Payday Loans in Pontiac, Michigan

Incidents happen, and we often end up in a spot where we have to cover some surprise bills. Consider submitting an application for a payday advance loan in Pontiac, Michigan, to see if you are eligible.

The loan process is quick and effortless. To qualify, borrowers must satisfy a couple of basic conditions.

What is a Payday Advance Loan? What Can It Pay For?

A cash advance loan is where the borrower will get a petite sum of funds on a short-term basis. This is considered an unsecured personal loan as no collateral is expected.

When unexpected costs present themselves, for example missed rent or utility payments, car costs, health or vet fees, and so on, people commonly rely upon payday advance loans.

Payday Loan Stipulations In Pontiac, Michigan

In Pontiac, MI, cash advance loan borrowers are required to meet several requirements to be eligible for a loan.

The borrower must:

• Prove that they are a resident of Pontiac, Michigan
• Must be 18 years of age
• Have an income that they can prove that's at least $1,000/month
• Give active contact details like cell phone number and email address
• Give their social security number

If a borrower does not meet the above rules, they will immediately be denied a cash advance loan. Make sure you can provide the documentation required when applying for a loan.

Laws and Rules Concerning Payday Advance Loans in Pontiac, MI

The State of Michigan has ruled cash advance lending legal. However, they have created the following rules and regulations for the cash advance lending market:

• A single lender can't offer a loan in excess of $600. Borrowers may not possess greater than two outstanding loans from different lenders. There is no smallest loan amount.
• The minimum loan term is not set, the maximum loan term length is 31 days. In Michigan, borrowers may not rollover their loans.
• The fees and charges vary for each money lender. The service costs charged by the lender on a loan are not considered interest. The service fees apply to every $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 Paycheck Advance Lenders in Pontiac, MI, Run Credit Checks? What If I Have Poor/No Credit History At All?

Yes, the lenders we work with will complete a credit check on you, still, even if you have no credit or poor credit, you might still be eligible for a loan as long as you can prove that you can pay back the loan. Lenders are usually unbothered by your credit history if you provide proof of income and a plan to repay the loan.

Lenders will use a soft credit check, which will have no impact on your credit score. This is solely to get a look at your credit history and basic information.

A hard credit inquiry, on the other hand, requires your permission. These credit inquiries are performed for a variety of purposes, including mortgages, credit cards, and more.

You might still be approved for a paycheck advance loan with less than great credit in Pontiac, Michigan, provided that you can prove you will repay the loan.

So, when you apply for a loan, albeit in person or online, ensure that you have your income information available and any other documents verifying that you can repay the loan. The more proof you have, the more likely your loan request will be granted.

When Will I See My Funds in Pontiac, Michigan?

When you get your loan actually relies on the lender as some lenders provide same-day payday loans, which means you will get your paycheck advance loan on the same day you apply, 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 usually close for holidays and weekends. So, if you submit your application on a Friday, you might not receive your deposit until Monday.

If you're wanting a same-day paycheck advance loan in Pontiac, Michigan, you will need to make sure you're applying by 10:30 am. All same-day payments 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 same day that you submit your application.

One more consideration that you should understand is despite if the lender approves your application and posts the deposit to your bank, occasionally the bank won't release that loan immediately. It's important to let your bank know that you plan to receive a payday loan, so they could possibly make an exception in releasing the money earlier.

Overall, it's wise to prepare ahead of time to get your deposit on the next business day. That way, you're not out of luck if you cannot receive it on the same day.

Consider Borrowing From Us

If you have underwhelming credit or no credit and are looking to get a cash advance loan, consider applying with us, as you usually have a higher chance of approval.

We partner with more than one hundred different lenders who offer their services online. Often you will get your funds on the following business day so make sure that you plan accordingly.

However, you can always locate the nearest payday loan store to you and apply in person to boost the chances of seeing your money 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. Occasionally, lenders may require proof of address, so bring a utility bill to the store too.

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

Payday Loan Direct Lender Companies in Pontiac, MI

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