Payday Loans in Southfield, Michigan

Life happens, and we usually find ourselves in a place where we must cover some surprise expenses. Consider applying for a payday advance loan in Southfield, Michigan, to see if you qualify.

The loan request process is quick and painless. To be qualified, you have to satisfy a couple of simple criteria.

What is a Paycheck Advance Loan? What Can It Be Put Towards?

A payday loan is where the borrower will receive a small amount of cash on a short-term agreement. This is considered an unsecured loan as no collateral is expected.

When unforeseen expenses come up, like past due rent or utility payments, car fixes, medical or vet bills, and so forth, people commonly turn to payday loans.

Cash Advance Loan Stipulations In Southfield, MI

In Southfield, Michigan, paycheck advance loan borrowers are required to meet a few requirements to be eligible for a loan.

The borrower is required to:

• Show proof that they are a resident of Southfield, Michigan
• Must be 18 years of age
• Receive a steady stream of income that they can prove that's at least $1,000 per month
• Provide active contact details such as cell phone number and email address
• Give their SSN

If a borrower does not meet the above requirements, they will automatically be denied a payday advance loan. Make sure you have the documentation required when applying.

Laws and Regulations Regarding Payday Loans in Southfield, MI

Michigan has deemed payday advance lending legal. Although, they have put forth the following rules and laws for the payday advance lending market:

• An individual lender can't extend a loan greater than $600. Borrowers cannot possess more than two outstanding loans from different lenders. There is no minimum loan amount.
• There is no minimum loan term, the longest loan term length is 31 days. In the State of Michigan, borrowers are unable to rollover their loans.
• The fees and charges change for each loan lender. The service fees charged by the lender on a payday loan do not fall under interest. The service fees apply to each $100 loaned and can range from 11% up to 15%.
• An interest rate must be mutually agreed upon. APR can be as much as 369%.

Will Payday Lenders in Southfield, MI, Perform Credit Checks? What If I Have Bad/No Credit History At All?

Yes, the lenders we work with will perform a credit check on you, but, even if you possess no credit or less than optimal credit, you may still be eligible for a loan as long as you can show that you are able to pay back the loan. Lenders are typically 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 a look at your credit history and general information.

A hard credit pull, alternatively, must have your permission. These credit pulls are used for a variety of purposes, such as mortgages, credit card applications, and more.

You can still qualify for a payday advance loan with imperfect credit in Southfield, Michigan, as long as you have proof of repayment.

Therefore, when you apply for a loan, whether it is in person or online, double check that you have your income information ready and any other documents verifying that you can pay back the loan. The more evidence you provide, the more likely your loan request will be granted.

When Will I Receive My Funds in Southfield, Michigan?

When you receive your deposit actually depends on the lender as some lenders provide same-day payday advance loans, which means you will see your payday advance loan on the same day you apply, as long as you're approved.

Much of the time, though, lenders will send the borrower their lump sum on the following business day. Businesses typically close for holidays and weekends. Because of this, if you apply on a Friday, you might not receive your funds until Monday.

If you're needing a same-day cash advance loan in Southfield, MI, you will need to ensure 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 request a loan earlier than that if possible, as it will boost the likelihood that you see your funds on the day that you submit your application.

One additional consideration that you should know is despite if the lender approves your application and posts the loan to your bank, sometimes the bank won't release that deposit right away. It's important to let your bank know that you plan to receive a cash advance loan, so they might make an exception in releasing the money earlier.

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

Think About Working With PaydayLoanRadar

If you have poor credit or no credit and are wanting to secure a paycheck advance loan, think about applying through us, as you usually have a better chance of approval.

We partner with over one hundred different lenders who provide their services online. Often you will receive your deposit on the next business day so ensure that you plan appropriately.

However, you can always locate the nearest payday loan storefront to you and apply in person to boost the chances of seeing your loan on the same day. When applying in person, ensure that you have your government ID or driver's license; a passport will work as well. Sometimes, lenders may request 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 Southfield, MI

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