Payday Loans in Deerfield, Michigan

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

Company nameAddressZip codePhone number
Wolverine State Credit Union 1381 N Bagley St, Alpena, MI 49707 +1 (989) 356 - 1880
Superior National Bank & Trust Company 53115, 26 Library St, Lake Linden, MI 49945
Independent Bank 1985 W Genesee St, Lapeer, MI 48446 +1 (810) 245 - 8908
Chemical Bank 114 N Washington St, Hale, MI 48739 +1 (989) 728 - 2051
Lake-Osceola State Bank 790 Michigan Ave, Baldwin, MI 49304 +1 (231) 745 - 4601
TCF Bank 6430 Dixie Hwy, Village of Clarkston, MI 48346 +1 (800) 823 - 2265
Huntington Bank 2030 River Rd, East China, MI 48054 +1 (810) 329 - 2680
AAC Credit Union 17228 Van Wagoner Rd, Spring Lake, MI 49456 +1 (616) 842 - 3147
Blissfield State Bank 640 W Adrian St, Blissfield, MI 49228
Cash Connection 24053 Dequindre Rd, Hazel Park, MI 48030 +1 (248) 543 - 8100

Payday Loan Companies in Nearby Cities

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

Beautiful sights of Deerfield, MI

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

49238

Are Payday Loans Legal In Deerfield, 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)

Deerfield, MI payday loan calculator

The Ins and Outs of Payday Loans in Deerfield, Michigan

Payday loans can be a helpful tool for individuals who need quick access to cash. However, it is crucial to understand the terms of such loans before deciding to pursue them. Here in Deerfield, Michigan, payday loans are legal, but there are still several key factors to keep in mind when considering this option.

What are Payday Loans?

A payday loan is a small, short-term loan that typically must be repaid by the borrower’s next payday. These loans are usually for amounts ranging from $100 to $1500.

The application process for a payday loan is typically quick and straightforward. Borrowers must demonstrate their ability to repay the loan by providing proof of income and a valid identification card. Once approved, the borrower may receive their funds in as little as one business day.

Interest Rates

It is essential to understand the interest rates associated with payday loans in Deerfield. In Michigan, the maximum fee for a payday loan is 15% for the first $100 borrowed, 14% for the second $100 borrowed, and 13% for the third $100 borrowed. This means that for a $500 loan, the maximum fee would be $65.

It is important to remember that interest rates can quickly add up on payday loans if not repaid on time. If a borrower is unable to repay the loan, they may roll it over for an additional fee. Rolling over a loan can lead to significant debt and should be avoided whenever possible.

Paying Back the Loan

Payday loans in Deerfield typically must be repaid within two weeks or by the borrower’s next payday. If the loan is not repaid on time, the lender may charge additional fees and interest rates, leading to financial hardship for the borrower.

Borrowers must carefully consider their ability to repay the loan before taking one out. It may be helpful to create a budget to ensure that all necessary expenses can be met while still repaying the loan.

Apply Now

If you find yourself needing a payday loan, TheGuaranteedLoans can assist you in connecting with potential lenders. Our online application process is quick and secure.

Please keep in mind that TheGuaranteedLoans is not a direct lender. We are a connecting service that facilitates your connection with potential lenders. Borrowers should carefully review the terms and conditions of any loan before accepting.

Interesting Facts and Statistics

  • In 2019, the average payday loan amount in Michigan was $354.
  • Michigan’s Attorney General has created an informational guide to help consumers better understand their rights when considering a payday loan.
  • As of 2021, 31 states in the United States have legalized payday lending.

In conclusion, payday loans can be a helpful resource for individuals who need to access cash quickly. However, borrowers must carefully consider the terms and conditions of the loan before accepting and ensure that they can repay it on time. Remember, TheGuaranteedLoans can help connect you with potential lenders, but be sure to review all terms and conditions before accepting any loan offers.

F.A.Q.

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

in Deerfield, 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 Deerfield, Michigan?

There are several alternatives to payday loans in Deerfield, 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.