Payday Loans in Sumner, Michigan

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

Company nameAddressZip codePhone number
Soo Co-op Credit Union 12214 W Lakeshore Dr, Brimley, MI 49715 +1 (906) 632 - 5358
Family First Credit Union 1011 N Michigan Ave, Saginaw, MI 48602 +1 (989) 759 - 1686
Advance America 47524 Pontiac Trail, Wixom, MI 48393 +1 (248) 669 - 4556
Marc Powers - Raymond James 28 S Washington St 204, Oxford, MI 48371 +1 (248) 628 - 7259
Instant Cash Advance 3890 Lake Michigan Dr NW, Grand Rapids, MI 49534 +1 (616) 453 - 0001
Comfort Keepers of Lansing, MI 1118 Centennial Way, Lansing, MI 48917 +1 (517) 321 - 4010
Sayler's Accounting & Tax Specialists Inc. 2396 US-223, Adrian, MI 49221 +1 (517) 263 - 0204
Advance America 1824 S Stephenson Ave, Iron Mountain, MI 49801 +1 (906) 774 - 4061
TCF Bank 2170 Packard Rd, Ypsilanti, MI 48197 +1 (800) 823 - 2265
check n go, Check n Go Store Directory 5491 US-10, Ludington, MI 49431 +1 (231) 845 - 8620

Payday Loan Companies in Nearby Cities

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

Beautiful sights of Sumner, MI

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

48889

Are Payday Loans Legal In Sumner, 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)

Sumner, MI payday loan calculator

When financial emergencies arise, payday loans can be a quick and convenient solution to cover unexpected bills or expenses. In Sumner, Michigan, payday loans are legal and readily available for those who meet the necessary requirements. However, before taking out a payday loan, it’s essential to understand how they work and their potential risks.

What are Payday Loans?

A payday loan, also known as a cash advance loan, is a type of short-term borrowing that typically requires repayment on the borrower’s next payday. These loans are usually for small amounts, from $100 to $1,500, and come with high fees and interest rates.

Payday lenders require borrowers to write a post-dated check for the loan amount plus fees or to provide the lender with electronic access to their bank account. If the borrower cannot repay the loan on the due date, they may have to roll over the loan, which incurs additional fees and interest.

Payday Loans in Sumner, Michigan

In Sumner, Michigan, payday loans are legal and regulated by state law. Michigan is one of 37 states that allow payday lending with certain regulations in place. According to Michigan law, the maximum amount a borrower can take out in a payday loan is $600, and lenders can charge up to 15 percent of the loan amount in fees.

Before taking out a payday loan in Sumner, Michigan, you must meet certain requirements. These include:

  • Being at least 18 years old
  • Having a valid government-issued ID
  • Providing proof of income
  • Having an active checking account

If you meet these requirements and decide to take out a payday loan, it’s crucial to only borrow what you can afford to pay back on the due date and to be aware of the potential risks.

The Risks of Payday Loans

While payday loans can be a convenient option for those facing financial emergencies, they also come with significant risks. The high fees and interest rates associated with these loans can trap borrowers in a cycle of debt, making it difficult to pay off the loan and cover other expenses.

If you cannot repay the loan on the due date, you may be forced to roll over the loan, which incurs additional fees and interest, making it even more challenging to pay off the loan. This can lead to a cycle of debt in which borrowers take out new loans to cover previous loans, creating a dangerous financial situation.

Interesting Facts and Statistics about Payday Loans in Sumner, Michigan

  • In Michigan, the average payday loan amount is $374, and the average fee is $35.42.
  • In 2020, Michigan payday lenders issued over 1.5 million loans, totaling over $540 million.
  • According to a 2019 study, 32 percent of Michigan households are either unbanked or underbanked, meaning they rely on alternative financial services like payday loans.
  • The payday lending industry employs around 3,000 people in Michigan.

Apply Now

If you’re considering a payday loan in Sumner, Michigan, it’s essential to do your research and make an informed decision. TheGuaranteedLoans can help you connect with potential lenders and find the best loan option for your needs.

Fill out an online application on our website, and we’ll match you with a lender who meets your needs. Remember, TheGuaranteedLoans is a connector service, not a direct lender. We do not make credit decisions or provide payday loans directly; instead, we facilitate the connection between borrowers and potential lenders.

Conclusion

If you’re facing a financial emergency in Sumner, Michigan, a payday loan may be a useful option to help you cover unexpected expenses. However, it’s crucial to understand the risks associated with these loans and to ensure you only borrow what you can afford to repay.

By working with TheGuaranteedLoans, you can find a loan option that meets your needs and helps you navigate this challenging financial situation.

F.A.Q.

Can I file for bankruptcy to discharge my payday loan debt in Sumner, Michigan?

Yes, you may be able to file for bankruptcy to discharge your payday loan debt in Sumner, Michigan, depending on your specific circumstances. It is recommended to consult with a bankruptcy attorney to determine the best course of action.

What happens if I default on my payday loan in Sumner, Michigan?

If you default on your payday loan in Sumner, Michigan, the lender may choose to pursue collections actions against you, such as garnishing your wages or seizing your assets.