Payday Loans in Sterling, Michigan

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

Company nameAddressZip codePhone number
Level One Bank Bloomfield Hills Michigan 37100 Woodward Ave, Bloomfield Hills, MI 48304 +1 (248) 530 - 7401
Joseph M Daavettila, CPA, PLC 417 Shelden Ave, Houghton, MI 49931 +1 (906) 482 - 3830
Bowman & Rogers 705 S, Lakeshore Dr, Lake City, MI 49651 +1 (231) 839 - 7248
Northland Area Federal Credit Union 1927 Greenwood Rd, Prescott, MI 48756 +1 (989) 739 - 1401
Chemical Bank 73881 M-43, South Haven, MI 49090 +1 (269) 637 - 0950
Advance America 3119 U.S. Hwy 41 W., Marquette, MI 49855 +1 (906) 228 - 5795
Advantage Cash Advance 7722 East 8 Mile Road, Detroit, MI 48234 +1 (313) 422 - 8785
Century Bank and Trust- Jonesville Loan Center 859 Olds St, Jonesville, MI 49250 +1 (517) 849 - 9010
Awakon Federal Credit Union 6272 M-68 Hwy, Indian River, MI 49749 +1 (231) 238 - 8331
Genisys Credit Union 120 S Washington St, Oxford, MI 48371 +1 (248) 236 - 8135

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Sterling, MI, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Portage, MI, Payday Loans in Roseville, MI, Payday Loan Without a Credit Check in Royal Oak, MI, Payday Loans in Saginaw, MI, Payday Loan Companies in Saint Clair Shores, MI, 24-Hour Loan in Southfield, MI, Bad Credit Loans in Sterling Heights, MI and Same Day 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 Sterling, MI.

Beautiful sights of Sterling, MI

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

48659

Are Payday Loans Legal In Sterling, 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)

Sterling, MI payday loan calculator

Payday Loans in Sterling, Michigan

If you’re in a financial bind and need cash fast, one option you may be considering is a payday loan. These short-term, high-interest loans have grown in popularity over the years, and they are readily available in Sterling, Michigan. Despite their convenience, though, payday loans have gained a reputation for trapping borrowers in a cycle of debt. In this article, we’ll take a closer look at payday loans in Sterling, Michigan, and explore what you need to know before taking out this type of loan.

What are Payday Loans?

A payday loan is a type of short-term loan that is typically due on your next payday. These loans are intended to help you cover unexpected expenses and fill gaps in your budget between your paychecks. To apply for a payday loan, you’ll typically need to provide proof of income and employment, as well as a checking account for the funds to be deposited into. In most cases, payday loans are granted even if you have poor credit or no credit history.

How do Payday Loans Work?

Payday loans are relatively easy to obtain, but they often come with steep fees and high-interest rates. The amount you can borrow with a payday loan varies by state, but in Michigan, the maximum amount is $600. When you take out a payday loan, you’ll typically need to provide the lender with a postdated check for the loan amount plus fees. On your next payday, the lender will cash the check, or you can authorize an electronic withdrawal from your bank account.

Are Payday Loans Legal in Michigan?

Payday loans are legal in Michigan, but there are some regulations in place to protect borrowers. For example, the maximum amount you can borrow is $600. Additionally, lenders are required to be licensed and must adhere to certain lending guidelines. The annual percentage rate (APR) on payday loans in Michigan is capped at 391%, which is still much higher than traditional bank loans or credit cards.

What are the Risks of Payday Loans?

While payday loans can be a convenient option for those who need cash fast, they also come with significant risks. The high-interest rates and fees associated with these loans can quickly add up, leaving you in a cycle of debt that can be difficult to break. In fact, some studies have shown that the average payday loan borrower takes out eight loans per year, with each loan rolling over into additional fees and interest charges.

The Bottom Line

Before you take out a payday loan in Sterling, Michigan, it’s important to weigh the risks and benefits carefully. While these loans may seem like an easy solution to a temporary cash shortage, they can quickly spiral out of control if you’re not careful. Always read the terms and conditions of any loan carefully, and make sure you understand the fees and interest rates involved. And remember, if you’re struggling with debt, there are other options available, such as credit counseling or debt consolidation loans.

Interesting Facts and Statistics About Payday Loans in Sterling, Michigan

  • In 2020, the payday loan industry in Michigan issued over 1.6 million loans, totaling more than $815 million in transaction volume.
  • The average payday loan amount in Michigan is $375.
  • Michigan borrowers pay an average of $114 in fees per loan.
  • Over 70% of payday loan borrowers in Michigan report using payday loans for recurring expenses, such as rent and utilities.

Apply Now

If you’re considering a payday loan in Sterling, Michigan, TheGuaranteedLoans can help connect you with potential lenders. Simply fill out our online application form, and we’ll do the rest. Please note that TheGuaranteedLoans is a connector service, not a direct lender. We work with a network of trusted lenders to help you find the loan that’s right for you.

F.A.Q.

Are payday loans legal in Sterling, Michigan?

Yes, payday loans are legal in Sterling, Michigan, but they are subject to certain regulations to protect borrowers from predatory lending practices. Under Michigan law, payday lenders are required to be licensed by the state and are subject to certain restrictions on the interest rates and fees they can charge.

How much can I borrow with a payday loan in Sterling, Michigan?

Under Michigan law, payday lenders are generally allowed to lend up to $600 to borrowers. However, some lenders may offer larger loans, depending on the borrower's income and credit history.