Payday Loans in Big Rapids, Michigan
Things happen, and we often wind up in a spot where we have to cover some unforeseen expenses. Consider applying for a payday advance loan in Big Rapids, Michigan, to see if you qualify.
The application process is quick and effortless. To be eligible, loan borrowers have to satisfy a few basic criteria.
What is a Paycheck Advance Loan? What Can It Pay For?
A payday loan is where the borrower will be extended a petite sum of cash on a short-term contract. This is considered an unsecured personal loan as no collateral is needed.
When surprise bills present themselves, like past due rent or utility costs, auto fixes, health or vet expenditures, and so forth, individuals often rely upon paycheck advance loans.
Paycheck Advance Loan Criteria In Big Rapids, Michigan
In Big Rapids, MI, paycheck advance loan borrowers must satisfy a few requirements to qualify for a loan.
The borrower is required to:
- Provide proof that they live in Big Rapids, MI
- Must be at least 18
- Have a steady income that they can provide proof of being at least $1,000 per month
- Provide active contact details including cell phone number and email address
- Give their social security number
If a borrower does not meet the above criteria, they will immediately be denied a paycheck advance loan. Ensure that you can provide the documents needed when applying for a loan.
Laws and Regulations Concerning Cash Advance Loans in Big Rapids, Michigan
The State of Michigan has ruled payday lending legal. However, they have enacted the following rules and regulations for the payday lending market:
- An individual money lender can't extend a loan greater than $600. Borrowers cannot take out greater than two outstanding loans from different lenders. There is no minimum loan amount.
- There is no minimum loan term, the maximum loan term length is 31 days. In Michigan, borrowers are not allowed to rollover their loans.
- The fees and charges change for each loan lender. The service fees enacted by lenders on a payday loan do not fall under interest. The service fees apply to every $100 loaned and can range between 11-15%.
- An interest rate must be mutually settled upon. APR can range up to 369%.
Will Paycheck Advance Lenders in Big Rapids, MI, Run Credit Checks? What If I Have Dismal/No Credit History At All?
Yes, the lenders we have a relationship with will perform a credit check on you, still, even if you have no credit or dismal credit, you may still be approved for a loan given that you can prove that you can repay the loan. Lenders are generally unconcerned about your credit history if you offer proof of income and a strategy to pay back the loan.
Lenders will use a soft credit check, which will have no impact on your credit score. This is only to get a look at your credit history and general information.
A hard credit check, on the other hand, needs your explicit consent. These credit checks are done for various purposes, including mortgages, credit card applications, and more.
You may still be approved for a payday advance loan with bad credit in Big Rapids, Michigan, provided that you can prove you will repay the loan.
Therefore, when you apply for a loan, whether it is in person or online, double check that you have your income information easily accessible and any other documents verifying that you can pay back the loan. The more proof you possess, the better chance your loan application will be approved.
When Will I Receive My Cash in Big Rapids, Michigan?
When you receive your funds actually relies on your lender as some lenders advertise same-day cash advance loans, which means you will receive your payday loan on the same day you apply, as long as you're approved.
Much of the time, though, lenders will give the borrower their lump sum on the next business day. Businesses generally close for holidays and weekends. Because of this, if you apply on a Friday, you may not receive your loan until Monday.
If you're needing a same-day paycheck advance loan in Big Rapids, Michigan, you will need to make sure you're applying by 10:30 am. All same-day funds going out that day will be approved by that cut-off. However, you should apply earlier than that if able, as it will increase the likelihood that you receive your funds on the same day that you apply.
One more consideration that you should understand is despite if the money lender grants your loan request and posts the credit to your bank, occasionally the bank won't release that credit immediately. It's vital that you let your bank know that you plan to get a cash advance loan, so they could possibly make an exception in releasing the funds earlier.
Overall, it's best to prepare ahead of time to receive money on the following business day. That way, you're not left in the lurch if you cannot get it on the same day.
Think About Working With Us
If you have bad credit or no credit and are wanting to get a cash advance loan, think about applying with us, as you frequently have a better chance of approval.
We work with more than one hundred different lenders who offer their services online. Much of the time you will get your funds on the next business day so ensure that you plan appropriately.
However, you can always find the nearest payday advance loan store to you and apply in person to strengthen the chances of getting your funds on the same business day. When submitting an application in person, ensure that you have your government ID or driver's license; a passport is sufficient. Sometimes, lenders may ask for proof of address, so bring a utility bill to the store too.
To locate the nearest payday advance loan store, please refer to the list below and search for your city.
Payday Loan Direct Lender Companies in Big Rapids, MI
Below you will find a list of payday loan companies offering their services in Big Rapids, Michigan. If you can't find a lender near your location in Big Rapids, consider applying in a nearby city in Michigan. Alternatively, you can apply online on our website and get a decision almost instantly.
If you can't find a lender near your location in Big Rapids, consider checking out payday loan lenders in nearby cities. Alternatively, apply online on our website and get an instant decision. If approved, you will get your cash the same or next business day.