Payday Loans in Drummond Island, Michigan

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

Company nameAddressZip codePhone number
Payday Loans Oak Park Michigan 13720 W 8 Mile Rd, Oak Park, MI 48237 +1 (248) 582 - 5626
Chase Bank 4366 Alpine Ave NW, Comstock Park, MI 49321 +1 (616) 771 - 7028
Gogebic County Federal CU 600 W Lead St, Bessemer, MI 49911 +1 (906) 663 - 4011
Independent Bank 29 Church St, Saranac, MI 48881 +1 (616) 642 - 9406
Hastings City Bank 124 W Michigan Ave, Marshall, MI 49068 +1 (269) 558 - 0994
Advance America 6229 W Saginaw Hwy, Lansing, MI 48917 +1 (517) 327 - 2923
Mercantile Bank of Michigan 258 W Wright Ave, Shepherd, MI 48883 +1 (989) 828 - 6625
Preferred Credit Union 4245 S Westnedge Ave, Kalamazoo, MI 49008 +1 (269) 382 - 1880
Family Financial Credit Union 3575 Henry St, Muskegon, MI 49441 +1 (231) 733 - 4600
Adventure Credit Union 4211 Plainfield Ave NE, Grand Rapids, MI 49525 +1 (800) 323 - 2129

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Drummond Island, MI, you can try to find different companies in big cities near by. Check out the following pages here: Same Day Loans in Jackson, MI, Bad Credit Loans in Kalamazoo, MI, Payday Loans in Lansing, MI, Payday Loan for Lincoln Park, MI, Short-term Loans in Livonia, MI, Same Day Loans in Macomb, MI, Payday Loans in Madison Heights, MI and Payday Loans in Midland, 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 Drummond Island, MI.

Beautiful sights of Drummond Island, MI

Are Payday Loans Legal In Drummond Island, 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)

Drummond Island, MI payday loan calculator

If you’re from Drummond Island, Michigan, and you’re in need of some quick cash, you might be wondering if payday loans are legal in your state. The good news is that payday loans are not only legal in Michigan, but they can also provide you with fast financial relief when you need it most. In this article, we’ll cover all the essential information you need to know about payday loans in Drummond Island, Michigan.

What are Payday Loans?

A payday loan is a type of short-term loan that is usually due on your next payday. These loans are typically small amounts, ranging from $100 up to $1,000, and they’re meant to provide immediate financial relief for people who need it. The application process is usually quick and straightforward, and lenders don’t require a credit check.

However, the convenience of payday loans comes at a price. They often come with high-interest rates and fees, so they shouldn’t be used as a long-term financial solution. Payday loans are designed to be a short-term fix, to help you get through a temporary financial crisis, such as unexpected car repairs, medical bills, or other emergency expenses.

Are Payday Loans Legal in Michigan?

Yes, payday loans are legal in Michigan. However, there are some regulations in place to ensure that lenders conduct business in an ethical and responsible manner.

In Michigan, the maximum amount you can borrow from a payday lender is $600, and the loan term must be 31 days or less. Lenders can charge a maximum fee of 15% of the first $100 borrowed, 14% of the second $100, 13% of the third $100, 12% of the fourth $100, and 11% of the fifth and sixth $100. This means that the maximum finance charge for a 14-day, $100 loan is $15.

Additionally, lenders must be licensed to operate in Michigan and must follow state regulations. If you have any concerns or complaints about a payday lender, you can contact the Michigan Office of Financial and Insurance Regulation for assistance.

How to Get a Payday Loan in Drummond Island, Michigan

If you’re considering a payday loan in Drummond Island, Michigan, here are the steps you’ll need to take:

  1. Find a lender that operates in Michigan. You can search online for payday lenders or visit a storefront in Drummond Island, Michigan.
  2. Fill out an application. The application process is usually quick and easy, and you’ll need to provide some personal information, such as your name, address, and employment details.
  3. Get approved. If you’re approved, the lender will provide you with a loan agreement that outlines the loan terms and conditions, including the interest rate and fees.
  4. Receive your funds. Once you sign the loan agreement, the lender will deposit the funds directly into your bank account or give you cash on the same day.
  5. Repay the loan. The loan term is usually 14 days, but it can be extended up to 31 days. You’ll need to repay the loan in full, including the interest and fees, on your next payday.

Interesting Facts about Payday Loans in Drummond Island, Michigan

  • The average payday loan amount in Michigan is $350.
  • In 2019, Michigan payday lenders made more than 1 million loans totaling over $500 million.
  • The majority of payday loan borrowers in Michigan earn less than $40,000 per year.
  • Michigan law requires lenders to check a borrower’s ability to repay the loan before approving it.
  • Michigan law also allows borrowers to cancel a payday loan within one business day of taking it out.

Apply Now for a Payday Loan in Drummond Island, Michigan

If you’re in need of a payday loan in Drummond Island, Michigan, you can apply now on TheGuaranteedLoans website. We’re a connecting service that can help match you with potential lenders who can provide you with fast financial relief. Just remember that payday loans should only be used as a short-term solution, and you should borrow only what you can afford to pay back.

F.A.Q.

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

Yes, you can apply for a payday loan online in Drummond Island, 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 Drummond Island, Michigan?

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