Payday Loans in Bay City, Michigan
If you are having trouble managing your money until the next payday, you might be eligible to receive payday loans in Bay City, Michigan.
Read below to find out more about payday loans and if you qualify for these cash advances.
What Is a Payday Loan?
A payday loan can help you make ends meet until your next payday. It is a cash advance that can cover anything from utility bills to groceries to medical emergencies. Just about anything that you can think of, a payday loan can help you pay for it.
They are especially helpful if you have unexpected expenses and need cash fast. Payday loans vary in size depending on the state, but they are usually between $100 and $1,000.
What Are the Requirements for a Payday Loan?
The general requirements to be eligible for a payday loan are that you must be:
- A US citizen
- A resident in a state where payday loans are legal
- At least 18 years old
You also need to have:
- A regular source of income
- Up-to-date email address and phone number
- An active checking account
If lenders cannot validate your employment, you might need additional documentation, such as:
- Most recent paycheck stub
- Bank statement
- Proof that your last loan cleared from your bank account
What Are the Rules for Payday Loans in Bay City, Michigan?
Specific regulations and stipulations do apply for obtaining a payday loan in Bay City, MI. These rules include:
- The maximum amount of the loan cannot exceed $600 from a single lender.
- Borrowers cannot have more than two outstanding loans from different lenders.
- Loans have a maximum term of 14 to 31 days.
- A licensee might charge the borrower a service fee for every deferred presentment service transaction.
- The lender must provide a borrower with a written contract disclosing all fees, terms and conditions, and the borrower's rights.
Do Lenders Run Credit Checks?
Lenders will always either run a soft credit check or check the borrower's credit history from a credit agency.
A soft credit check means that the lender will see your credit report and credit score. They will use it to:
- Decide whether to pre-approve your loan application
- Verify your employment
- Do a background check
A hard credit check might include a lender looking deeper into your credit history. These hard inquiries will show up on your credit report, unlike soft inquiries.
Usually, lenders will only run a soft inquiry, which they sometimes advertise as no credit check payday loans in Bay City, MI.
Can I Get a Bad Credit Payday Loan in Bay City, MI?
Although lenders do conduct credit checks, what they want to know is the borrower's repayment ability. Even if you have a low credit history or none at all, getting bad credit payday loans in Bay City, MI, is still possible as long as you have an income source.
When Will I Get My Cash Advance If I Live in Bay City, MI?
The receipt date will depend on what time of day and what day of the week you apply. Usually, lenders will deposit your loan funds the next business day. However, if your lender provides same-day funding, there's a good chance you will have your money the same day you apply.
To apply for same-day payday loans in Bay City, MI, you should apply early in the morning, Monday-Friday. You must do this so the lender can approve it before the cut-off time, which varies between lenders.
Even if you apply early in the morning, you might not receive your money until the next business day.
On Weekends or Holidays
You will receive your money depending on if the lenders work these days, but also keep in mind that banks usually are not open on weekends.
Therefore, it is probably better to apply during the week. If you have an emergency and need a cash advance immediately during the weekend, you can always apply at a payday loan store and hope to get approved that day.
What Is the Application Process Like in Bay City, MI?
The application process is relatively straightforward:
- Fill out an online form to request a loan from a payday loan company.
- Wait for the lender's approval of your cash advance request.
- Go to the lender's website to see your loan agreement, including all the terms and conditions and repayment deadline.
- Sign an online ACH document to authorize access to your bank account.
- Get a direct deposit of the requested loan to your checking account.
- When the repayment date comes, have the total amount in your checking account; the lender will withdraw the repayment and the fee from your bank account.
Do You Need a Payday Loan? GreenStarCash Can Help.
If you need access to payday loans in Bay City, MI, our team would be happy to help. We work with 100+ direct lenders who offer online payday loans. Simply fill out the loan request form on our website to get matched with a lender. Alternatively, take a look at the list of payday loan lenders in Bay City, MI, below to find the nearest storefront.
Payday Loan Direct Lender Companies in Bay City, MI
Below you will find a full list of payday loan storefronts in Bay City, Michigan. If you can’t find a local lender in Bay City, consider applying in a nearby city in Michigan. If you would prefer to apply for a payday loan online instead, please fill in the short form at the top.
If there are very few local lenders in Bay City, you can apply for a payday loan online on our website. Alternatively, consider finding a suitable payday loan lender in a nearby city.