Payday Loans in Scotts, Michigan

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

Company nameAddressZip codePhone number
Chase Bank 4249 Lake St, Bridgman, MI 49106 +1 (269) 465 - 5789
Cash Mart 14661 Fenkell Ave, Detroit, MI 48227 +1 (313) 272 - 2274
Old National Bank 111 E Main St, Manchester, MI 48158 +1 (734) 396 - 9300
Corporate Settlement Solutions 50 Filer St 316, Manistee, MI 49660 +1 (231) 398 - 3058
Advance America 3020 E Saginaw St, Lansing, MI 48912 +1 (517) 333 - 2092
Quicken Loans 1050 Woodward Ave, Detroit, MI 48226 +1 (800) 769 - 6133
Cash Plus 520 W Fourteenth St, Traverse City, MI 49684 +1 (231) 946 - 2274
Horizon Bank 1213 W Michigan Ave, Three Rivers, MI 49093 +1 (269) 273 - 8681
Instant Cash 865 Dickinson St SE, Grand Rapids, MI 49507 +1 (616) 261 - 4500
EZ Money Check Cashing 1184 E Cedar Ave, Gladwin, MI 48624 +1 (989) 246 - 0986

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Scotts, MI, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loan Companies in Saginaw, MI, Payday Loan Without a Credit Check in Saint Clair Shores, MI, Payday Loans in Southfield, MI, Short-term Loans in Sterling Heights, MI, Payday Loans in Taylor, MI, Payday Loans in Troy, MI, Payday Loans in Warren, MI and Payday Loans in Westland, 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 Scotts, MI.

Beautiful sights of Scotts, MI

Are Payday Loans Legal In Scotts, 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)

Scotts, MI payday loan calculator

Payday loans are a type of short-term loan that is predominantly used for emergency situations, such as unexpected bills or expenses. These loans are intended to bridge the gap between paychecks, providing consumers with the money they need to cover unexpected expenses and tide them over until their next payday.

Payday Loans in Scotts, Michigan

If you are a resident of Scotts, Michigan, and are in need of a payday loan, it is important to be aware of the regulations and guidelines that apply to these types of loans in your state.

Michigan State Regulations for Payday Loans

In the state of Michigan, payday loans are legal, subject to certain legal requirements. In accordance with state law, there is a limit to how much money can be borrowed through a payday loan, and there are also restrictions on the fees and interest rates that lenders can charge.

Additionally, Michigan law requires payday lenders to be licensed and registered with the state. This means that if you are considering taking out a payday loan in Scotts, Michigan, it is essential that you choose a licensed and reputable lender.

Benefits of Payday Loans in Scotts, Michigan

Payday loans can offer a number of benefits for consumers who are experiencing a cash flow emergency or need to cover unexpected expenses. These benefits can include:

  • Quick access to cash
  • No collateral required
  • No credit check required (in most cases)
  • Flexibility in repayment terms

However, it is important to remember that payday loans are a short-term solution to financial difficulties, and should not be considered as a long-term financial solution. Additionally, because payday loans typically charge higher interest rates and fees than traditional loans, they can be more expensive in the long run.

Interesting Facts and Statistics about Payday Loans in Scotts, Michigan

  • The average payday loan amount in Michigan is $350.
  • Michigan law limits the amount of interest a lender can charge on a payday loan to 15% of the first $100 borrowed, 14% of the second $100, 13% of the third $100, 12% of the fourth $100, and 11% of the fifth and sixth $100.
  • According to a report by the Consumer Financial Protection Bureau, 80% of payday loans are rolled over or renewed, leading borrowers to pay more in fees than the principal loan amount.
  • In Michigan, it is illegal for payday lenders to threaten or harass borrowers who are unable to repay their loans.

Apply Now

If you are considering a payday loan in Scotts, Michigan, TheGuaranteedLoans can help connect you with potential lenders. Simply fill out our online application form to get started.

Please note that TheGuaranteedLoans is a connector service, not a direct lender. We do not have control over the terms of the loans offered by our network of lenders, including interest rates and repayment terms. It is important to review the terms and conditions of any loan before accepting it.

In conclusion, payday loans can be a viable option for consumers who need quick access to cash to pay for unexpected expenses or bridge the gap between paychecks. However, it is critical to be aware of the regulations, fees, and interest rates that apply to payday loans in your state, and to only borrow from reputable and licensed lenders.

F.A.Q.

What is the maximum interest rate that a payday lender can charge in Scotts, Michigan?

in Scotts, Michigan, the maximum interest rate that a payday lender can charge is 15% per $100 borrowed. This means that for a loan of $100, the maximum interest charged would be $15.

What are some alternatives to payday loans in Scotts, Michigan?

There are several alternatives to payday loans in Scotts, Michigan, including borrowing from friends or family, using a credit card or line of credit, or seeking assistance from a non-profit organization or government agency. Some employers also offer short-term, low-interest loans to their employees as a way to help them through difficult financial times.