are payday loans legal in michigan

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Legal

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  • Are payday loans legal in my state?

  • Some states, like Oregon, place practically no restrictions on payday loans, while other states ban them entirely. The regulations of your state have a huge effect on what lenders can charge. As a borrower, it鈥檚 important for you to be aware of these regulations and to make sure your loan has the right terms and fees dictated by law.

  • What are the fees for payday lending?

  • Payday lending status: Legal Maximum Loan Amount: $50,000 Loan Term: 31 days (minimum) 鈥?60 days (maximum) Finance Charges: One-time origination fee of $10 up to $30 per $100 advanced. APR: 36% Number of outstanding loans permitted: Not Specified

  • Did Michigan payday loan proposal fail to qualify for November ballot?

  • Organizers of a proposal to lower the maximum allowable interest rate charged on payday loans in Michigan appeared to fall short of collecting the signatures needed to qualify for the November ballot, according to a recently released report from the state’s Bureau of Elections .

  • Why are there more payday loans in Michigan than McDonald’s?

  • In most Michigan counties there are more payday loan stores than McDonald’s and they are disproportionately located in low-income and rural communities where residents struggle to afford the high interest rates currently charged, he said.

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