Payday Loans in Ann Arbor, Michigan

Events happen, and we often end up in a place where we have to pay for some surprise costs. Think about submitting an application for a payday advance loan in Ann Arbor, Michigan, to see if you meet the requirements.

The loan application process is swift and simple. To be qualified, loan borrowers have to meet a couple of basic criteria.

What is a Cash Advance Loan? What Can It Be Used For?

A payday advance loan is where the borrower will be extended a small sum of funds on a short-term basis. This is deemed to be an unsecured personal loan because no collateral is expected.

When unforeseen costs arise, for example past due rent or utility costs, vehicle costs, health or vet expenditures, and so forth, individuals commonly turn to paycheck advance loans.

Payday Loan Stipulations In Ann Arbor, MI

In Ann Arbor, MI, paycheck advance loan borrowers need to satisfy several stipulations to qualify for a loan.

The borrower is required to:

• Prove that they reside in Ann Arbor, MI
• Must be 18 years old
• Have a steady stream of income that they can provide proof of being at least $1,000/month
• Give up-to-date contact information like phone number and email address
• Give their social security number

If a borrower does not meet the above rules, they will automatically be denied a paycheck advance loan. Make sure you have the documents needed when requesting a loan.

Laws and Regulations Regarding Paycheck Advance Loans in Ann Arbor, Michigan

The State of Michigan has ruled payday advance lending legal. Still, they have put forth the following rules and laws for the payday lending industry:

• A single lender can't extend a loan for more than $600. Borrowers are not allowed to take out greater than two unpaid loans from different lenders. There is no smallest loan amount.
• There is no minimum loan term, the maximum loan term length is 31 days. In Michigan, borrowers are unable to rollover their loans.
• The fees and charges change for each loan lender. The service fees enacted by lenders on a payday loan are not considered interest. The service fees apply to each $100 borrowed and can range from 11% up to 15%.
• An interest rate is required to be mutually decided upon. APR can range up to 369%.

Will Payday Advance Lenders in Ann Arbor, Michigan, Run Credit Checks? What If I Have Dismal/No Credit History At All?

Yes, the lenders we partner with will do a credit check on you, still, even if you have no credit or poor credit, you might still be eligible for a loan given that you can prove that you can pay back the loan. Lenders are typically unbothered by your credit if you possess proof of income and a plan to pay back the loan.

Lenders will conduct a soft credit check, which will have no impact on your credit score. This is solely to get an idea of your credit history and general information.

A hard credit pull, on the other hand, must have your permission. These credit pulls are performed for a variety of purposes, such as mortgages, credit cards, and more.

You may still qualify for a payday loan with bad credit in Ann Arbor, MI, provided that you can prove you will repay the loan.

So, when you request a loan, albeit in person or online, ensure that you have your income information ready and any other documents showing that you can repay the loan. The more evidence you show, the better chance you are to be approved.

When Will I Get My Cash in Ann Arbor, MI?

When you receive your loan really relies on your lender as some lenders provide same-day payday loans, which means you will get your paycheck advance loan on the same day you request a loan, as long as you receive an approval.

Most of the time, though, lenders will give the borrower their lump sum on the next business day. Businesses often close for holidays and weekends. Because of this, if you apply on a Friday, you may not get your deposit until Monday.

If you're searching for a same-day payday loan in Ann Arbor, Michigan, you will need to ensure you're applying by 10:30 am. Any and all same-day loans going out that day will be approved by that time. However, you should submit an application earlier than that if possible, as it will increase the likelihood that you see your funds on the day that you submit your application.

One more consideration that you should be aware of is even if the money lender grants your loan request and posts the funds to your bank, occasionally the bank won't release that loan right away. It's important to let your bank know that you plan to get a cash advance loan, so they might make an exception in releasing the loan earlier.

On the whole, it's best to prepare ahead of time to receive cash on the next business day. That way, you're not out of luck if you cannot get it on the same day.

Consider Working With PaydayLoanRadar

If you have less than great credit or no credit and are looking to secure a payday advance loan, consider applying with us, as you probably have a higher chance of approval.

We partner with more than one hundred different lenders who provide their services online. Frequently you will see your loan on the next business day so make sure that you plan appropriately.

Although, you can always locate the nearest payday advance loan storefront to you and apply in person to increase the chances of receiving your loan on the same business day. When submitting an application in person, make sure that you have your government ID or driver's license; a passport will work as well. Infrequently, lenders may ask for proof of address, so take along a utility bill to the store too.

To find the nearest payday loan store, please refer to the list below and locate your city.

Payday Loan Direct Lender Companies in Ann Arbor, MI

Below you will find a list of payday loan companies offering their services in Ann Arbor, Michigan. If you can't find a lender near your location in Ann Arbor, consider applying in a nearby city in Michigan. Alternatively, you can apply online on our website and get a decision almost instantly.