Page last reviewed: 28 Jan 2019
- Loan calculator – compare 9 companies in Michigan;
- Legal information – consumer rights and obligations of lenders;
- Payday loan help – what to do if you are in trouble;
- Cities – detailed review of payday lenders in biggest cities in Michigan;
Payday loans calculator
Important features of Michigan payday lending laws:
- The limits on the service fees for payday loans are based on the amount of the loan. The payday lender may charge up to 15% on the first $100, 14% on the second $100, 13% on the third $100, 12% on the fourth $100, and 11% on the fifth and sixth $100.
- The payday lender may charge an additional database verification fee of 45 cents per transaction.
- The loan term can not exceed 31 days.
- The maximum loan amountis $600. A customer may take out a second loan with a different payday lender. A customer can only have two outstanding payday loans at any given time.
Summary of regulations could be found here.
Payday loan help
If you need help visit the National Foundation for Credit Counseling (NFCC) or call Toll-Free 1-800-388-2227 for assistance with credit problems and creditors.
For detailed review of payday lenders in each city, please click the link: