Cash Advance in Michigan

What Is a Cash Advance Loan

A cash advance loan, sometimes referred to as a payday loan, is a short-term loan that's ideal for borrowers who need emergency cash.

However, these loan amounts often come with high fees and interest rates.

Here are some quick details regarding cash advances in Michigan:

• Min Loan Amount: $50
• Max Loan Amount: $600
• Average APR: 391%
• Max Loan Term: 31 days

Michigan Laws Regarding Cash Advance Loans

These loans are formally called "deferred presentment service transactions" and are governed by the Deferred Presentment Service Transactions Act.

Michigan mandates a tiered fee structure for these loans.

The interest rates are regulated by state law based on the loan amount, with higher rates for higher loan amounts.

Requirements for a Cash Advance Loan

Here are some common requirements to qualify for a payday loan in Michigan:

1. Be at least 18 years old
2. Personal details like name and address
3. Valid ID
4. Active checking account
5. Social Security number
6. Proof of income, like a bank statement or pay stub

NOTE: Specific document requirements may vary, so check with your chosen lender.

How to Get a Cash Advance Loan With Our Third-Party Lenders

If you want an online cash advance loan in Michigan, our selection of third-party lenders can get you your cash faster. Simply fill out our inquiry form to start the process.

When one of our third-party lenders takes on your loan request, they will reach out to you and guide you throughout the process.

You can get approved quickly, even within 1-2 business days. After approval, sign the loan agreement and receive your cash.

Selecting the Right Type of Loan

Choosing the right loan is crucial. It's important to determine and consider all your options carefully before looking into any type of loan.

Here are some other types of loans that you may wish to consider:

• Installment Loans: These can offer higher borrowing amounts and offer steady repayment terms.
• Personal Loans: These don't need collateral and accept flexible payback plans.
• Bad Credit Loans: These loans are ideal for borrowers who may not have good credit.

Can You Get a Cash Advance Loan in Michigan With Bad Credit

Borrowers with bad credit can still get an almost instant cash advance online in Michigan.

Payday lenders usually prioritize your ability to repay the loan over your credit history.

Conclusion

Payday loans in Michigan can help pay for surprise expenses.

If you are considering taking out a payday loan in Michigan, start by filling in our inquiry form.

FAQs

Find out more about Michigan payday loans here.