Payday Loans in Cross Village, Michigan

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

Company nameAddressZip codePhone number
United States Postal Service 3985 S Otter Creek Rd, La Salle, MI 48145 +1 (800) 275 - 8777
Saginaw County Employees Credit Union 1700 Court St, Saginaw, MI 48602 +1 (989) 793 - 9188
Michigan Title Loans 358 Frandor Ave, Lansing, MI 48912 +1 (517) 210 - 0662
CoVantage Credit Union 303 N 4th Ave, Iron River, MI 49935 +1 (906) 265 - 5147
Advance America 807 East St, Lapeer, MI 48446 +1 (810) 245 - 8531
Wolverine State Credit Union 201 N State St, Oscoda, MI 48750 +1 (800) 655 - 6508
Fifth Third Bank & ATM 839 Robbins Rd, Grand Haven, MI 49417 +1 (616) 847 - 2337
Huntington Mortgage Group 206 Lake St, Leland, MI 49654
Huntington Bank 7157 E Saginaw St, East Lansing, MI 48823 +1 (517) 339 - 3650
Huntington Bank 19100 Hall Rd, Charter Twp of Clinton, MI 48038 +1 (586) 416 - 4400

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Cross Village, MI, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Lansing, MI, Payday Loans in Lincoln Park, MI, Payday Loans in Livonia, MI, Bad Credit Loans in Macomb, MI, Bad Credit Loans in Madison Heights, MI, Payday Loans in Midland, MI, Payday Loans in Muskegon, MI and Payday Loans in Novi, 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 Cross Village, MI.

Beautiful sights of Cross Village, MI

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

49723

Are Payday Loans Legal In Cross Village, 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)

Cross Village, MI payday loan calculator

Understanding Payday Loans in Cross Village, Michigan

When you’re living paycheck to paycheck, unexpected expenses can quickly cause stress and financial turmoil. In times like these, a payday loan can seem like a lifeline. However, it’s important to understand what payday loans entail before taking one out in Cross Village, Michigan.

What is a Payday Loan?

A payday loan is a type of short-term loan designed to be repaid on the borrower’s next payday. These loans are usually for small amounts, ranging from $50 to $1,000 depending on the state’s regulations. In Cross Village, Michigan, payday loans are legal and are regulated under Michigan law.

How do Payday Loans Work in Cross Village, Michigan?

To get a payday loan in Cross Village, Michigan, you must provide your contact information, proof of income, and a post-dated check or authorization for electronic fund transfer. You will receive the loan amount in cash, check, or deposited directly into your bank account. In Michigan, the maximum loan amount is $600, and there is no minimum loan term. The maximum term for a payday loan is 31 days.

When the loan is due, the lender will cash the post-dated check or withdraw the loan amount plus fees electronically from your bank account. If you cannot repay the loan on time, the lender can charge additional fees and interest, making it more difficult to repay.

Why are Payday Loans Controversial?

Payday loans are controversial because they often charge extremely high-interest rates that can trap borrowers in a cycle of debt. For example, in Michigan, payday lenders can charge up to 15% of the loan amount in fees and up to 369% in interest on a 14-day loan. This means that a $600 loan could end up costing the borrower over $1,000.

Are Payday Loans a Good Idea in Cross Village, Michigan?

Payday loans can be a good option for short-term emergencies if you have no other options and can repay the loan on time. However, you should only take out a payday loan in Cross Village, Michigan if it is absolutely necessary, and you have a plan to repay the loan in full.

The Pros and Cons of Payday Loans in Cross Village, Michigan

Pros:

  • Quick access to cash in emergencies
  • No credit check required
  • May be able to get a loan with bad credit

Cons:

  • Extremely high-interest rates and fees
  • Can trap you in a cycle of debt
  • May damage your credit score

Interesting Facts and Statistics about Payday Loans in Cross Village, Michigan

  • As of 2021, there are over 550 payday loan stores operating in Michigan.
  • Michigan law mandates that payday loans must be capped at $600, and the loan term cannot exceed 31 days.
  • The average payday loan in Michigan has an annual interest rate of 369%.
  • According to a 2019 report by the Center for Responsible Lending, payday loans cost Michigan residents over $100 million in fees annually.

Apply Now for a Payday Loan in Cross Village, Michigan

At TheGuaranteedLoans, we offer a convenient and secure way to apply for a payday loan in Cross Village, Michigan. We are not direct lenders but rather a connector service, connecting you with potential lenders who can offer you the funds you need. Fill out our online application today, and get the funds you need quickly and easily. Remember, only take out a payday loan if it is absolutely necessary, and you have a plan to repay the loan on time.

F.A.Q.

Can I be charged late fees for not repaying my payday loan in Cross Village, Michigan on time?

Yes, you may be charged late fees if you are unable to repay your payday loan in Cross Village, Michigan on time. These fees are typically a percentage of the unpaid balance and are capped at a certain amount by state law.

Can a payday lender in Cross Village, Michigan garnish my wages if I default on my loan?

Yes, a payday lender in Cross Village, Michigan can garnish your wages if you default on your loan. However, the amount garnished cannot exceed 25% of your disposable income or the amount by which your disposable income exceeds 30 times the federal minimum hourly wage, whichever is less.