Michigan

State Payday Loan Law Information

Payday loans in Michigan are restricted to amounts equal to or less than $600.  The maximum term of any loan is 31 days.  The maximum finance rate and fees is 15% of the first $100, 14% of the second $100, 13% of the third $100, 12% of the fourth $100, 11% of the fifth $100, 11% of the sixth $100 plus any database verification fee.

There is a limit of one outstanding loan at a time.  The loan cannot be renewed and rollovers are not permitted.  The lender may extend the loan only if it does not charge a fee.  There is no provision for a cooling off period but a repayment plan is permitted.

Collection fees are limited to one $25 return check charge.  Criminal action is prohibited.

 

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