If you’re thinking of taking out a payday loan in Lansing, read our guide first.
When you’re in a tight spot and trying to cover an unexpected expense, a payday loan can be what you need to make it through a rough patch. Our guide will cover how much you can borrow and the potential costs of taking out a payday loan. Installment loans with competitive rates from a top-rated direct lender.
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What are the laws of payday lending in Lansing, MI?
You can borrow up to $600 in payday loans for 31 days or less, but the financing fee will be different depending on the total amount of your loan. You are allowed only two loans in a given period, and they must be from different lenders.
Check your contract carefully for the full costs of a loan before you sign. If you aren’t able to pay on the due date, you may be subject to additional charges and fines.
Consider these lenders for a short-term loan in Lansing, MI
Why a short term loan in Lansing might benefit you
- You can apply with bad credit. Unlike banks and credit unions, payday lenders don’t place much emphasis on your credit when making an approval decision. If you meet a payday lender’s minimum monthly income criteria and the other requirements outlined for the loan, there’s a good chance you’ll qualify.
- Simple application. Whether you apply online or in-store your application should only take about 5 to 10 minutes to complete. If you need help, most lenders have a live chat for online applicants and store attendants when you visit a physical location.
- Use money for different reasons. Payday lenders don’t place restrictions on what you do with the money you borrow as long as it’s for a legitimate purpose. You can use it to pay bills, repair your car or buy something you need.
Charlotte needs to make an unexpected trip
A close relative of Charlotte’s had recently passed away, and Charlotte needed to travel out of town. She didn’t have any money in her savings account, and although she could try to get a credit card or personal loan for the expenses, Charlotte knew the application wouldn’t go through quickly enough to get her to the funeral.
She decided to go with an online payday lender and applied for a $400 loan. Charlotte was approved, and the funds were transferred into her account the next business day. The loan contract stated she would be required to pay $454.45 at the end of the loan in 14 days. This fee included both the database verification fee of $0.45 and the interest of $54.
Charlotte was able to make the funeral and pay off the loan at the end of the loan period without any difficulties.
Here’s how you can apply for a payday loan in Lansing, Minnesota
Every lender has its own lending criteria, but all will require that you be at least 18 years old, have a regular source of income and be a US citizen or permanent resident.
If you meet these criteria, then you can start filling out an application. Click the Go to Site button on a lender above or visit a store location. Be prepared to submit some personal information, like your Social Security number and contact information. Lenders will want to confirm your identity before they approve your application, so fill out the forms as truthfully as possible.
Online lenders will want you to provide access to your bank account so they can deposit your loan and debit the payment when it’s due. In-store lenders will require you to supply a post-dated check for the total amount of the loan. Depending on how you want to handle your payments, think of which method you’d prefer before you decide on a lender.
Payday loans in Lansing, Michigan
Where to go for a payday loan in Lansing
- Advance America. 6229 W Saginaw Hwy, Lansing, MI 48917
- Allied Cash Advance. 5210 S Cedar St, Lansing, MI 48911
- Approved Cash. 3022 S Martin Luther King Jr Blvd, Lansing, MI 48910
- Cash Store. 5525 S Cedar St #3, Lansing, MI 48911
- Check ‘n Go. 5441 W Saginaw Hwy, Lansing, MI 48917
- Check into Cash. 3109 S Martin Luther King Jr Blvd, Lansing, MI 48910
- Dicker & Deal Cash Center. 1917 W Saginaw St # A, Lansing, MI 48915
- GreenStone Farm Credit Services. 3515 West Rd, East Lansing, MI 48823
- Instant Cash Advance. 6100 S Cedar St #3, Lansing, MI 48911
- Lansing Postal Community Credit Union. 4600 Collins Rd, Lansing, MI 48909
Here's what it costs to borrow a payday loan in LansingMichigan breaks down financing fees per $100 borrowed.
- First $100: 15%
- Second $100: 14%
- Third $100: 13%
- Fourth $100: 12%
- Fifth and sixth $100: 11%
These interest rates stack, so if you borrow $300, you’ll have to pay a different fee for every $100 increment. 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.
As long as you compare your rates, you should be able to find a loan that works for you and doesn’t cost an arm and a leg to borrow.