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Compare short-term loans in Michigan

Borrow up to $600 and learn more about your options.

Good for payment flexibility

Brigit

  • Due date extensions available
  • Overdraft predictions
  • No interest or late fees

Good for fast funding

OppLoans Installment Loans

  • Easy online application
  • Quick approval
  • Fast funding
  • Long repayment terms

No credit check required

Possible Finance Mobile Installment Loans

  • Repayments aligned with your pay day
  • No credit check
  • Can build your credit
  • Good customer service
  • Quick turnaround with Visa
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By

Kellye Guinan

Updated

Fact checked

When you have unplanned expenses and are on a tight budget, a payday loan could be helpful. Payday loans, a type of short-term loan, give you quick access to money when you need it. Read on to find out about the laws in Michigan and everything else you should know about how payday advances work.

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1 - 0 of 0
Updated regularly
Name Product Filter Values Loan amount Turnaround time Requirements
Brigit
Not rated yet
Brigit
Up to $250
1 to 3 days or same-day in some circumstances
Bank account must have at least 60 days of activity, Balance must be above $0 and have an average minimum balance on pay day
Have up to $250 automatically deposited into your account — for a $9.99 membership fee.
Go to site
More Info
OppLoans Installment Loans
Finder Rating: 4.4 / 5: ★★★★★
OppLoans Installment Loans
$500 to $4,000
As soon as the same business day.
+18 years old, Receive paychecks through direct deposit, Meet minimum income requirements, Live in eligible state
Comes with the option to change your due date so you won’t fall behind on repayments.
Go to site
More Info
Possible Finance Mobile Installment Loans
Up to $500
As fast as 1 business day
Checking account with 3+ months of banking history, $750+ monthly income, live in eligible state, ages 18+
Borrow up to $500 with just a few swipes — but only for residents of 21 states.
Go to site
More Info
LendYou Short-term Loans
Finder Rating: 2.5 / 5: ★★★★★
LendYou Short-term Loans
$100 to $2,500
Same business day to 1 business day
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.
Go to site
More Info
Brigit
Not rated yet
Brigit
Up to $250
1 to 3 days or same-day in some circumstances
Bank account must have at least 60 days of activity, Balance must be above $0 and have an average minimum balance on pay day
Have up to $250 automatically deposited into your account — for a $9.99 membership fee.
Go to site
More Info
OppLoans Installment Loans
Finder Rating: 4.4 / 5: ★★★★★
OppLoans Installment Loans
$500 to $4,000
As soon as the same business day.
+18 years old, Receive paychecks through direct deposit, Meet minimum income requirements, Live in eligible state
Comes with the option to change your due date so you won’t fall behind on repayments.
Go to site
More Info
Possible Finance Mobile Installment Loans
Up to $500
As fast as 1 business day
Checking account with 3+ months of banking history, $750+ monthly income, live in eligible state, ages 18+
Borrow up to $500 with just a few swipes — but only for residents of 21 states.
Go to site
More Info
LendYou Short-term Loans
Finder Rating: 2.5 / 5: ★★★★★
LendYou Short-term Loans
$100 to $2,500
Same business day to 1 business day
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.
Go to site
More Info
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Payday loans can be an option if you need cash to pay for an emergency expense, but you’ll want to make sure you’re getting the best deal. Read our guide on payday loans in Michigan before you take one out to save yourself time and money.

Can I get a payday loan in Michigan?

Yes, payday loans are allowed in Michigan. You can borrow up to $600 to be repaid in 31 days or less. Section 487.2121 et seq. of the Michigan Compiled Laws, referred to as the Deferred Presentment Service Transactions Act (Act 244 of 2005), governs the functioning of payday lenders.

This list simplifies how much you can borrow and what it will cost.

  • Maximum loan: $600
  • Loan term: 31 days or less
  • Financing fee: Varies by loan amount
  • APR: A 14-day $100 loan has an APR of 390%
  • Collection fees: Lenders are allowed one $25 non-sufficient funds (NSF) fee

A breakdown of financing fees:

  • First $100: 15%
  • Second $100: 14%
  • Third $100: 13%
  • Fourth $100: 12%
  • Fifth and sixth $100: 11%

You may only have two payday loans at once, but they must be from different lenders. Rolling over/refinancing your loan isn’t permitted unless the lender doesn’t charge a fee.

If you find any irregularities in your loan or wish to file a complaint, contact the Department of Insurance and Financial Services.

Possible changes to current laws

Be on the lookout for more information regarding the bills SB 430, SB 431 and SB 432. These would increase the amount consumers can borrow, which further increases the high-cost of payday loans. There are many consumer groups and activists against the bills, but even if they pass, remember that you should only borrow as much as you can afford.

Compare payday loans offered in Michigan

Check the websites of any providers you’re interested in to confirm they operate Michigan.

1 - 0 of 0
Updated regularly
Name Product Filter Values Loan amount Turnaround time Requirements
Brigit
Not rated yet
Brigit
Up to $250
1 to 3 days or same-day in some circumstances
Bank account must have at least 60 days of activity, Balance must be above $0 and have an average minimum balance on pay day
Have up to $250 automatically deposited into your account — for a $9.99 membership fee.
Go to site
More Info
OppLoans Installment Loans
Finder Rating: 4.4 / 5: ★★★★★
OppLoans Installment Loans
$500 to $4,000
As soon as the same business day.
+18 years old, Receive paychecks through direct deposit, Meet minimum income requirements, Live in eligible state
Comes with the option to change your due date so you won’t fall behind on repayments.
Go to site
More Info
Possible Finance Mobile Installment Loans
Up to $500
As fast as 1 business day
Checking account with 3+ months of banking history, $750+ monthly income, live in eligible state, ages 18+
Borrow up to $500 with just a few swipes — but only for residents of 21 states.
Go to site
More Info
LendYou Short-term Loans
Finder Rating: 2.5 / 5: ★★★★★
LendYou Short-term Loans
$100 to $2,500
Same business day to 1 business day
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.
Go to site
More Info
MoneyLion Instacash advances
$250, $1000 with RoarMoney account
3 to 5 business days to external checking account, 12 to 48 hours to RoarMoney account
Bank account must have at least 60 days of activity, show recurring deposits and must have a positive balance
Fee-free, interest-free cash advances up to $250.
Go to site
More Info
Fast5kLoans Short-term Loans Connection Service
Finder Rating: 3.5 / 5: ★★★★★
Fast5kLoans Short-term Loans Connection Service
$100 to $35,000
As soon as the next business day
Regular source of income, Verifiable bank account, US citizen, Ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
Go to site
More Info
CashNetUSA Loan
Finder Rating: 3.6 / 5: ★★★★★
CashNetUSA Loan
Varies by state
As fast as same business day
Regular source of income, bank account, US citizen or permanent resident, age of majority in your state
Sign up for its discount program to get access to coupons and deals on everything from dining out to tax services.
Go to site
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How to apply for a payday loan in Michigan

Lenders require you to be at least 18 years old, a citizen or permanent resident of the US and that you have a regular source of income. If you meet these basic requirements, you’ll need to supply your Social Security number, date of birth, information about your employment, contact details and a valid form of ID to fully complete your application.

If you’re applying online, you’ll also need to give the lender access to your checking account. This is so your loan can be deposited directly and your payments debited when your loan is due. Be careful, though–if you don’t have enough to pay back your loan, you can be charged overdraft fees by the bank and a NSF fee by the lender.

Payday loan alternatives in Michigan

A payday loan can be a good option when you’re facing a financial crisis like an unexpected bill or a shortfall in your budget, but they aren’t best for long-term solutions to ongoing financial problems. Consider contacting local programs like Project FRESH or the Michican Medicare/Medicade Assitance Program (MMAP). These can help take care of other bills while you work on paying down your debt.

Check out our payday loan alternatives guide

Payday loan locations in Michigan

Bottom line

When you’re looking into paday loans, be sure to consider all the costs, how much interest you’ll be charged and the other options available to you before making a decision. Payday loans can be expensive, but when you’re in a rough patch, they can be used to get by and help pay down other debts.

Frequently asked questions

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    4 Responses

      Default Gravatar
      TyangelMay 27, 2019

      I need a loan to move

      Reply
        Avatarfinder Customer Care
        JeniMay 27, 2019Staff

        Hi Tyangel,

        Thank you for getting in touch with Finder.

        If you’re from Michigan and thinking to apply for a short-term loan, please click the blue Show me my options button to start comparing your options. Once you have decided which to go with please click on the green go to site button to be redirected to the provider’s page where you may learn more about their offered products or even start your online application. Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you.

        I hope this helps.

        Thank you and have a wonderful day!

        Cheers,
        Jeni

        Reply
      Default Gravatar
      DianeJuly 19, 2017

      I do not have a checking account. I have used a rush card debit account for the past 7 years. I started receiving social security in 2012 and my social security check has always been deposited into this account. Are there any lenders that will consider using a debit account for a payday loan?

      Reply
        Avatarfinder Customer Care
        HaroldJuly 19, 2017Staff

        Hi Diane,

        Thank you for your inquiry.

        Yes, there are lenders who also consider debit account. Please compare your debit card loan options and see which one would best meet your needs.

        I hope this information has helped.

        Cheers,
        Harold

        Reply
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