Payday Loans in Covington, Michigan

All Credits Welcome!

If you have a bad credit score, then don’t worry – it’s not an issue for us!

TGL Loan Services

You can get your money fast after filling out the simple form on the "Get Started" page! Lenders cannot guarantee the approval, but they could approve your loans, even if you are unemployed, receiving government benefits.

Fast Money In Your Bank

You can get your money within hours after filling out the form! We work 24/7 for you!
  • This form is protected with secure 256-bit SSL encryption
  • By clicking “Get Started”, I consent and agree to the Privacy Policy and Terms of Use.

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

Company nameAddressZip codePhone number
First Bank, Upper Michigan 1502 W Washington St, Marquette, MI 49855 +1 (906) 228 - 7300
Horizon Bank 500 N Grand St, Schoolcraft, MI 49087 +1 (800) 873 - 2640
Check Into Cash 5455 Gull Rd e, Kalamazoo, MI 49048 +1 (269) 381 - 5594
Check Into Cash 36827 Mound Rd, Sterling Heights, MI 48310 +1 (586) 983 - 2453
Check Into Cash 793 South Wayne Road, Westland, MI 48186 +1 (734) 722 - 3050
Independent Bank 2593 S Van Dyke Rd, Marlette, MI 48453 +1 (989) 635 - 3541
Fifth Third Bank & ATM 2855 Port Sheldon St, Hudsonville, MI 49426 +1 (616) 669 - 4400
Dempsey Michael D CPA 1881 W Maumee St, Adrian, MI 49221 +1 (517) 265 - 5944
North Central Area CU 129 Lake St, Roscommon, MI 48653 +1 (989) 275 - 5169
Flagstar Bank 2203 N Telegraph Rd, Monroe, MI 48162 +1 (734) 242 - 1336

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Covington, MI, you can try to find different companies in big cities near by. Check out the following pages here: Bad Credit Loans in Detroit, MI, Payday Loans in East Lansing, MI, Payday Loans in Eastpointe, MI, Emergency Loan in Flint, MI, Online Loans in Grand Rapids, MI, Payday Loans in Holland, MI, Payday Loans in Jackson, MI and Payday Loans in Kalamazoo, 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 Covington, MI.

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

49919

Are Payday Loans Legal In Covington, 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)

Covington, MI payday loan calculator

Payday Loans in Covington, Michigan: What You Need to Know

When unexpected expenses arise, it can be challenging to find the funds to cover them. For many people, payday loans can be a helpful solution. If you’re considering a payday loan in Covington, Michigan, here’s what you need to know.

What Is a Payday Loan?

A payday loan is a small, short-term loan designed to be paid back with your next paycheck. They’re usually meant for people who need money quickly, such as those facing an unexpected car repair or medical bill. In Michigan, payday loans are legal and regulated by the Michigan Department of Insurance and Financial Services.

How Do Payday Loans Work?

When you apply for a payday loan, you’ll typically need to provide proof of income and identification. The lender will also ask you to write a post-dated check, which they’ll cash on the date your loan is due. Alternatively, you may give your lender permission to withdraw the loan amount plus fees directly from your bank account.

Payday loans are usually due within two weeks, although some lenders may offer longer repayment periods. However, the longer the repayment period, the more interest and fees you’ll pay in the long run.

Payday Loan Regulations in Michigan

Michigan law sets limits on payday loan amounts, fees, and repayment periods. In general, the maximum loan amount is $600, and lenders may charge up to 15% of the loan amount in fees. Repayment periods must be between 91 days and six months, depending on the loan amount.

Michigan law also prohibits payday lenders from rolling over loans or offering multiple loans at the same time. These rules are designed to protect borrowers from becoming trapped in a cycle of debt.

The Pros and Cons of Payday Loans

Payday loans can be a good option when you’re in a bind and need money quickly. They typically don’t require a credit check, so they’re available to people with poor credit. However, payday loans come with high fees and interest rates, which can make them expensive in the long run. They also have short repayment periods, which can make it difficult to avoid a cycle of debt.

The Apply Now Process

At TheGuaranteedLoans, we’re here to help you find potential lenders who can offer loans tailored to your individual needs. Our application process is simple and straightforward, and you can complete it online from the comfort of your own home. Our service is free, and we’ll never charge you a fee for our services.

Interesting Facts and Statistics

  • In Michigan, the average payday loan amount is $375.
  • Michigan has more payday lenders than McDonald’s restaurants.
  • Payday lenders in Michigan charge an average of 369% APR.

These statistics highlight the prevalence of payday loans in Michigan and the high interest rates associated with them.

Conclusion

Payday loans can be a helpful option when you need money quickly, but they come with high fees and interest rates. If you’re considering a payday loan in Covington, Michigan, make sure you understand the terms and regulations before you apply. And remember, TheGuaranteedLoans is here to help you find potential lenders who can offer loans tailored to your individual needs. Apply now to get started!

F.A.Q.

Can a payday lender in Covington, Michigan repossess my property if I default on my loan?

No, a payday lender in Covington, Michigan cannot repossess your property if you default on your loan. However, they may pursue other collections actions, such as garnishing your wages or seizing your assets.

Are payday loans in Covington, Michigan regulated by the state?

Yes, payday loans in Covington, Michigan are regulated by the state and must adhere to certain guidelines and restrictions, including maximum loan amounts and interest rates.