Payday Loans Michigan
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Payday Loans in Michigan – Things to Know
Payday loans represent your best choice when you come across unexpected expenses or in case of emergency. These are short-term loans that can help you get over unfortunate situations, but they also come with high interest rates. Of course, borrowing money on such a short notice comes at a price.
You should avoid choosing a payday loan if your problems are long-term as it will not be very effective – choosing a loan of this type for other, more complex issues may cause you even more problems than the ones you already have. Therefore, be extremely cautious when applying for a payday loan.
But don’t worry; we are here to help you – especially if you live in Michigan. Across the United States, the features of payday loans vary, from the maximum amount you can borrow to the financing fees.
You should be properly informed before getting such a loan. So, in the following paragraphs, we will provide you with essential information regarding the payday loans in Michigan.
General Info - online payday loans Michigan
To begin with, you should make sure that you get a payday loan only from a licensed lender. This way, you will avoid any extra fees and ridiculous interest rates.
In Michigan, the maximum amount you can borrow from a licensed lender is of $600, and the loan term is of 31 days or less. The annual percentage rate (APR) for a payday loan in Michigan is of 390% for a 14-day loan of $100.
In case of NSF (non-sufficient funds) – which occurs when the lenders try to withdraw the amount of money you own from your bank account and you don’t have enough funds – you will be charged a one-time fee of $25.
The financing fees decrease as the amount of money you borrow increases. Thus, you will be charged 15%, 14%, 13%, 12% and 11% for the first, second, third, fourth, fifth and sixth $100.
In Michigan, you are allowed to have only two payday loans at once. The trick is that they must be from different lenders. Also, in case you want to rollover or refinance your loan, you can do so only if your lender doesn’t charge you a fee.
In order to apply for online payday loans in Michigan, there are some requirements you must fulfill. As in most US states, you have to be at least 18 years old, be a US citizen or have a permanent residence in the United States, and, of course, have a steady source of income – no lender will lend money to a person with no source of income, obviously.
After getting these requirements out of the way, you’ll have to provide your lender with your Social Security number, the usual personal details, some information about your employment, a valid form of ID and basic contact details.
Once you have all these, you are done, and you can proceed with your application.
The Bottom Line
Remember that these Michigan payday loans represent a short-term solution to a short-term problem. Only apply to one if you face an emergency or unexpected expense.
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Short-term loans are emergency credit products of relatively small amounts designed for short-term financial issues only and can become an expensive product if used for long-term purposes.
The owner and operator of PaydayClick.com is not a lender and is not involved into making credit decisions associated with lending or making loan offers. Instead, the website is designedonly for amatching service, which enables the users contact with the lenders and third parties. The website does not charge any fees for its service, nor does it oblige any user to initiate contact with any of the lenders or third parties or accept any loan product or service offered by the lenders. All the data concerning short-term loan products and the industry is presentedon the website for information purposes only. PaydayClick.com does not endorse any particular lender, nor does it represent or is responsible for the actions or inactions of the lenders. PaydayClick.com does not collect, store or has access to the information regarding the fees and charges associated with the contacting lenders and/or any loan products. Short-term loans are not available in all the states. Not all the lenders in the network can provide the loans up to $1,000. PaydayClick.com cannot guarantee that the user of the website will be approved by any lender or for any loan product, will be matched with a lender, or if matched, will receive a short-term loan offer on the terms requested in the online form. The lenders may need to perform credit check via one or more credit bureaus, including but not limited to major credit bureaus in order to determine credit reliability and the scopes of credit products to offer. The lenders in the network may need to perform additional verifications, including but not limited to social security number, driver license number, national ID or other identification documents. The terms and scopes of loan products vary from lender to lender and can depend on numerous factors, including but not limited to the state of residence and credit standing of the applicant, as well as the terms determined by each lender individually.
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APR (Annual Percentage Rate) is the loan rate calculated for the annual term. Since PaydayClick.com is not a lender and has no information regarding the terms and other details of short-term loan products offered by lenders individually, PaydayClick.com cannot provide the exact APR charged for any loan product offered by the lenders. The APRs greatly vary from lender to lender, state to state and depend on numerous factors, including but not limited to the credit standing of an applicant.
Additional charges associated with the loan offer, including but not limited to origination fees, late payment, non-payment charges and penalties, as well as non-financial actions, such as late payment reporting and debt collection actions, may be applied by the lenders. These financial and non-financial actions have nothing to do with PaydayClick.com and PaydayClick.com has no information regaining whatsoever actions may be taken by the lenders. All the financial and non-financial charges and actions are to be disclosed in any particular loan agreement in a clear and transparent manner. The APR is calculated as the annual charge and is not a financial charge for a short-term product.
Late Payment Implications
It is highly recommended to contact the lender if late payment is expected or considered possible. In this case, late payment fees and charges may be implied. Federal and state regulations are determined for the cases of late payment and may vary from case to case. All the details concerning the procedures and costs associated with late payment are disclosed in loan agreement and should be reviewed prior to signing any related document.
Non-payment Implications
Financial and non-financial penalties may be implied in cases of non-payment or missed payment. Fees and other financial charges for late payment are to be disclosed in loan agreement. Additional actions related to non-payment, such as renewals, may be implied upon given consent. The terms of renewal are to be disclosed in each loan agreement individually. Additional charges and fees associated with renewal may be applied.
Debt collection practices and other related procedures may be performed. All the actions related to these practices are adjusted to Fair Debt Collection Practices Act regulations and other applicable federal and state laws in order to protect consumers from unfair lending and negative borrowing experience. The majority of lenders do not refer to outside collection agencies and attempt to collect the debt via in-house means.
Non-payment and late payment may have negative impact on the borrowers’ credit standing and downgrade their credit scores, as the lenders may report delinquency to credit bureaus, including but not limited to Equifax, Transunion, and Experian. In this case the results of non-payment and late payment may be recorded and remain in credit reports for the determined amount of time.