Did you know that your payday loan provider is required to be licensed by the State of Michigan? Many do not realize this but its true.

Information from the Attorney General confirms this here

firstloanworld is not a payday loan provider we are an agent provider of such payday loan providers and cash advance companies. In short we do comply with the laws of Michigan!

You should certainly review this important information before taking your payday loan or cash advance with any provider. We have actually included this important information in our resource category at the bottom of our web page Make sure you review your payday loan provider closely.

Tags: Michigan payday loan law

When you are looking for a Michigan payday loan or cash advance you should be aware of the law covering such things.

Michigan has written into law several important items you should be aware of and we look at these below.

Customers in Michigan complete a written agreement which includes all fees, APR etc including all payment obligations.

A payday loan provider in Michigan can only lend up to $600 per customer. Of course a customer could take out a second loan with another provider. However, a customer may only have two payday loans or cash advance at any one time.

How much your loan costs is important too.

Below is an excerpt from the State of Michigan website here

HOW MUCH AM I PAYING FOR A PAYDAY LOAN?

The limits on the service fees for payday loans are based on the amount of the loan.  The payday lender may charge up to 15% on the first $100, 14% on the second $100, 13% on the third $100, 12% on the fourth $100, and 11% on the fifth and sixth $100.  Therefore, the following service fee limits apply:

Payday Loan Amount Total Service Fee Limit

$ 50                                         $ 7.50

$100                                        $15

$250                                        $35.50

$200                                        $29

$300                                        $42

$400                                        $54

$475                                        $62.25

$500                                        $65

$600                                        $76

Tags: Michigan payday loan law