are payday loans legal in michigan

Best answer


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.

People also ask


  • How many payday loans can you take out in Michigan?

  • Under Michigan state law, you鈥檙e permitted to take out 2 payday loans at a time from separate lenders. Loan terms usually span 14 to 31 days but cannot exceed 31 days. Borrowers are permitted to borrow up to $600 per payday loan. Michigan鈥檚 finance charges are a little more complicated than most states.

  • How much do payday lenders charge in Arizona?

  • State law allows payday lenders to charge up to 15% on the first $100 of a payday loan, 14% on the second $100, 13% on the third $100, 12% on the fourth $100, and 11% on the fifth and sixth $100.

  • 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 minimum term for a payday loan in California?

  • No payday loan may have a minimum term of less than 13 days and does not exceed 120 days. 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.

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