Payday Loans in Midland, Michigan
Life happens, and we usually end up in a situation where we must pay for some unforeseen expenses. Think about applying for a cash advance loan in Midland, MI, to see if you qualify.
The loan request process is swift and effortless. To qualify, borrowers must satisfy a few basic criteria.
What is a Paycheck Advance Loan? What Can It Be Used For?
A cash advance loan is where the borrower will get a small amount of funds on a short-term contract. This is deemed to be an unsecured loan as no collateral is needed.
When unforeseen costs arise, such as late rent or utility fees, car fees, health or vet payments, and so forth, individuals frequently turn to cash advance loans.
Paycheck Advance Loan Criteria In Midland, MI
In Midland, Michigan, payday advance loan borrowers need to meet several criteria to be eligible for a loan.
The borrower must:
- Provide proof that they are a resident of Midland, Michigan
- Must be 18 years old
- Have a steady income that they can prove that's at least $1,000 per month
- Provide up-to-date contact information such as phone number and email address
- Provide their social security number
If a borrower does not abide by the above rules, they will automatically be denied a paycheck advance loan. Make sure you possess the documents required when applying.
Laws and Regulations Regarding Paycheck Advance Loans in Midland, Michigan
The State of Michigan has deemed paycheck advance lending legal. Although, they have enacted the following rules and laws for the cash advance lending industry:
- An individual money lender cannot offer a loan greater than $600. Borrowers are not allowed to possess greater than two active loans from different lenders. There is no smallest loan amount.
- The minimum loan term is not determined, the longest loan term length is 31 days. In Michigan, borrowers cannot rollover their loans.
- The fees and charges vary for each loan lender. The service fees enacted by the lender on a loan do not fall under interest. The service fees apply to every $100 loaned and can vary between 11-15%.
- An interest rate must be mutually settled upon. APR can be as much as 369%.
Will Payday Lenders in Midland, MI, Run Credit Checks? What If I Have Bad/No Credit History At All?
Yes, the lenders we have a relationship with will perform a credit check on you, still, even if you possess no credit or dismal credit, you may still be eligible for a loan as long as you can show that you can pay back the loan. Lenders are usually unconcerned about your credit if you have proof of income and a strategy to pay back the loan.
Lenders will perform 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 basic information.
A hard credit check, alternatively, requires your explicit consent. These credit inquiries are done for various purposes, such as mortgages, credit cards, and more.
You might still qualify for a paycheck advance loan with imperfect credit in Midland, Michigan, if you have proof of repayment.
So, when you request a loan, albeit in person or online, make sure that you have your income information ready and any other documents verifying that you can repay the loan. The more evidence you show, the more likely you are to be approved.
When Will I Get My Deposit in Midland, MI?
When you receive your funds actually relies on the lender as some lenders offer same-day cash advance loans, which means you will see your payday advance loan on the same day you request a loan, 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 often close for holidays and weekends. Therefore, if you submit your application on a Friday, you might not see your funds until Monday.
If you're looking for a same-day payday advance loan in Midland, MI, you will need to make sure you're applying by 10:30 am. Any and all same-day deposits 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 apply.
One more consideration that you should understand is despite if the money lender approves your application and posts the funds to your bank, occasionally the bank won't release that loan right away. It's vital that you let your bank know that you plan to receive a paycheck advance loan, so they might make an exception in releasing the loan earlier.
On the whole, it's wise to prepare ahead of time to receive your loan 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 Working With Us
If you possess underwhelming credit or no credit and are searching to secure a payday loan, consider applying through us, as you frequently have a higher chance of approval.
We work with more than one hundred different lenders who offer their services online. Often you will get your deposit on the following business day so make sure that you plan accordingly.
Although, you can always find the closest payday loan storefront to you and apply in person to strengthen the chances of receiving your cash on the same day. When applying in person, make sure that you have your government ID or driver's license; a passport is sufficient. Occasionally, lenders may request proof of address, so take along a utility bill to the store as well.
To locate the nearest cash advance loan store, please refer to the list below and find your city.
Payday Loan Direct Lender Companies in Midland, MI
Below you will find a list of payday loan companies offering their services in Midland, Michigan. If you can't find a lender near your location in Midland, 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 Midland, 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.