Editor's choice: OppLoans Installment Loans
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Hard times can often lead to a tight budget, and for many, that means turning to payday loans. But before you visit a storefront in Lansing or go looking online, you should know how much you can borrow — and what types of fees your lender is able to charge.
Yes, payday loans are legal throughout Michigan under Section 487.2121 et seq. of the Michigan Compiled Laws, otherwise known as the Deferred Presentment Service Transactions Act. This allows residents of Lansing and other cities in Michigan to borrow up to $600 for a term lasting no more than 31 days.
The exact financing fee you’ll have to pay will depend on the amount you borrow. This is Michigan’s attempt to keep rates low and prevent predatory lenders from overcharging borrowers, so you’ll want to ensure your lender abides by the fee schedule below before you commit to a loan.
If you aren’t able to pay on the due date, you may be subject to additional charges and fines.
Michigan breaks down financing fees per $100 borrowed.
These interest rates stack. This means you’ll have to pay $15 for a loan of $100, $29 for a loan of $200, $42 for a loan of $300 and so on. Michigan does this to help protect you from the high fees associated with payday loans.
Every lender has its own criteria, but all will require that you have a regular source of income, are at least 18 years old and are a US citizen or permanent resident. Then, your lender may require you to provide some personal information. This can include:
The specific information you’ll need to have on hand will vary from lender to lender, so you may want to check our reviews to see what your lender might need.
While Michigan attempts to help borrowers throughout the state by limiting the financing fees a lender can charge, a payday loan can still be quite expensive. This is because the fee schedule can quickly add up for larger loans — especially if you only have a few weeks to pay it off.
For example: A loan of $100 will only cost you $115, while a loan of $600 can end up costing $676. Because of this, you may still find a payday loan difficult to repay. This can lead to a cycle of debt. So before you borrow, consider your short-term loan alternatives to see if there’s a less expensive way you can get the money you need.
Payday loans have short terms that can make repayment difficult for many borrowers. If you need a larger amount but aren’t sure you can’t have everything repaid within 31 days, consider these other short-term loan options:
Payday loans are available in Lansing, but with a strict cap on the length of a loan, it’s worth reading about Michigan’s payday loan laws before you apply online or in-store. And if you’re not sure the exact borrowing process, you can use our guide to payday loans to learn more about short-term lending across the US.
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