MICHIGAN PERSONAL LOAN RATES AND TERMS:

Personal Loans in Michigan:

Michigan Payday Loan Laws and Michigan Loan Regulations

Legal Status: Legal

Citation: Mich. Comp. Laws §§ 487.2121 et seq.


Michigan State Licensed Online Lenders:
CashNetUSA.com, ChecknGo.com

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%


Debt Limits:
Maximum Number of Outstanding Loans at One Time: One with licensee or more than one with any other licensee
Rollovers Permitted: None (cannot renew; lender may extend only if it does not charge a fee)
Cooling-off Period:
Repayment Plan: Voluntary (no fees may be charged in conjunction with payment plan)


Collection Limits:
Collection Fees: One $25 NSF fee
Criminal Action: Prohibited


State Regulatory Agencies for Payday Loans:

Regulator: Michigan Office of Financial and Insurance Regulation
Address: P.O. Box 30220 Lansing MI 48909
Phone:(877) 999-6442
Fax:
Regulatory Contact: (517) 335-4978
Michigan Department of Insurance and Financial Services
Locate A Licensee
Consumer Services – File a Complaint
Online Resources:
Deferred Presentment Service Transactions
Predatory Lending

The cost of a personal loan:

The cost of a personal loan

Personal Installment Loan Basic Terms:

  • Loan Amount: $1,000 - $10,000
  • Interest Rate: 25% - 95%
  • Lending Period: 12 Months-36 Months
  • Payment Frequency: Bi-Weekly or Monthly
  • The actual APR will be applied based on credit score and repayment history
  • No prepayment penalties or additional charges for early payments
  • The option to pay the loan in full before the due date and only pay the interest rate for the period the loan was outstanding

Installment Loan Examples:

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
$2,000 12 Months $199.93 $2,399.16
$4,000 24 Months $234.07 $5,617.68
$6,000 36 Months $271.41 $9,771.12
$8,000 36 Months $361.89 $13,028.04

* 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.



Need A Payday Loan or Cash Advance? Get It Today: ⤵

APPLY NOW!