Payday Loans in Shaftsburg, Michigan

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

Company nameAddressZip codePhone number
Lendio Metro Detroit 31077 Schoolcraft 201, Livonia, MI 48150 +1 (313) 306 - 3200
Huntington Bank 505 N 26th St, Escanaba, MI 49829 +1 (906) 398 - 6060
Academy Mortgage - Bay City 1901 S Euclid Ave #6, Bay City, MI 48706 +1 (989) 671 - 2701
Gracik & Gracik, PC 540 W Lake St, Tawas City, MI 48763 +1 (989) 984 - 5280
Cash Store 1833 Marketplace Dr, Caledonia, MI 49316 +1 (616) 698 - 9441
Fifth Third Bank & ATM 120 N St Joseph St, Suttons Bay, MI 49682 +1 (231) 271 - 3031
Raymond James Financial Services 1 E Huron Ave, Bad Axe, MI 48413 +1 (989) 269 - 7248
Tri-County Bank 6681 Bernie Kohler Dr, North Branch, MI 48461 +1 (810) 688 - 4163
Huron Community Bank 3150 E Huron Rd, Au Gres, MI 48703 +1 (989) 876 - 8068
Huntington Mortgage Group 221 W Webster Ave 301, Muskegon, MI 49440 +1 (231) 725 - 0310

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Shaftsburg, MI, you can try to find different companies in big cities near by. Check out the following pages here: 24-Hour Loan in Portage, MI, Short-term Loans in Roseville, MI, Payday Loans in Royal Oak, MI, Payday Loans in Saginaw, MI, Payday Loans in Saint Clair Shores, MI, No Credit Check Loans in Southfield, MI, Payday Loans in Sterling Heights, MI and Payday Loans in Taylor, 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 Shaftsburg, MI.

Are Payday Loans Legal In Shaftsburg, 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)

Shaftsburg, MI payday loan calculator

Payday loans are a popular form of short-term lending that can provide a quick cash solution for those experiencing financial difficulties. In the state of Michigan, payday loans are legal, and residents of Shaftsburg have access to a range of lenders offering payday loans.

How Do Payday Loans Work?

Payday loans are typically small amounts of money, usually between $100 and $1,500, that are borrowed for a short period of time, usually up to 30 days. The loan is secured against the borrower’s next paycheck. That means that the lender will require proof of income and employment before approving the loan. If the borrower is approved, the funds will be deposited directly into their bank account.

When the loan comes due, the lender will either cash the borrower’s post-dated check or withdraw the funds directly from their bank account. If the borrower is unable to repay the loan, they may be charged additional fees and interest. It is important to carefully read and understand the terms and conditions of any payday loan before agreeing to it.

The Pros and Cons of Payday Loans

While payday loans can provide quick access to cash for those in need, they also come with some significant drawbacks. Here are some of the pros and cons of payday loans:

Pros:

  • Quick and easy access to cash
  • No credit check required
  • No collateral required

Cons:

  • High interest rates and fees
  • Short repayment periods
  • Can lead to a cycle of debt

It is important to fully weigh the pros and cons of payday loans before deciding to take out one.

Interesting Facts and Statistics about Payday Loans in Shaftsburg, Michigan

  • In 2020, the average payday loan amount in Michigan was $542.
  • In 2019, there were over 10,000 payday loans issued in Michigan.
  • The maximum amount that can be borrowed through a payday loan in Michigan is $600.

Apply Now

If you are considering a payday loan in Shaftsburg, Michigan, TheGuaranteedLoans can help connect you with potential lenders. Our online application process is quick and easy, and we work with a network of lenders to help you find the right loan for your needs. Remember, we are a connector service, not a direct lender, and we will never charge you any fees for our services. Apply now and see if you can get the cash you need today!

F.A.Q.

Can I be arrested for not repaying my payday loan in Shaftsburg, Michigan?

No, you cannot be arrested for not repaying your payday loan in Shaftsburg, Michigan. However, the lender may choose to pursue legal action against you to recover the unpaid balance.

Is it illegal to take out a payday loan in Shaftsburg, Michigan if I am already in debt?

No, it is not illegal to take out a payday loan in Shaftsburg, Michigan if you are already in debt. However, it is important to carefully consider whether you will be able to repay the loan and avoid further financial difficulties.