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F.A.Q.

According to the Michigan Consumer Finance Act, you can only have two payday loans at a time in Michigan. The law also states that you cannot roll over a payday loan into a new loan.

Yes, online payday loans are legal in Michigan. However, the Michigan Consumer Finance Act (MCFA) regulates payday loans, including online payday loans. The MCFA limits the maximum loan amount to $600, the maximum APR to 360%, and the loan term to 31 days. Borrowers must also provide proof of income before taking out a payday loan.

The MCFA also prohibits payday lenders from charging certain fees, such as fees for bounced checks or returned payments. Additionally, lenders must provide borrowers with a written disclosure of the terms of the loan before the loan is made.

Here are some additional things to keep in mind about payday loans in Michigan:

  • You can only have two payday loans at a time.
  • You cannot roll over a payday loan into a new loan.
  • The lender must be licensed by the Michigan Department of Insurance and Financial Services.
  • The lender must provide you with a written disclosure of the terms of the loan before you sign the contract.

Yes, payday loaners in Michigan can see if you have other loans. When you apply for a payday loan, the lender will ask you to provide information about your income, employment, and other debts. This information is used to assess your creditworthiness and determine whether you are eligible for a loan. If you have other loans, the lender will be able to see this information and may use it to decide whether to approve your loan or not.

In addition, payday lenders in Michigan are required to report your loan information to the credit bureaus. This means that your payday loan will appear on your credit report, along with any other debts you have. This can have a negative impact on your credit score, making it more difficult to get approved for other loans in the future.

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