Payday Loans or “Quick Cash” loans come in real handy when you are short on cash. Today you can go to brick and mortar business for a payday loan or cash advance loan and you can even get online payday loans. The interest rates are a little healthy, but the speed and convenience of getting the cash quick to cover an unexpected expense overrides the costs.
These are the rules, laws and regulations of payday loans in Michigan.
Michigan Payday Loan Laws
Michigan Legislation State Information
Payday Loan Legal Status: Legal
Citation:
Mich. Comp. Laws 487.2121 et seq.
Payday Loan Terms:
Maximum Payday Loan Amount: $600
Payday 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 Payday loan: $15
APR for 14-day $100 Payday loan: 390%
Payday Loan Debt Limits:
Maximum Number of Outstanding Loans at One Time: One with licensee or more than one with any other licensee
Payday Loan Rollovers Permitted: None – cannot renew; lender may extend only if it does not charge a fee
Cooling-off Period:
Repayment Plan: Yes
Payday Loan Collection Limits:
Collection Fees: One $25 returned check charge
Criminal Action: Prohibited
Regulator:
Michigan Office of Financial and Insurance Services
Address: P.O. Box 30220 Lansing MI 48909
List of cities in Michigan (shown in alphabetical order)
List of counties in Michigan (shown in alphabetical order)
This entry was posted on Saturday, June 19th, 2010 at 10:09 pm and is filed under Payday Loans by State. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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