Michigan Payday Loans

In the case of Michigan payday loans there was an Act that was signed into law which all lenders must adhere to. When you take out a paycheck advance you should be signing an agreement that shows all of the Michigan payday loans fees that you are paying, as well as what the APR would be. The form must make it clear what your payment obligations are, and what the steps are to filing any complaints you may have with the lender. Each lender may only allow one customer per store with a loan of as much as $600. As a customer, you are allowed to have two loans out at any one time with Michigan payday loans.

Michigan Payday Loans: Laws & Regulations

There are limits in place to put a cap on how much a Michigan payday loans lender may charge. If you find a lender charging more than these rates, you should immediately stop the transaction and exit the store. They are allowed to charge 15% on $100 and these percentages diminish with each $100 increment you take out. They are allowed to charge $76 on a loan of $600 with $600 being the largest amount you are able to loan out on one Michigan payday loans transaction.

If you need an extension on your loan, while the lender does have the option to move your due date, you’ll find that most will not. If they do extend the amount of time you have to pay, they are not allowed to charge you for that time, and it may not ask for more money than was originally agreed upon. The Michigan payday loans lender must cash your check after 31 days from the day you wrote it, by law.

michigan payday loans

If you enter into 8 payday advance loans in a twelve month period you will be able to go into a state-mandated repayment plan. You are then able to pay the loan off in 3 installments, over your next 3 pay dates. Be prepared to pay a $15 fee for entering the repayment program, but your first Michigan payday loans payment is not due until you next payday.

Allied Cash Advance

This Michigan payday loans provider has been around for over 10 years and was started in California. They are one of the biggest payday advance companies in the United States, with nearly 200 branches in 10 different states. They are currently based out of Florida, and have over 600 employees woking all across the country. They say that if you are in need of money now, that they pride themselves on making an easy, economic alternative to the fees you’d incur from your bank, or your utility company, or other bill collectors. Their mission is to be the number one lender in America. Give them a call at 888-848-6950 or visit www.alliedcash.com/.

First Cash Advance

With this Michigan payday loans lender you can get a short term cash advance, also known as a payday loan. They also offer check cashing, and can cash all sorts of checks for a small fee. They provide money orders and can also perform wire transfers while you wait. They claim to offer a clean atmosphere and friendly location. Their application process is described as “quick and easy”. They say you’ll be able to leave their store with cash in hand. They want to provide the best customer service and will treat you with dignity, respect, and keep your information completely confidential. Call them at 313-245-9560 or visit www.firstcash.com/.

Checksmart

This Michigan payday loans company focuses on check cashing but they also offer Michigan payday loans. You just write them a check in the amount of how much you would like to borrow, and include the finance charges. They’ll give you your cash at that moment. They will hold your check until you are paid next. At that time you can either pay the loan off with cash in the store, or just allow them to deposit your check to settle the debt. The requirements they need are a bank account in good standing, a reliable income source, and your ID card. They usually allow 14 days to repay your loan. Most of their locations open on Sunday and you can find some that are open 24 hours. Call them at 800-837-0381 or visit www.checksmart.com/.

If you’ve had a good or a bad experience with a specific Michigan payday loans company, please share it with the rest of us so we can all benefit from the information. Also, if you have any questions about Michigan payday loans, you can ask them here, and either one of our staff or another visitor will answer it the same day. You can also feel free to sound off on the cash advance industry itself, and say whether you feel payday loans are inherently good or evil. This will help provide a well-balanced discussion on Michigan payday loans.

Go to the home page for more payday loan reviews.

Add Your Own Michigan Payday Loans Review:

GD Star Rating
a WordPress rating system
GD Star Rating
a WordPress rating system
You May Also Like:

Leave a Comment