Michigan State Information
Legal Status: Legal
Loan Terms:
- - Maximum Loan Amount: $600
- - Loan Term: Max: 31 days
- - Maximum Finance Rate and Fees: 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
- - Finance Charge for 14-day $100 loan: $15
- - APR for 14-day $100 loan: 390%
Debt Limits:
- - Maximum Number of Outstanding Loans at One Time: Two, only one with same lender.
- - Rollovers Permitted: None (cannot renew; lender may extend only if it does not charge a fee)
- - Cooling-off Period:
- - Repayment Plan: Yes
Collection Limits:
- - Collection Fees: One $25 NSF fee
- - Criminal Action: Prohibited
Where to Complain, Get Information:
- - Regulator: Department of Insurance and Financial Services
- - Address: P.O. Box 30220 Lansing MI 48909
- - Phone: (877) 999-6442
- - Fax: 517-284-8837
These Michigan payday loans law are basic information to assist your decision to borrow money. This information may be added or modified or canceled by Michigan government without prior notice.