Legal Status: Legal
Citation: Mich. Comp. Laws §§ 487.2121 et seq.
Maximum Loan Amount:$600
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of first $100, 14% of second $100, 13% of third $100, 12% of fourth $100, 11% of fifth $100, 11% of sixth $100 + any database verification fee
Finance Charge for 14-day $100 loan: $15.
APR for 14-day $100 loan: 390%
Collection Fees: One $25 NSF fee
Criminal Action: Prohibited
Regulator: Michigan Office of Financial and Insurance Regulation
Address: P.O. Box 30220 Lansing MI 48909
Regulatory Contact: (517) 335-4978
Michigan Department of Insurance and Financial Services
Locate A Licensee
Consumer Services – File a Complaint
Deferred Presentment Service Transactions
The table below will display a representation of different loans with an annual interest rate of 35%*. Interest rates are set after assessing each customer's credit worthiness through traditional credit checks.
|Borrowed Amount||Loan Period||Monthly Payments||Total Payable Amount|
* The interest rate displayed in the examples table above is only representative. Not all customers will be eligible for a loan with the lowest interest rate. The APR and loan amount is determined by several factors such as: credit history, employment history, even state law.