Payday Loans in Ottawa Lake, Michigan

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

Company nameAddressZip codePhone number
Mercantile Bank of Michigan 506 S Lincoln Ave, Lakeview, MI 48850 +1 (989) 352 - 7271
Raymond James Financial Services 5813 Red Arrow Hwy, Stevensville, MI 49127 +1 (269) 556 - 0768
PARDA Federal Credit Union 259 E 24th St, Holland, MI 49423 +1 (616) 392 - 6979
Check n Go 5035 W Main St, Kalamazoo, MI 49009 +1 (269) 553 - 9966
Comerica Bank 169 W Michigan Ave, Clinton, MI 49236 +1 (517) 456 - 4118
check n go, Check n Go Store Directory 1313 Washington St, Midland, MI 48640 +1 (989) 633 - 2880
4Front Credit Union 304 S Williams St, Mancelona, MI 49659 +1 (800) 765 - 0110
First National Bank 9775 M-36, Whitmore Lake, MI 48189 +1 (734) 449 - 7242
Kathi Gordon-Beatty - Raymond James 2753 S Milford Rd, Highland, MI 48357 +1 (248) 722 - 9056
Wells Fargo Advisors 7900 Moorsbridge Rd, Portage, MI 49024 +1 (269) 323 - 4800

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Ottawa Lake, MI, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loan Companies in Lincoln Park, MI, Payday Loans in Livonia, MI, Payday Loans in Macomb, MI, Payday Loan Companies in Madison Heights, MI, Payday Loans in Midland, MI, Payday Loans in Muskegon, MI, Payday Loans in Novi, MI and Emergency Loan in Pontiac, 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 Ottawa Lake, MI.

Beautiful sights of Ottawa Lake, MI

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

49267

Are Payday Loans Legal In Ottawa Lake, 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)

Ottawa Lake, MI payday loan calculator

The Ins and Outs of Payday Loans in Ottawa Lake, Michigan

When you’re facing a financial emergency, it can feel like you have no options left. Payday loans are one potential solution that many people turn to in times of need. If you live in Ottawa Lake, Michigan, you may be curious about what payday loans are and how they work.

What are Payday Loans?

Payday loans are short-term loans you can take out to help cover unexpected expenses. They’re called “payday” loans because they’re designed to be repaid on your next payday. These loans are available through payday loan stores, online lenders, and even some banks. To take out a payday loan, you’ll need to show proof of income and a bank account.

How Do They Work?

When you take out a payday loan, you borrow a certain amount of money for a fee. The fee is typically a percentage of the loan amount, and the repayment period is usually two weeks to a month. When the loan is due, the lender will withdraw the amount borrowed plus fees from your bank account. If you don’t have enough money in your account, you may face overdraft fees and other penalties.

Pros and Cons of Payday Loans

There are several pros and cons to consider when taking out a payday loan. On the one hand, payday loans can be a quick and easy way to get the money you need in an emergency. They don’t require a credit check, so they’re an option for people with poor credit or no credit history. However, payday loans come with some significant drawbacks. They can have high fees and interest rates, which can make them difficult to repay. Payday loans can also lead to a cycle of debt, where borrowers take out new loans to pay off old ones.

Payday Loan Laws in Michigan

Payday loans are legal in Michigan, but they’re subject to specific laws and regulations. According to Michigan law, payday loans can’t exceed $600, and lenders can’t charge more than 15% of the loan amount in fees. The loan term must be no less than 31 days and no more than 91 days. Michigan law also permits borrowers to take out only one payday loan at a time and limits them to a maximum of two payday loans in a 90-day period.

Interesting Facts and Statistics about Payday Loans in Ottawa Lake, Michigan

  • As of 2019, there were approximately 550 payday loan stores in Michigan.
  • In Michigan, the average payday loan size is $350.
  • Payday lenders in Michigan charge an average of 369% APR on payday loans.
  • In 2018, Michiganders took out more than 1.7 million payday loans, totaling nearly $702 million.
  • The majority of payday loan borrowers in Michigan are female and between the ages of 25 and 44.

Applying for a Payday Loan

If you’re considering taking out a payday loan in Ottawa Lake, Michigan, you can apply online through our website. We’re a connector service that can help you connect with potential lenders. Keep in mind that we’re not a direct lender and don’t make lending decisions. Instead, we work with a network of lenders to help you find the best loan options for your needs.

Before applying for a payday loan, be sure to read the terms and conditions carefully. Make sure you understand the fees and repayment schedule, and don’t borrow more than you can afford to repay.

The Bottom Line on Payday Loans in Ottawa Lake, Michigan

Payday loans can be a helpful way to get quick cash when you’re in a financial bind, but they come with significant risks. Before taking out a payday loan, consider all your options and make sure you understand the terms and fees. Applying through TheGuaranteedLoans can help you find a trusted lender and get the funds you need in an emergency.

When used responsibly, payday loans can be a helpful tool to manage unexpected expenses. Just be sure to borrow only what you need and can afford to repay, and pay back the loan on time to avoid extra fees and interest charges.

F.A.Q.

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

As with any type of loan, there are risks associated with taking out a payday loan in Ottawa Lake, 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 Ottawa Lake, Michigan.

What are payday loans and how do they work in Ottawa Lake, 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 Ottawa Lake, 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).