Online Payday Loans in Michigan
We've all been there now and again, when some unexpected expense pops up be it vet expenses, utility shutoff notices, or maybe a bill that we didn't remember. In times such as this, you should apply for a payday loan in Michigan.
The application process for a payday loan is quick and effortless. Nevertheless, you do need to satisfy specific guidelines to ensure you're approved.
What Exactly is a Payday Loan And Why Is It Needed?
A cash advance loan is when an individual borrows a small amount of money on a short-term basis that they're obligated to pay back with their next paycheck. This type of loan requires no collateral, which is why it's thought of as an unsecured personal loan.
Having access to a payday advance loan will help pay for surprise expenses that come around like auto fees, health costs, eviction notices, unpaid utility fees, and much more.
What Are The Guidelines For Payday Loans in the State of Michigan?
To be approved for a payday loan in Michigan there are a handful of criteria the borrower needs to meet to qualify, like:
- Be 18+ years of age
- Possess the ability to submit a social security number
- Show proof of being a resident of Michigan
- Submit proof of a stable income of $1,000 per month or greater
- Provide an email address and phone number
- You cannot be bankrupt or in debt
The failure to meet the criteria above will result in an automatic denial of your loan application. Always ensure that you have the right documents available when requesting a loan.
Payday Loan Rules and Regulations in Michigan
Along with payday loans come certain rules and laws dependent on the city. We've detailed a few of these, pertaining to the state of Michigan:
- The maximum loan amount is $500 for a single payment back and $1,000 for multiple repayments
- APR is 304%
- The state of Michigan does not agree to rollovers meaning the loans must be repaid within the contracted time frame
There are specific time frames for one-time payment loans and multiple installment loans.
- The borrower has seven days to pay back a single-payment loan
- For multiple installment loans, the borrower has 60 days to remit payment
- The borrower will receive no longer than 31 days to complete payment on a single-payment loan
- 90 days will be allotted to the borrower for payback on a multiple installment loan
Do Payday Loan Lenders Check Credit History?
Lenders will perform a credit inquiry, but it's not the typical credit inquiry you may be thinking of. They will run what's called a soft credit inquiry which reviews your basic details in addition to your entire credit history.
The soft credit check won't harm your credit, whereas a hard credit pull will. However, this requires your permission and is generally only used for rental applications, credit cards, auto loans, and other financial matters.
Can I Get a Cash Advance Loan with Bad Credit in Michigan?
If you're hesitant because you have dismal credit; there's no need! You can still be approved for a payday advance loan with less than stellar credit or no credit, in Michigan. As long as you have proof that you can repay the loan, lenders generally aren't preoccupied with your credit rating.
Whether you apply online or at a payday lender storefront local to you, never go without your proof of steady income in addition to other documents proving that you're able to repay the loan. With additional evidence, you raise the chances of approval.
When Will The Cash Appear In My Bank Account?
Generally, most borrowers can expect that their deposit will show up in their checking account the following business day. Although, this relies upon a few things such as:
- The time and day you apply
- Who you bank with
If you apply before 10:30 AM when you are going for a same-day cash advance loan in Michigan, it will increase the likelihood that you see your cash on the same day you apply. Of course, only if you're approved.
Bear in mind that banks, as well as many other financial institutions, close during the weekends, and on holidays. Meaning, if you request a loan the day prior to a holiday, or before the weekend, there's a chance your payment will be postponed.
Who Do You Bank With?
Something else you'll want to be cognizant of is who you bank with. Financial institutions have their own procedures when it comes to releasing funds. A few may be fine releasing them the same day while others will have a 3 to 5 day holding period.
One thing you can do is notify your banker that you are applying for a cash advance loan so that they might make an exception on when to transfer the funds to your account. If they won't make an exception, you can ask them what their policy is so that you know for the future.
Payday Advance Application Process In the State of Michigan
The payday advance loan application process in Michigan is straightforward. It doesn't rely upon if you have no credit or even lackluster credit, you can still be approved. You don't need to go somewhere if you want to apply through us online. Or, you can find your closest lender's storefront.
Regardless, whatever you pick, all you must have is your general information like your email address, phone number, social security number, etc.
If you want to visit your closest lender at their business building, make sure you have your government ID or passport to verify your identity. They might also require proof of address to prove you live in Michigan, as well as proof of income.
Consider Working With Us
We are an online service that offers payday loan applications online in Michigan. We are working closely with hundreds of direct lenders who also provide services online. Plan to receive your funds by the next business day.
On the other hand, you can always locate the nearest cash advance loan storefront and apply in person. This may boost the chances that you get your deposit on the same business day provided that you apply before 10:30 AM.
To locate a payday loan storefront local to you, locate your city on the list below:
If you need cash as soon as possible, consider applying in person instead of online. If approved, you will get your money almost immediately. Please find the list of cities in California to find the nearest payday loan storefront.