Online Payday Loans in Michigan
If you find yourself in need of cash quickly to cover unforeseen expenses, you might qualify to receive a payday loan cash advance in Michigan.
The payday loan application process is usually quick and there are few eligibility requirements.
What Is a Payday Loan? What Can It Be Used For?
Payday loans are short term loans that provide a small lump sum of money upfront. These loans are commonly sought for unforeseen expenses such as medical bills, car repairs, or unpaid utility bills.
A lender provides the funds to a borrower with the intent that the loan will be repaid when the borrower receives their next paycheck. Payday loans do not require collateral and therefore are a type of unsecured personal loan.
What Are the Requirements?
In general, there are a handful of requirements lenders are looking for when considering extending a payday loan.
- The borrower is at least 18 years of age and has valid identification.
- They must also be a US citizen and reside in a state in which payday lending is legal.
- The borrower must have an active checking account.
- Finally, the borrower must provide proof of income. However, some lenders do not require proof of employment.
What Are the Laws and Rules Associated With Payday Loans in Michigan?
In the State of Michigan, payday lending is legal. These loans are referred to as deferred presentment service transactions. The rules and regulations set by the state are as follows.
- The maximum loan amount from a single lender in the State of Michigan is $600. Borrowers can have at most two outstanding loans from different lenders. A minimum loan amount is not specified.
- The minimum loan term is unspecified while the maximum loan term is 31 days. Rollovers of payday loans are not allowed in Michigan.
- Fees and charges vary. A lender can charge a service fee for each loan, or transaction, and these fees are not considered interest. The service fees range from 11% to 15% and are based on each 100 dollars loaned.
- The interest rate must be agreed upon. APR can be as high as 369%.
Will Michigan Payday Lenders Run a Credit Check? What if I Have Bad/No Credit History at All?
Payday lenders, in Michigan and other states, will run a credit check. There is no such thing as payday loans in Michigan (or elsewhere) with no credit check, although some are falsely advertised as such.
What is generally meant by no credit check is that the lender does not run a hard credit check with the three primary credit reporting bureaus, TransUnion, Experian, and Equifax. A hard credit check is used for things like mortgage applications, credit card applications, and student loans. This type of check requires your explicit consent as it will appear on your credit history and may harm your credit score.
Payday lenders will typically run a soft credit check. Unlike a hard credit check, a soft credit check does not affect your credit score and is a simple check of your credit history and other basic information. Alternatively, they may look at your complete credit history by using a specialty credit agency such as Corelogic or Teletrack. These companies keep a record of all subprime lending products, including payday loans, installment loans, and auto title loans.
Even though some form of a credit history check is always performed when you apply for a payday loan, your history may not affect your application. Lenders often place more value on the borrower's ability to repay the loan instead of your credit standing. If you do not have a credit history, or have bad credit, securing payday loans in Michigan may still be possible.
When Will I Receive My Money?
Same day payday loans in Michigan are possible, but there are a lot of factors to consider. If you are matched to a lender that provides same-day funding, you may receive the lump sum of cash on the same day.
However, it is more common for the lender to provide the funds on the next business day. Most banks do not operate on weekends, holidays, or other non-banking days. Even though a lender may be open and receive your application if you apply on one of these days you will likely get your money on the next business day.
If you apply during a weekday, you must meet the same-day application deadline. In most cases, this is around 10:30 am, meaning your application must be approved before then. Applying first thing in the morning may improve your chances of receiving funds the same day. After approval, your bank must also post the funds to your credit account before they close. Sometimes even though the lender approved your application and transferred the funds, the bank delays posting the credit to your account.
What Does the Application Process Look Like in Michigan
Applying for a payday loan online is simple.
- First, you must submit an online application.
- Then, the matching service will find one of the various lenders they partner with who is ready to approve your payday loan request. This usually happens very quickly.
- You will then need to sign a loan agreement with the lender, this usually occurs online at the lender's website.
- In addition to the agreement, you will likely be asked to sign an ACH authorization allowing the lender to transfer funds to your checking account.
- Once everything is signed the lender will initiate the transfer and your bank will be responsible for posting the funds.
Consider GreenStarCash If You Need Emergency Cash in Michigan
If you're seeking payday loans in Michigan, consider using our service. We work with hundreds of direct lenders who offer online payday loans. If your credit is less than stellar, you may have a higher chance of securing a loan when applying through us versus applying to lenders directly.
If approved, most of the time you will get your cash as soon as the next business day.
However, if you're in an emergency and need cash fast, consider applying in person at the nearest payday loan storefront. If approved, you will get your money in cash instantly.
Please find your city in the list below to locate the nearest payday storefront.
If you would prefer to apply for a payday loan in person instead of online, we’ve curated the most full and up-to-date list of Michigan payday loan lenders. To find a lender nearby, please choose your city from the list below.