Payday Loans in Old Mission, Michigan

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

Company nameAddressZip codePhone number
Cash Connection 11600 Kelly Rd, Detroit, MI 48224 +1 (313) 723 - 3083
Instant Cash 8425 Mason Dr, Newaygo, MI 49337 +1 (231) 652 - 5800
Michigan Tech Employees Federal Credit Union (MTEFCU) 700 E Sharon Ave, Houghton, MI 49931 +1 (906) 482 - 5005
Superior National Bank & Trust 235 Quincy St, Hancock, MI 49930 +1 (906) 482 - 0404
Check `n Go 26926 Telegraph Rd, Flat Rock, MI 48134 +1 (734) 782 - 2300
Forest Area Federal Credit Union 409 W Mile Rd, Kalkaska, MI 49646 +1 (231) 879 - 4154
Arbor Financial Credit Union 811 W Michigan Ave, Three Rivers, MI 49093 +1 (269) 278 - 7076
Cranbrook Financial - Northwestern Mutual 205 S Front St 2e, Marquette, MI 49855 +1 (906) 629 - 6007
Cash Store S, 740 S US Highway 131 Ste 6, Three Rivers, MI 49093 +1 (269) 278 - 8600
CNB Mortgage Corporation 303 N Main St, Cheboygan, MI 49721 +1 (231) 627 - 7111

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Old Mission, MI, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Saint Clair Shores, MI, Payday Loans in Southfield, MI, Payday Loans in Sterling Heights, MI, Emergency Loan in Taylor, MI, Quick Loan in Troy, MI, Payday Loans in Warren, MI, Payday Loan Without a Credit Check in Westland, MI and Payday Loan for Wyoming, 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 Old Mission, MI.

Are Payday Loans Legal In Old Mission, 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)

Old Mission, MI payday loan calculator

Payday Loans in Old Mission, Michigan – Everything You Need to Know

If you find yourself in a financial emergency, you may need cash right away. Unfortunately, not everyone has the luxury of a savings account to fall back on, nor do they have a readily available line of credit through a traditional financial institution. That’s where payday loans come in. Getting a payday loan in Old Mission, Michigan is a legal option for those who need cash fast.

What Are Payday Loans?

A payday loan is a short-term loan that is intended to help you bridge the gap between paydays when unexpected expenses arise. These loans are typically for small amounts, ranging from $50 to $1,000, and have a repayment term of two to four weeks. When you take out a payday loan, you will be required to repay the loan in full, plus interest and fees, on your next payday.

How Do Payday Loans Work?

To take out a payday loan in Old Mission, Michigan, you will need to provide your lender with a post-dated check or authorize an ACH withdrawal for the loan amount plus interest and fees. The lender will hold onto this check or authorization until your loan is due, which is typically your next payday.

It is important to note that payday loans in Michigan are limited by law. Borrowers are only allowed to take out one payday loan at a time and can only borrow up to $600 per loan. Additionally, lenders are required to assess a borrower’s ability to repay the loan before granting the loan. This means that borrowers must have a regular source of income and must not have taken out more than one payday loan in the past 90 days.

The Pros and Cons of Payday Loans

Pros

  • Fast and easy application process
  • No collateral required
  • No credit check required

Cons

  • High-interest rates and fees
  • Short repayment period can lead to a cycle of debt
  • Not a long-term financial solution

Interesting Statistics About Payday Loans in Old Mission, Michigan

  • According to a report by the Michigan Department of Insurance and Financial Services, the average payday loan borrower in Michigan takes out 8 loans per year.
  • The same report found that 77% of payday loans are taken out by borrowers who take out 6 or more loans per year.
  • Michigan’s payday lending industry brought in over $103 million in fees in 2016.

Apply Now for a Payday Loan in Old Mission, Michigan

If you find yourself in need of a payday loan in Old Mission, Michigan, TheGuaranteedLoans can help. We are a connector service that connects borrowers with potential lenders. To apply for a payday loan, simply fill out our online application. Remember, payday loans are a short-term financial solution and should not be used as a long-term financial strategy.

Disclaimer: TheGuaranteedLoans is not a direct lender. We do not make lending decisions or provide loans. Our service is free to use and we do not charge any fees to borrowers. We are a connector service that connects borrowers with potential lenders.

F.A.Q.

Is there a limit to the number of payday loans I can take out in Old Mission, Michigan?

in Old Mission, Michigan, borrowers are limited to no more than two payday loans in a 90-day period.

Can I be sued for not repaying my payday loan in Old Mission, Michigan?

Yes, if you are unable to repay your payday loan in Old Mission, Michigan, the lender may choose to sue you for the unpaid balance.