Cash Advance Michigan


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Michigan cash advance and payday loans

There are nearly 70 cash advance lenders in Detroit, Michigan. Some of them operate 24 hours a day, making it very easy for Detroit locals to get a short-term loan, day or night. That’s great if you’re in a pinch and need some extra cash. You should know what you’re getting yourself into, though. Many people take out a cash advance, struggle with the payments, get wrapped up in interest, and soon find themselves under a mountain of debt. To help protect you against that, Michigan legislators have passed important cash advance regulations. Make sure you know your rights before you apply for a short-term loan. Once you’re ready, you can get started with our secure loan request form.

Michigan Cash Advance Rules and Regulations

The maximum loan amount for cash advances in Michigan is $600. The loan term can be a maximum of 31 days. There is no minimum term. The maximum finance charges are 15-percent of the first $100 you borrow; then 14-percent of the second $100, 13-percent of the third $100, 12-percent of the fourth $100, and 11-percent of the fifth $100 – plus a database verification fee. That means for a 14-day, $100 loan, your finance charge would be at most $15, plus the database verification fee.

You can take out more than one cash advance in Michigan, but you can only take out one small payday loan per lender. If you can’t pay off your loan by the end of the loan term, you’ll only be allowed to extend your loan if your particular lender does not charge a fee for said extension. Where applicable, your lender is allowed to charge you one $25 NSF fee. Your lender is not allowed to pursue criminal action against you.

Michigan Payday Loan Regulations

Everything you have learned so far about cash advances can be applied to payday loans, as these financial products are one in the same in the eyes of state law.

  • How Payday Loans Work – This funding source offers fast cash for those who may have trouble accessing other forms of credit. The borrower is expected to pay the loan back in full on a specified due date that’s usually set within a couple of weeks of the start of the loan.
  • Maximum Amount – Lenders may offer up to $600.
  • Repayment Extensions – The state does not prohibit rollovers, but you’ll be hard-pressed to find one, as the lender is not allowed to charge you for an extension.

Michigan State Economy

Michigan has had to bounce back from some pretty significant economic hardships. Back in December 1982, the state unemployment rate bottomed out at 16.5-percent, which is the second worst rate of any state ever (only West Virginia had it worse – 18.8-percent in February of 1983). In May 2015, Michigan’s unemployment rate was at a respectable 5.5-percent. Still, with the state’s not so impressive economic track record, you should be extra careful when considering taking out a loan. Make sure your income is steady and reliable, and plan for how you will pay back the loan. You can’t just rely on your state regulations to protect you when taking out a cash advance.

Short-term loans help you make it to your next paycheck by lending you the money you need now. Just make sure you know what you’re getting yourself into.


* strives to present accurate information on each state’s regulations; however, we do not guarantee accuracy of data as presented. Please contact your state’s department of finance or visit your state’s official website for the most accurate information and inquiries. You can find your state’s site here:

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