Payday Loans in Elsie, Michigan

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

Company nameAddressZip codePhone number
Associated Title Services 205 Harrison St, Ironwood, MI 49938 +1 (906) 932 - 6340
Frankenmuth Credit Union Main Branch 580 N Main St, Frankenmuth, MI 48734 +1 (989) 497 - 1600
Honor Credit Union - Marquette 2424 West, US-41, Marquette, MI 49855 +1 (906) 226 - 3106
PNC Bank 1045 N Pine Rd, Essexville, MI 48732 +1 (989) 894 - 9358
Community Choice Credit Union 7845 Spring Arbor Rd, Spring Arbor, MI 49283 +1 (877) 243 - 2528
SuperCash 1701 North Dort Hwy, Flint, MI 48506 +1 (810) 767 - 7777
check n go, Check n Go Store Directory 26926 Telegraph Rd, Flat Rock, MI 48134 +1 (734) 782 - 2300
Instant Cash 1117 W South Airport Rd, Traverse City, MI 49686 +1 (231) 922 - 0003
Safe Harbor Credit Union 1200 E Tinkham Ave, Ludington, MI 49431 +1 (231) 843 - 2323
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 Elsie, MI, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Sterling Heights, MI, Same Day Loans in Taylor, MI, Payday Loans in Troy, MI, Payday Loans in Warren, MI, Emergency Loan in Westland, MI, Payday Loans in Wyoming, MI, Payday Loans in Ann Arbor, MI and Guaranteed Loans in Battle Creek, 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 Elsie, MI.

Beautiful sights of Elsie, MI

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

48831

Are Payday Loans Legal In Elsie, 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)

Elsie, MI payday loan calculator

Payday Loans in Elsie, Michigan: A Comprehensive Guide

Payday loans are a type of short-term loan that is usually due on the borrower’s next payday. They can be a helpful financial tool for those who need quick cash and don’t have access to other forms of credit. In Michigan, payday loans are legal, but there are strict regulations in place to protect borrowers. In this article, we’ll take a comprehensive look at payday loans in Elsie, Michigan.

How Do Payday Loans Work in Elsie, Michigan?

In Michigan, payday loans are regulated under the Deferred Presentment Service Transactions Act. According to the law, borrowers can take out payday loans for up to $600 for a term of 31 days or less. The interest rate for payday loans in Michigan is capped at 15% of the first $100 of the loan amount, 14% for the second $100, 13% for the third $100, 12% for the fourth $100, and 11% for the fifth and sixth $100.

To take out a payday loan in Elsie, Michigan, a borrower will need to provide proof of income, such as a pay stub or bank statement, as well as a valid ID and proof of residency. The borrower will then write a post-dated check for the loan amount plus fees, which will be cashed by the lender on the due date. If the borrower is unable to repay the loan on the due date, they may be able to roll over the loan for an additional fee.

What are the Pros and Cons of Payday Loans in Elsie, Michigan?

Like any financial product, payday loans have their pros and cons. Here are a few to consider:

Pros:

  • Quick access to cash
  • No credit check required
  • May be a helpful option for those with poor credit

Cons:

  • High interest rates and fees
  • Short repayment terms
  • May lead to a cycle of debt

It’s important to weigh these pros and cons carefully before deciding to take out a payday loan. In some cases, there may be better alternatives, such as a personal loan or credit card.

Apply Now!

If you’re considering taking out a payday loan in Elsie, Michigan, TheGuaranteedLoans can help. As a connector service, we work with a network of lenders who can provide payday loans to eligible borrowers. To get started, simply fill out our online application. We’ll then match you with potential lenders who may be able to offer you a loan. Keep in mind that we are not a direct lender and that loan terms and conditions may vary.

Interesting Facts and Statistics about Payday Loans in Elsie, Michigan

  • According to the Michigan Department of Insurance and Financial Services, there were 296,112 deferred presentment transactions in Michigan in 2020.
  • The average loan amount for a deferred presentment transaction in Michigan was $389 in 2020.
  • The total fees charged for deferred presentment transactions in Michigan in 2020 was $160 million.
  • In Michigan, borrowers are only allowed one payday loan at a time and can’t take out another loan until the first one is paid off.

Conclusion

Payday loans can be a helpful financial tool for those in need of quick cash, but they’re not without their risks. If you’re considering taking out a payday loan in Elsie, Michigan, be sure to do your research and weigh all your options carefully. And remember, TheGuaranteedLoans is here to help connect you with potential lenders if you decide that a payday loan is the right choice for you.

F.A.Q.

Are payday loans legal in Elsie, Michigan?

Yes, payday loans are legal in Elsie, Michigan. However, there are certain regulations in place that lenders must follow in order to offer these loans. These regulations include limits on the amount that can be borrowed, as well as the fees and interest rates that lenders can charge.

What are the requirements for obtaining a payday loan in Elsie, Michigan?

In order to obtain a payday loan in Elsie, Michigan, borrowers must be at least 18 years old, have a valid ID, and have a steady source of income. Additionally, borrowers must provide the lender with proof of income and a valid bank account.