Payday Loans in Mayfield, Michigan

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

Company nameAddressZip codePhone number
HPC Credit Union 1234 W Chisholm St, Alpena, MI 49707 +1 (989) 354 - 4698
Sullivan & Sullivan CPAs, dba Ruhlman Melvin Tax & Accounting Services 4021 Huron St, North Branch, MI 48461 +1 (810) 688 - 4710
Siemans 8981 Red Arrow Hwy 4, Bridgman, MI 49106 +1 (269) 465 - 5344
Frankenmuth Credit Union Freeland Branch 111 S Main St, Freeland, MI 48623 +1 (989) 497 - 1600
McBride Accounting 123 S Main, Cedar Springs, MI 49319 +1 (616) 696 - 1599
Honor Credit Union - Coldwater 621 E Chicago Rd, Coldwater, MI 49036 +1 (517) 278 - 6579
Rapid Bad Credit Loans 656 Frandor Ave, Lansing, MI 48912 +1 (517) 903 - 2932
Community Financial Credit Union 12483 State St, Atlanta, MI 49709 +1 (877) 937 - 2328
Check `n Go 618 W State St, Hastings, MI 49058 +1 (269) 945 - 5569
Comerica Bank 7991 Spring Arbor Rd, Spring Arbor, MI 49283 +1 (517) 750 - 3651

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Mayfield, MI, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Lansing, MI, Short-term Loans in Lincoln Park, MI, Payday Loans in Livonia, MI, Payday Loans in Macomb, MI, Quick Loan 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 Mayfield, MI.

Beautiful sights of Mayfield, MI

Are Payday Loans Legal In Mayfield, 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)

Mayfield, MI payday loan calculator

Everything You Need to Know About Payday Loans in Mayfield, Michigan

Payday loans provide a quick and convenient solution for those facing financial challenges. They offer individuals who need funds urgently with a cash advance on their upcoming paycheck. If you live in Mayfield, Michigan, and are considering a payday loan, it is essential to understand the laws and regulations governing these loans to make an informed decision. In this article, we’ll explore everything you need to know about payday loans in Mayfield, Michigan, including the benefits, regulations, and application process.

What Are Payday Loans?

Payday loans are small-dollar, short-term loans that borrowers take out and must repay by their next payday. They require no collateral and, therefore, usually have high-interest rates. The loan amount typically ranges from $50 to $500 and has an average term of two weeks.

Benefits of Payday Loans

When faced with unexpected expenses or bills, payday loans offer the following benefits:

  • Quick access to funds
  • No credit check requirement
  • No need for a co-signer or collateral
  • Easy application process

Regulations Governing Payday Loans in Mayfield, Michigan

In Michigan, payday lending is legal, but lenders must comply with the regulatory laws governing such loans. According to the Michigan Department of Insurance and Financial Services, payday loans are available with the following regulations:

  • The maximum loan amount for a payday loan is $600
  • The loan term should not exceed 31 days
  • Lenders are allowed to charge up to 15% interest on the first $100 borrowed, 14% on the second $100, and 13% on the third $100
  • Lenders cannot charge a borrower more than $25 in fees per $100 borrowed
  • Borrowers are allowed to take out only one payday loan at a time
  • Lenders must provide borrowers with a written agreement stating the terms and conditions of the loan, including the amount borrowed, the interest rate, and the fees charged
  • The loan agreement must clearly state the borrower’s rights
  • Debt collectors must use legal collection practices and cannot threaten or harass borrowers

Applying for a Payday Loan in Mayfield, Michigan

If you decide to take out a payday loan, you can apply online or at a storefront lender. You’ll need to provide the lender with the following information:

  • Identification documents, such as a driver’s license or state-issued ID
  • Proof of income
  • Social Security number
  • A post-dated check or electronic access to your checking account

The lender will assess your application, and if approved, they will provide you with the funds on the same day or the next business day.

Interesting Facts and Statistics about Payday Loans in Mayfield, Michigan

  • Michigan is one of 32 states that allow payday lending.
  • There are over 555 payday lenders in Michigan.
  • Payday loans account for nearly 70% of lenders’ revenue.
  • The average payday borrower in Michigan takes out eight loans per year, often reborrowing within a 14-day period.
  • Between 2017 and 2019, Michigan payday lenders charged average annual interest rates of 369%.

Apply Now

If you’re in need of a payday loan, TheGuaranteedLoans is here to help. As a connector service, we work with a network of qualified lenders who can offer you the funding you need. Our application process is easy and straightforward – simply fill out the online form, and we’ll connect you with lenders who can provide the funds you need. Remember, we do not provide direct lending services, but we do connect you to a potential lender who can offer you payday loans in Mayfield, Michigan.

Don’t let unexpected expenses or bills stress you out. Apply now for a payday loan in Mayfield, Michigan, and get the funds you need to cover your expenses.

F.A.Q.

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

Yes, you may be charged late fees if you are unable to repay your payday loan in Mayfield, 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 Mayfield, Michigan garnish my wages if I default on my loan?

Yes, a payday lender in Mayfield, 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.