Cash Advance and Payday Loans in Michigan

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In the state of Michigan, cash advance and payday loans are the same services. This funding source can offer fast cash for Michigan residents who may have trouble accessing other forms of credit.

Michigan residents can request payday loans with our secure loan request form.

Michigan Cash Advance and Payday Loan Rules and Regulations

Street view of cars and theater in Michigan.

The maximum loan amount for cash advances in Michigan is $600. The loan term can be a maximum of 31 days, and there is no minimum term. Finance charges in Michigan range between 15% and 11%, depending on the number of $100 transactions. For example, the maximum finance fee is 15% on the first $100 of the payday advance. Then, a 14% finance fee is added on the second $100, and so on. Additionally, lenders may also charge a database verification fee.

In Michigan, borrowers can take up to two payday loans at the same time. However, clients cannot take two payday loans from the same lender, meaning that combined, customers can borrow up to $1,200 or $600 from each lender.

Loan extensions and roll-overs are not allowed on a payday advance. Where applicable, the lender is allowed to charge borrowers one $25 NSF fee. However, lenders are not allowed to pursue criminal action against borrowers.

Michigan Cash Advance Lenders by City

Michigan offers its residents many lending companies to choose from when they need to borrow quick short-term cash. Here are several lenders that may offer a payday advance in some of Michigan’s largest cities.

Battle Creek: Check ‘n Go, Advance America, Check into Cash, Approved Cash

Detroit: Quicken Loans, Advance America, Check ‘n Go

Benton Harbor: Allied Cash Advance, Approved Cash, Advance America, Check ‘n Go

Kalamazoo: Check into Cash, Approved Cash, Check ‘n Go, Advance America

Clinton Township: Approved Cash, Check ‘n Go, Advance America

For further details:

Allied Cash advance only offers payday loans.

Approved Cash offers payday and title loans.

Check ‘n Go and Quicken Loans offer payday and installment loans.

Advance America and Check into Cash offer payday, installment, and title loans.

How to Get a Payday Loan in Michigan

To get a payday advance in Michigan, borrowers must be at least 18 years of age. Borrowers in Michigan can also request payday loans in person by visiting a brick-and-mortar location. Most storefront lenders do not require appointments, and walk-ins are welcome.

Also, Michigan residents can request a payday loan online from the comfort of their homes. Borrowers can fill out the application form on the lender's website and submit the required documents.

Payday lenders usually ask for the following documents:

  • Government-issued ID

  • Proof of residence

  • Active bank account

  • Proof of income

Some lenders may ask for additional documents such as the borrower's phone number and source of income.

Installment Loans in Michigan

Michigan residents can request installment loans if they require more funds than payday loans offer. Although installment loans are still short-term loans, their repayment term is often much longer than the typical payday loan term. Whereas payday loans are repaid in two weeks with one large payment, installment loans are paid over several months in a series of smaller monthly payments.

Installment Loan Regulations for Michigan

In Michigan, payday and installment loans are regulated by the Michigan Department of Insurance and Financial Services under the Deferred Presentment Service Transactions Act.

Borrowers can request installment loans ranging between $1,000 and $5,000. The loan's annual percentage rate (APR) varies from 99% to 149%, depending on the borrowed amount and lender.

Requesting Title Loans in Michigan

Much like payday loans, title loans can be useful in emergency financial situations and non-emergency situations. When requesting a car title loan, lenders may use the borrower‘s vehicle title as collateral to secure the loan. Most of the time, borrowers take out car title loans worth 25% to 50% of their car‘s value. If a borrower fails to pay back the loan, car title lenders may legally repossess the vehicle.

Car Title Loan Laws in Michigan

Title lending is prohibited in Michigan due to state restrictions on interest rates. Michigan has a 25% interest rate cap on small-dollar loans. Residents can reference the 487.2121 et seq. (specifically 487.2153) statute for more information regarding title lending in Michigan.

Title Loan Requirements

Title loans are prohibited in Michigan. However, residents in legal states can request a loan at a storefront lender or online. Applicants are required to present the following information:

  • A state-issued ID or driver's license

  • Title of the vehicle

  • Proof of income or bank statements

  • Proof of residence

In some cases, lenders may ask for the following documents:

  • Proof of ownership

  • Vehicle registration

  • Vehicle insurance

Final Thoughts

Although Michigan is referred to as the Peninsula State, residents shouldn't feel like they are out of options when looking for emergency financing. Although we're not a direct lender, we partner with a reputable network of lenders who may be willing to help consumers find funding, be it a payday advance or an installment loan. We have helped over a million consumers, and we may be able to help you, too. Get started by completing the request form on this page.


Michigan Advance Loan - Cities

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