Payday Loans in Tower, Michigan

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

Company nameAddressZip codePhone number
First Merchants Bank 12754 N Dixie Hwy, South Rockwood, MI 48179 +1 (734) 379 - 3870
Advance America 2346 10th St, Menominee, MI 49858 +1 (906) 864 - 3017
Super Cash Pay Day Advance 4180 W Vienna Rd, Clio, MI 48420 +1 (810) 686 - 1111
Mercantile Bank of Michigan 1979 E Miller Rd, Fairview, MI 48621 +1 (989) 848 - 2243
Comerica Bank 121 Brooklyn Rd, Napoleon, MI 49261 +1 (517) 536 - 8685
Cashland 33471 Ford Rd, Garden City, MI 48135 +1 (734) 525 - 3963
Liberty Tax and Loans 412 S Superior St, Albion, MI 49224 +1 (517) 629 - 8178
Huntington Bank 123 W Savidge St, Spring Lake, MI 49456 +1 (616) 846 - 4566
Superior National Bank & Trust ATM 501 US-41, Baraga, MI 49908
Walmart Money Center 1180 M-32, Alpena, MI 49707

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Tower, MI, you can try to find different companies in big cities near by. Check out the following pages here: Bad Credit Loans in Ann Arbor, MI, Online Loans in Battle Creek, MI, Online Loans in Bay City, MI, Payday Loan Companies in Bedford, MI, Payday Loans in Dearborn, MI, No Credit Check Loans in Dearborn Heights, MI, Quick Loan in Detroit, MI and Payday Loans in East Lansing, 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 Tower, MI.

Are Payday Loans Legal In Tower, 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)

Tower, MI payday loan calculator

In Tower, Michigan, payday loans are not only legal but a popular way for people to access cash quickly. While the process for obtaining a payday loan can be relatively simple, it is essential to understand the risks involved and make informed decisions before accepting any loans.

How do payday loans work in Tower, Michigan?

A payday loan is a short-term loan that typically lasts two weeks or until the borrower’s next payday. These types of loans are designed for individuals who need cash quickly and easily, such as to pay unexpected bills or cover emergency expenses.

While payday loans can be a convenient option for those in need of immediate cash, it is essential to understand the terms and interest rates associated with these loans. In Michigan, the maximum amount you can borrow with a payday loan is $600, and lenders may charge up to 15% interest on the loan amount.

What are the requirements for obtaining a payday loan in Tower, Michigan?

To obtain a payday loan in Tower, Michigan, you must be at least 18 years old, have a valid government-issued ID, a checking or savings account, and proof of income. Lenders will also review your credit history and financial situation to determine your eligibility for the loan.

What are the potential risks of payday loans?

While payday loans can offer quick access to cash, they can also come with significant financial risks. One of the most significant risks associated with payday loans is their high interest rates and fees. In Michigan, lenders can charge up to 15% interest on payday loans, and borrowers may also have to pay origination fees and late payment fees.

Additionally, payday loans often come with short repayment terms, which can make it difficult for borrowers to pay them back on time. If a borrower fails to repay a payday loan on time, they may incur additional fees and interest charges and may be at risk of falling into a cycle of debt.

Interesting facts about payday loans in Tower, Michigan

  • The average payday loan in Michigan is $375.
  • According to a study by The Pew Charitable Trusts, around 12 million Americans take out payday loans each year, with the average borrower taking out eight loans over the course of a year.
  • In Michigan, approximately 400 payday lending stores operate in the state.
  • Michigan’s Deferred Presentment Service Transactions Act regulates payday lending in the state, providing borrowers with some protections against high-interest loans and predatory lending practices.

Apply Now

If you are considering a payday loan in Tower, Michigan, TheGuaranteedLoans can help connect you with potential lenders. As a loan connector service, we do not make direct loans but can help facilitate your connection with reputable lenders in your area.

To get started, visit our website and fill out our online application. We’ll ask you to provide some basic information, such as your name, address, and income, and we’ll work to connect you with potential lenders who may be able to offer you the loan you need.

Final thoughts

Payday loans can be a useful tool for those who need quick access to cash, but it is crucial to understand the risks involved before accepting any loan offer. If you are considering a payday loan in Tower, Michigan, be sure to do your research and understand the terms and conditions associated with the loan. Consider alternative options, such as personal loans or credit cards, before committing to a payday loan, and always borrow responsibly.

F.A.Q.

What are the risks of taking out a payday loan in Tower, Michigan?

As with any type of loan, there are risks associated with taking out a payday loan in Tower, Michigan. One of the biggest risks is the potential for high fees and interest rates, which can make it difficult for borrowers to repay the loan on time. Additionally, some borrowers may be tempted to take out multiple loans, which can lead to a cycle of debt. It is important for borrowers to carefully consider their options and understand the potential risks before taking out a payday loan in Tower, Michigan.

What are payday loans and how do they work in Tower, Michigan?

Payday loans are short-term, high-interest loans that are intended to be used as a quick source of cash for people who are in need of money between paychecks. in Tower, Michigan, payday loans are typically for small amounts of money (usually less than $500) and are required to be repaid within a short period of time (usually two to four weeks).