Rules and Regulations of Payday Loans in Michigan

Posted on Sunday, July 12th, 2009 at 2:58 pm in Cash Loan Info by State

The concept of payday or cash advance loan is quite appealing. People often don’t like to compromise their self respect in times of financial distress by borrowing money from their friends and family during financial distress and in such cases they often opt for payday to find temporary solutions for their fiscal difficulties. If you are such a person then payday loans would be an ideal choice for you. You can receive a payday loan for a short period of 7-31days to tide you over your fiscal worries till you get your next pay check. In most cases the loaned amount would be directly debited from your salary account when your next paycheck gets deposited there.

If the idea of safe and hassle free cash loan appeals to you then you can apply for a payday loan from any where in Michigan. Online payday agencies in Michigan would help you to get a fast cash advance loan in a jiffy. Apart from that you can also find payday outlets in major Michigan cities like Detroit, Warren, Great Rapids, Ann Arbor, Livonia, Flint etc.

Even if payday loans have become a booming industry in the US, there is quite a lot of debate regarding the rules and regulations imposed on the payday loans in various US states. Michigan is also exhibiting the same trend of change where it concerns payday loans. Previously there were no major rules and regulations in Michigan regarding payday loans in the Michigan. However, in 2005 a new regulation was passed by Michigan state legislature which aimed to control the booming payday loan industry in Michigan.

However, these regulations were not meant to curb the payday loan practices but just to regularize them. The steady growth in the number of various kinds of payday loan outlet and online payday cash advance agencies in Michigan testifies to the fact that payday loans are here to stay. The payday loan regulations of Michigan stipulate that not more than $15 interest can be deducted on every $100 payday loan. If calculated annually, the Annual Percentage Rate of such payday loans come to about 390%. The Michigan payday loan regulations also state that borrowers might borrow up to $600 as cash advance loan but they won’t be able to take more than one loan in a month’s time. This regulation is to curb the tendency of taking multiple payday loans in people which turns to be quite disastrous. People can’t often handle or keep track of multiple loans, which cause them to default on payment.

Related posts:

  1. Rules & Regulations of Payday Loans in Michigan
  2. Know Your State Payday Loan Regulations
  3. Legal Payday Loan Regulations
  4. Salient Features of Payday Lans in Iowa
  5. Payday Loan Regulations

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