A guide to Payday Loans in Michigan, USA. 

What are the Citation (s) to Payday Loan or Small Loan Laws in Michigan?

A: The relevant citation regarding Payday Loans in the Michigan State Jurisdiction is Public Act 244 of 2005

Q: Are Payday Loans legal in Michigan? 
A: Yes Payday Loans are legal in Michigan. 

Q: What is the Maximum Cash Advance Loan Amount in Michigan?
A: The maximum Cash Advance or Payday Loan amount is $600. 

Q: What is the Payday Loan Term in Michigan?
A: The Maximum Payday Loan Term in Michigan is 31 days
. 
Q: What is the Maximum Rate and Fee for Cash Advance Loans in Michigan?
A: The Maximum fee for Cash Advance Loans in Michigan is 15% of first $100, 14% of second $100, 13% of third $100, 12% of fourth $100, 11% of fifth $100, 11% of sixth $100 + any database verification fee

Q: What is the Finance charge for 14-day $100 payday loan in Michigan State?
A: The Finance charge for 14-day $100 payday loan in Michigan is $15. 

Q: What is the APR for 14-day $100 payday loan in Michigan State?
A: The APR charged for 14-day $100 payday loan in Michigan is 390 percent. 



Q: Is there a limit on the number of payday loans I can take at one time? 
A: Yes, you can only take one loan with one lender. You can take another loan with a separate lender. 

Q: How many times can the lender rollover my payday loan in Michigan? 
A: The lender cannot rollover (renew, extend or consolidate) the payday loan. The lender can extend the loan only if he does not charge a fee. 

Q: Will I get a repayment plan for a payday loan in Michigan State?
A: Yes you are entitled to a repayment plan. 

Q: If I cannot repay my payday loan can the lender initiate a criminal action? 
A: No the lender cannot initiate a criminal action against the borrower 

Q: Can I be charged a collection fee for a payday loan?
A: Yes, One $25 returned check charge. 

Contact the Department Of Financial Institutions

If you have questions about payday loans please contact the Michigan Department of Financial Institutions at:

Michigan Office of Financial and Insurance Services
Address: P.O. Box 30220 Lansing, MI 48909
Phone: (877) 999-6442
Fax: (517) 335-4978
Website: http://www.michigan.gov/cis/0,1607,7-154-10555---,00.html

Where can I find a payday loan store in Michigan? 

You can find the store nearest to your location by simply clicking on this loc: Michigan