Do you know how much you can borrow from lenders based in Lansing?
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.
- Easy online application
- Quick approval
- Fast funding
- Long repayment terms
OppLoans Installment Loans
Installment loans with competitive rates from a top-rated direct lender.
- Minimum loan amount: $500
- Maximum loan amount: $5,000
- Turnaround time: 1 business day
- Loan term: 9 to 36 months
- Must have direct deposit and meet minimum income requirements
Can I get a payday loan in Lansing, MI?
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.
A breakdown of Michigan’s financing fees
Michigan 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. 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.
Consider these lenders for a short-term loan in Lansing, MI
What do I need to apply?
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:
- Your name, home address and contact information
- Your Social Security number, date of birth and proof of residence
- Your employer’s name or the source of your benefits
- Your income, pay frequency and bank account details (if applying online)
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.
Where to find short-term loan locations in Lansing, Michigan
Short-term loan locations near me in Lansing, MI
- 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
Must read: Be cautious of high financing fees
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.
What other short-term loans can I get in Lansing, MI?
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:
- Installment loans. Installment loans are like payday loans, but you’ll generally have more time to pay back what you borrow. In addition, installment loan lenders tend to offer larger loan amounts, which can make it easier to afford big expenses when you don’t have the best credit.
- Auto title loans. Michigan has a few strict regulations on auto title loans throughout the state. Because you could risk losing your car, Michigan caps the APR an auto title loan lender can charge at 7%. And even if it’s licensed as a pawnbroker, it can only charge up to 36% with a usage fee of $1.
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.