a financial crisis, payday loans could be a quick solution for you. This article will provide you with comprehensive guidance on payday loans in Comins, Michigan, and things you need to know before applying for them.

What are Payday Loans?

Payday loans, also known as cash advances, are short-term loans that you can get by writing a post-dated check. You can borrow a small amount of money, usually ranging from $100 to $1000, and pay it back when your next paycheck arrives. Since payday loans are short-term loans, they come with higher interest rates compared to other types of loans.

How Do Payday Loans Work in Comins, Michigan?

In Michigan, payday loans are legal, but there are specific regulations lenders must follow. For instance, you can borrow a maximum of $600 in payday loans from a single lender with a repayment term of up to 31 days. Payday lenders in Comins, Michigan are regulated by the Michigan Department of Insurance and Financial Services.

Eligibility for Payday Loans in Comins, Michigan?

To qualify for payday loans in Comins, Michigan, you need to meet specific requirements, including:

  • Be at least 18 years or older
  • Be a resident of Comins, Michigan
  • Have a steady source of income or employment
  • Have a valid government-issued ID
  • Have an active bank account

Benefits of Payday Loans in Comins, Michigan

There are various benefits of payday loans, including:

  • Fast Approval – Payday loans typically have a fast approval process, and funds are usually disbursed within a couple of hours.
  • No Credit Check – Unlike traditional loans, payday loans don’t require a credit check. This means that you can qualify even with bad credit.
  • Convenience – Most payday lenders allow you to apply online, making it convenient for you to apply from the comfort of your home or office.

Interest Rates and Fees

The interest rates for payday loans in Comins, Michigan are not fixed and vary from one lender to another. However, the maximum finance charge is 15% of the first $100 loaned, 14% of the second $100, 13% of the third $100, 12% of the fourth $100, and 11% of the fifth and sixth $100s. The annual percentage rate (APR) on a 14-day loan of $100 is 390%, which is quite high compared to traditional loans. You should also be aware that some lenders may charge additional fees, such as origination fees, application fees, or prepayment penalties.

Potential Risks of Payday Loans

While payday loans may seem like a quick solution to your financial emergencies, they come with significant risks, including:

  • High-Interest Rates – Payday loans come with higher interest rates compared to traditional loans. The interest rates can be so high that you may end up paying back double or triple the amount you borrowed.
  • Cycle of Debt – If you’re unable to pay back your payday loan on time, you may end up getting into a cycle of debt in which you keep rolling over your loan, thereby incurring additional fees and interest.
  • Unregulated Lenders – There are some unregulated lenders who are not licensed and may charge exorbitant fees and interest rates.

Interesting Facts and Statistics about Payday Loans in Comins, Michigan

  • Michigan law allows borrowers to take out a maximum of two payday loans with a cumulative amount of $600 and a maximum of 31 days repayment term per lender.
  • According to a report by the Center for Responsible Lending, the average payday loan in Michigan has an APR of 369%.
  • In 2019, there were 517 payday loan storefronts in Michigan serving around 320,000 borrowers.

Apply Now

If you’re in Comins, Michigan, and you need a payday loan, TheGuaranteedLoans can help you find the best lender for your needs. We are not a direct lender, but we will connect you with potential lenders who can meet your financial needs. Fill out an online application on our website and get your funds quickly.

In Conclusion

Payday loans can be a quick solution to your financial problems, but they come with significant risks such as high-interest rates and being stuck in a cycle of debt. It’s essential to consider other options such as seeking assistance from family and friends, negotiating with your creditors or seeking assistance from non-profit organizations before applying for a payday loan. If you decide to go for a payday loan, ensure that you read the terms and conditions carefully and only borrow what you can afford to pay back.

F.A.Q.

Can I apply for a payday loan online in Comins, Michigan?

Yes, you can apply for a payday loan online in Comins, Michigan. However, make sure to research and compare different lenders to find the best terms and rates.

What is the maximum number of payday loans I can have at one time in Comins, Michigan?

The maximum number of payday loans you can have at one time in Comins, Michigan is two.