Cash Advance and Payday Loans in Detroit, MI.
Unexpected expenses may creep up on you, causing you to search for quick cash in Detroit, MI. However, keep in mind that each state has its own lending laws and regulations. As a result, we’ve compiled all you need to know about small-dollar loans in Detroit. So, if you’re looking for fast funding in Detroit, read on to learn more about the possible options and where to find them.
Advantages of Taking Out a Payday Loan in Detroit
Typically, borrowers in Detroit obtain payday loans to address financial emergencies, such as medical bills, car repairs, or home renovations. This is the case because payday lenders often work quickly to expedite the process of getting financing. For those living in Michigan, here are some of the benefits of payday loans:
- They have a hassle-free application process. Most Detroit lenders will require minimal financial and personal information.
- If approved, the funds may be directly deposited into your checking account in as little as one business day.
- Contrary to the “no credit check” offers, all lenders will conduct a credit check. However, some lenders may be willing to work with you despite your damaged credit history. As a result, these lenders may consider income along with credit when determining eligibility.
- The majority of lending companies also accept online applications. As a result, Detroit consumers can apply for loans anytime and from the comfort of their homes.
How to Get a Cash Advance and Payday Loan in Detroit
When you are in a financial emergency, you may be searching for funding to address a time-sensitive bill. Fortunately, payday loan lenders can make it more convenient to acquire fast and easy funding. To begin your request, complete the loan application form on the lender's official website. The lender will review your application and, if approved, you may receive the funds in as little as one business day.
Cash Advance and Payday Loans Requirements
In order to apply for a loan, Detroit lenders require you to:
- Be 18 years of age or older
- Be a U.S. citizen or permanent resident
- Have a steady income from a job or other identifiable source
Additionally, be prepared to provide the following information during the application process:
- Contact information
- Social Security number
- Bank account information
- Employment history
Costs and Regulations of Cash Advances and Payday Loans in Detroit, MI
Payday loans are legal in Detroit, Michigan, but are regulated by city and state authorities. The local government allows applicants to borrow up to $600. Borrowers can take a maximum of two loans simultaneously but from different lenders.
Payday loan terms range up to 31 days, and the standard APR in Detroit is 369% for an average $300 payday loan. However, lenders are prohibited from charging more than 15% in finance fees. Finance fees are calculated based on the number of $100 transactions:
- 15% of the initial $100 loan
- 14% of the second $100 loan
- 13% of the third $100 loan
- 12% of the fourth $100 loan
- 11% of the fifth $100 loan
- 11% of the sixth $100 loan
Installment Loans in Detroit
Similar to payday loans, installment loans in Michigan are legal but heavily regulated by authorities. Installment loans usually offer higher loan amounts than payday loans or cash advances. In Michigan, you can opt for a loan of $1,000 to $5,000 and repay in fixed installments. Loan terms are typically up to 12 months.
Requesting Title Loans in Detroit
Detroit residents looking for even higher sum loans may turn to title loans. With title loans, the borrower uses the title of their vehicle to secure financing. Usually, title loans have very high APR rates. As a result, Michigan has prohibited title lending due to some lenders’ predatory practices.
Our Favorite Detroit, MI, Cash Advance and Payday Loan Companies
If you’re looking for financing in Detroit, but don’t know where to begin, consider the following lenders:
Check N’ Go
Check N’ Go is a loan provider that offers payday loans, cash advances, and installment loans. Additionally, the company offers check cashing services and NetSpend prepaid MasterCards. On average, you can expect to pay 360% to 390% APR for 30-day payday loans in Detroit. Check N’ Go has eight physical stores in Detroit and also allows residents to submit their applications online.
Advance America is a loan company that offers payday loans of $100 to $600 in Detroit. The APR is typically in the triple digits. The company also offers Western Union services and prepaid VISA cards. There are 10 Advance America stores around Detroit, and they also allow borrowers to apply through their website.
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