are payday loans legal in michigan

Best answer


Legal

People also ask


  • When is a payday loan not allowed to be made?

  • Except for an installment payday loan, no payday loan may be made to a consumer if the loan would result in the consumer being indebted to one or more payday lenders for a period in excess of 45 consecutive days.

  • What is the maximum amount of a payday loan in California?

  • The face amount of the check shall not exceed $600. A check casher may charge a fee for deferred deposit of a personal check in an amount not to exceed 15% of the face amount of the check. The maximum principal amount of any payday loan is $1000.

  • What is the maximum amount of a payday loan for ACh?

  • A check casher may charge a fee for deferred deposit of a personal check in an amount not to exceed 15% of the face amount of the check. The maximum principal amount of any payday loan is $1000.

  • Can a licensee make a payday loan to a customer?

  • No licensee may make a payday loan to a customer that results in the customer having an outstanding aggregate liability in principal, interest, and all other fees and charges, to all licensees who have made payday loans to the customer of more than $1,500 or 35% of the customer鈥檚 gross monthly income, whichever is less.

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