The state of Michigan, allows borrowers to receive up to $600 at a time with up to 31 days to pay it back in full. The finance rates in Michigan follow a step down method for each $100 borrowed.on the first $100 bill pay, a finance rate of 15% or $15. Each additional $100 you borrow lowers the interest rate by 1% so if you borrow $200 you pay 15% on the first 100, 14% on the next 100, etc.
Most payday loan companies in Michigan work in the same vein as check holding companies. This means you can either leave them a physical check or give them access to withdraw the money you borrowed on a specific date, which is usually your next payday.
Michigan Pay Day Loan Laws
Maximum Loan Amount: $600
Maximum Finance Rate: 15% of the first $100, 14% of the second $100, 13% of the third $100, 12% of the fourth $100, 11% of the fifth $100, 11% of thee sixth $100 plus any/all database verification fees
Annual Percentage Rate For 14 Day $100 Loan: 390%
Minimum Payoff Time: 1-31 days
Extensions Allowed: Various plans
Top 5 Michigan Payday Loan Companies
3674 Plainfield Northeast
Grand Rapids Charter Township, MI
(616) 363-4498
cashstore.com
Cash Store has been in business since 1996 and currently has over 270 stores spread across seven different states. The company prides itself on having very competitive terms, high approval rates, and very experienced and professional customer service personnel. To get a payday loan with this company, you’ll need to follow three steps. Apply either in person or online, go to one of their Cash Store locations, and pick up your cash.
1044 28th Street SW
Wyoming, MI
(616) 532-1745
alliedcash.com
Allied Cash Advance offers people a very wide range of personal finance services such as payday loans, credit rebuilding programs, tax preparation and advice, and much more. With this company you can get traditional payday loans, title loans, or installment loans. Allied understands that people can sometimes get in a bind and need to get some cash as quickly as possible to take care of. With all these different loan options, you can pick and choose a particular plan that suits your needs the best.
1117 W South Airport Rd # A
Traverse City, MI
(231) 922-0003
ic44.com
Instant Cash Advance offers Michigan residents traditional payday loan services up to $600,buys gold, and offers a digital fingerprinting service as well. The official website for this company lists all the fees and finance charges you could possibly pay for most dollar amounts. There is a very easy to read table available that shows exactly how much the fees are from $25 to $600 in increments of $25 as well as how much you’ll have to pay back when the loan is due.
3934 West Saginaw Highway
Lansing Charter Township, MI
(517) 703-9490
cashplusinc.com
Cash Plus is more than just a typical personal finance office. They offer a tremendous amount of customer rewards for those that use their various services on a regular basis. They provide traditional payday loans of up to $600 in Michigan and also offer borrowers a chance to win great rewards via their “Cashaway” sweepstakes. This company also gives generously to children with their BravoKids program.
45460 Ford Road
Canton, MI
(734) 207-3770
quickcashmi.com
Quick Cash MI realizes that sometimes things happen in our lives that we can’t control and wants to be able to help borrowers who have been turned down by traditional lending institutions. There are four Quick Cash MI locations in Michigan that offer payday loans, eBay services as well as a gift card buying program (cash for cards). This is a locally run Michigan business so they provide very competitive rates and like to keep the money in the community.