Payday Loans in Oakland, Michigan

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

Company nameAddressZip codePhone number
Check `n Go 702 Edelweiss Village Pkwy, Gaylord, MI 49735 +1 (989) 705 - 7777
Chase Bank 1001 Robbins Rd, Grand Haven, MI 49417 +1 (616) 842 - 0151
1 First Class Inc 5417 W Saginaw Hwy, Lansing, MI 48917 +1 (517) 703 - 0840
Michigan First Credit Union Inside Kroger 16450 26 Mile Rd, Macomb, MI 48042 +1 (800) 664 - 3828
Mbank Loan Office 309 Cass St, Traverse City, MI 49684 +1 (231) 421 - 8901
Approved Cash Gold Buyers 8367 N Wayne Rd, Westland, MI 48185 +1 (734) 425 - 9241
Advance America 29914 Southfield Rd, Southfield, MI 48076 +1 (248) 552 - 8153
Cash Giant Of Eastpointe 14871 E 8 Mile Rd, Eastpointe, MI 48021 +1 (586) 871 - 2069
Yoder Financial Services 1160 N Van Dyke Rd, Bad Axe, MI 48413 +1 (989) 269 - 7062
Asset Brokers & Loans 1602 S Saginaw Rd, Midland, MI 48640 +1 (989) 631 - 9080

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Oakland, MI, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Taylor, MI, Payday Loan Companies in Troy, MI, Payday Loan Without a Credit Check in Warren, MI, Payday Loans in Westland, MI, Payday Loans in Wyoming, MI, Payday Loans in Ann Arbor, MI, Payday Loans in Battle Creek, MI and Same Day Loans in Bay City, 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 Oakland, MI.

Beautiful sights of Oakland, MI

Are Payday Loans Legal In Oakland, 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)

Oakland, MI payday loan calculator

Introduction

Payday loans are short-term loans that typically have high-interest rates, making them a controversial topic across the United States. In Michigan, however, payday loans are legal, which means that many people are turning to these loans when they need to cover unexpected expenses.

In this article, we will focus on payday loans in Oakland, Michigan, and provide an overview of how these loans work, as well as the benefits and risks involved. We’ll also share some interesting facts and statistics about payday loans in this area.

What Are Payday Loans?

Payday loans are short-term loans that are typically due on the borrower’s next payday. These loans are designed to help people cover unexpected expenses, such as car repairs or medical bills, when they don’t have enough money in their bank account.

The application process for payday loans is typically fast and easy, with borrowers providing proof of income and a bank account. Once approved, borrowers receive the loan funds directly into their bank account, often within one business day.

The Benefits of Payday Loans

One of the main benefits of payday loans is that they provide access to fast cash when it’s needed most. Unlike traditional bank loans, payday loans have a quick application process and often don’t require a credit check.

Another benefit of payday loans is that they don’t require collateral. This means that borrowers won’t have to put up their car or home as collateral, which can be a risky proposition.

The Risks of Payday Loans

Despite the benefits of payday loans, there are also some risks involved. One of the biggest risks is the high-interest rates, which can be as much as 400% APR or higher.

Another risk of payday loans is that they can lead to a cycle of debt. Since the borrower’s next paycheck will be used to repay the loan, they may find themselves relying on payday loans to cover their expenses each month.

Payday Loans in Oakland, Michigan

In Oakland, Michigan, payday loans are legal, which means that many residents in this area are turning to these loans when they need to cover unexpected expenses.

According to a report from the Center for Responsible Lending, the average payday loan borrower in Michigan takes out 10 loans per year, with an average loan amount of $350. This means that many people in Oakland, Michigan are using payday loans as a way to make ends meet.

Interesting Facts and Statistics:

  • A total of 542 payday lending storefronts operate in Michigan.
  • The average payday loan in Michigan has an APR of 369%.
  • The payday loan industry in Michigan generates an estimated $103 million in fees each year.
  • In 2019, the Michigan legislature passed a bill that increased the maximum payday loan amount from $600 to $1,000.

Apply Now for a Payday Loan

If you need access to fast cash in Oakland, Michigan, a payday loan may be the right solution for you. TheGuaranteedLoans is a connector service that can help you find a lender to meet your needs.

Our online application process is fast and easy, and we work with a network of trusted lenders to connect you with a loan that fits your unique requirements. Please note that TheGuaranteedLoans is not a direct lender, but we can facilitate your connection with potential lenders.

Conclusion

Payday loans in Oakland, Michigan are legal, which means that many people in this area turn to these loans when they need access to fast cash. While there are some risks involved with payday loans, they can be a valuable tool for those who need to cover unexpected expenses.

If you’re considering a payday loan, it’s important to understand the benefits and risks involved. With the right information and a trusted lender, you can make an informed decision that meets your needs.

F.A.Q.

What are the risks of taking out a payday loan in Oakland, Michigan?

As with any type of loan, there are risks associated with taking out a payday loan in Oakland, Michigan. One of the biggest risks is the potential for high fees and interest rates, which can make it difficult for borrowers to repay the loan on time. Additionally, some borrowers may be tempted to take out multiple loans, which can lead to a cycle of debt. It is important for borrowers to carefully consider their options and understand the potential risks before taking out a payday loan in Oakland, Michigan.

What are payday loans and how do they work in Oakland, Michigan?

Payday loans are short-term, high-interest loans that are intended to be used as a quick source of cash for people who are in need of money between paychecks. in Oakland, Michigan, payday loans are typically for small amounts of money (usually less than $500) and are required to be repaid within a short period of time (usually two to four weeks).