Everything You Need to Know About Payday Loans in Shingleton, Michigan
Are you living in Shingleton, Michigan and in need of some quick cash to tie you over until your next paycheck? A payday loan can be a lifesaver in such situations. It’s a short-term loan which can be borrowed against your paycheck, which you will repay on your next payday. It’s a quick and easy way to obtain the funds that you need, without having to go through a lengthy application process.
Are Payday Loans Legal in Michigan?
Yes, payday loans are legal in Michigan. The state’s payday lending laws regulate the amount that a lender can charge for a payday loan, and the maximum amount that can be borrowed. Michigan law also requires that all payday lenders be licensed, and that they provide borrowers with all the necessary information about the loan, including the lending fees and interest rate.
What Are the Requirements for Obtaining a Payday Loan in Shingleton, Michigan?
- You must be at least 18 years old.
- You must be a US citizen or a permanent resident.
- You must have a steady source of income, whether from a job, benefits, or other government aid.
- You must have a checking account in your name.
- You must provide proof of your identity, such as a driver’s license or passport.
Once you satisfy all the above requirements, the process of obtaining a payday loan in Shingleton, Michigan is straightforward. You will need to provide the payday lender with your personal and financial information, and then sign a loan agreement. You will then receive the loan amount, which you will need to repay on your next payday.
How Much Can You Borrow with a Payday Loan in Shingleton, Michigan?
In Michigan, the minimum amount that you can borrow with a payday loan is $50, and the maximum amount is $600. The lending fees for payday loans are capped at 15% of the loan amount, and the interest rate is capped at 390% APR. This means that if you borrow $100 for two weeks, you will be charged $15 for the lending fees, and the total amount that you will need to repay at the end of the two weeks is $115.
Applying for a Payday Loan Online
At TheGuaranteedLoans, we offer a convenient way to apply for a payday loan in Shingleton, Michigan. Simply fill out our online application form, and we will forward your information to our network of lenders. This saves you time and effort, as you do not need to visit multiple lenders in Shingleton, Michigan to find the right payday loan for your needs.
How to Repay Your Payday Loan in Shingleton, Michigan
When your payday loan is due, your lender will withdraw the loan amount and the lending fees from your checking account. This means that you should have enough funds in your account to cover the loan repayment. Failure to repay your payday loan on time may result in additional fees and charges, as well as damage to your credit score.
Interesting Facts and Statistics about Payday Loans in Shingleton, Michigan
- The average payday borrower in Michigan takes out 11 loans per year.
- As of 2020, there were over 550 payday lending storefronts in Michigan.
- The total payday lending volume in Michigan was over $1.3 billion in 2019.
Apply Now for a Payday Loan in Shingleton, Michigan
At TheGuaranteedLoans, we understand that financial emergencies can arise unexpectedly, which is why we offer a fast and easy way to apply for a payday loan in Shingleton, Michigan. We are not a direct lender, but we work with a network of reliable lenders who can offer you a payday loan that suits your needs. Simply fill out our online application form, and we will connect you with lenders who will provide you with the funds that you need.