We receive a lot of questions regarding the amount of money that can be borrowed and when the money will be required to be paid back etc. Below we have included all the information you need to know about repaying your Michigan payday loan. This will be updated on a regular basis to ensure you have all the latest information.
How much can my Michigan payday loan actually be?
In Michigan the current borrowing limit is $600.
When will I have to pay back my Michigan payday loan?
Your payday loan will due on your next payday that falls between 8 and 25 days away. If you are paid by paper check you will receive a 1 day grace period to deposit your check.
Paid monthly? Your loan will be due on your next paycheck between 8 – 25 days from when you took out your payday loan. Should your dates fall out of the periods above your loan will be due in 14 days
Repayment of your Michigan payday loan
Following Michigan law your loan must be paid in full on the due date. If you wish to pay off your Michigan payday loan before that period ends you need to submit your request at least two business days prior.
Your payday loan fees and schedule
Your payday loan fees will be a flat, non-refundable fee of $0.45 per loan, plus $15.00 per $100.00 borrowed for the first $100.00 borrowed $14.00 for $101.00 to $200.00, $13.00 for $201.00 to $300.00, $12.00 for $301.00 to $400.00, and $11.00 per every additional $100.00 borrowed. Our providers have extensive information on APR schedules etc when you are applying for your loan.
How easy is it to apply for a payday loan in Michigan?
Using our simple online application for a Michigan payday loan you can be approved in just five minutes!
Where can I find specific information regarding Michigan payday loan law?
The State of Michigan has some very useful information regarding laws on payday loans in Michigan. Here is a useful link we have included giving specific details http://www.michigan.gov/ag/0,1607,7-164-17334_17362-171016–,00.html