Payday Loans in Kentwood, Michigan
Life happens, and we usually wind up in a situation where we have to pay for some unexpected bills. Think about submitting an application for a payday advance loan in Kentwood, MI, to see if you qualify.
The loan application process is quick and painless. To be eligible, borrowers have to meet a few straightforward requirements.
What is a Paycheck Advance Loan? What Can It Pay For?
A cash advance loan is where the borrower will receive a petite amount of money on a short-term agreement. This is deemed to be an unsecured personal loan due to the fact that no collateral is expected.
When unexpected costs come up, for example late rent or utility costs, auto fixes, medical or vet costs, and so forth, individuals usually seek out paycheck advance loans.
Payday Loan Requirements In Kentwood, Michigan
In Kentwood, MI, payday advance loan borrowers need to satisfy a few requirements to qualify for a loan.
The borrower is required to:
- Provide proof that they reside in Kentwood, Michigan
- Must be 18 or older
- Receive an income that they can prove that's at least $1,000/month
- Give up-to-date contact details such as cell phone number and email address
- Give their SSN
If a borrower does not satisfy the above rules, they will automatically be denied a paycheck advance loan. Make sure you have the documents required when applying for a loan.
Laws and Regulations Concerning Paycheck Advance Loans in Kentwood, Michigan
Michigan has ruled cash advance lending legal. Still, they have put forth the below rules and regulations for the cash advance lending industry:
- An individual lender cannot extend a loan for more than $600. Borrowers may not possess more than two outstanding loans from different lenders. There is no smallest loan amount.
- The minimum loan term is not set, the longest loan term length is 31 days. In the State of Michigan, borrowers are not allowed to rollover their loans.
- The fees and charges change for each money lender. The service fees enacted by the lender on each loan or transaction do not fall under interest. The service fees apply to each $100 loaned and can vary between 11-15%.
- An interest rate is required to be mutually decided upon. APR can range up to 369%.
Will Cash Advance Lenders in Kentwood, MI, Run Credit Checks? What If I Have Poor/No Credit History At All?
Yes, the lenders we have a relationship with will do a credit check on you, still, even if you have no credit or less than stellar credit, you may still be approved for a loan as long as you can prove that you are able to pay back the loan. Lenders are usually unconcerned about your credit if you possess proof of income and a strategy to pay back the loan.
Lenders will rely on a soft credit check, which will not impact your credit score. This is solely to get an idea of your credit history and basic information.
A hard credit inquiry, on the other hand, must have your explicit consent. These credit checks are done for various purposes, including mortgages, credit cards, and more.
You might still be approved for a cash advance loan with poor credit in Kentwood, Michigan, as long as you can prove you will repay the loan.
Therefore, when you apply, whether it is in person or online, double check that you have your income information at hand and any other documents proving that you can pay back the loan. The more evidence you provide, the better chance your loan request will be granted.
When Will I See My Funds in Kentwood, Michigan?
When you receive your deposit truly depends on your lender as some lenders provide same-day cash advance loans, which means you will get your cash advance loan on the same day you apply, as long as you get an approval.
Most of the time, however, lenders will send the borrower their lump sum on the following business day. Businesses typically close for holidays and weekends. So, if you apply on a Friday, you may not get your funds until Monday.
If you're looking for a same-day cash advance loan in Kentwood, MI, 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 able, 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 understand is even if the lender grants your loan request and posts the funds to your bank account, sometimes the bank won't release that loan right away. It's important to let your bank know that you plan to receive a payday advance loan, so they could possibly make an exception in releasing the cash earlier.
On the whole, it's best to prepare ahead of time to get money on the following business day. That way, you're not left in the lurch if you cannot receive it on the same day.
Think About Borrowing From PaydayLoanRadar
If you have poor credit or no credit and are wanting to secure a payday loan, consider applying through us, as you most likely have a higher chance of approval.
We partner with hundreds of different lenders who provide their services online. Frequently you will see your money on the following business day so ensure that you plan correctly.
However, you can always locate the closest paycheck advance loan storefront to you and apply in person to strengthen the chances of receiving your money on the same 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. Now and again, lenders may require proof of address, so bring a utility bill to the store as well.
To locate the nearest payday advance loan storefront, please navigate to the list below and find your city.
Payday Loan Direct Lender Companies in Kentwood, MI
Below you will find a list of payday loan companies offering their services in Kentwood, Michigan. If you can't find a lender near your location in Kentwood, 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 Kentwood, 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.