This is our original Payday loans preamble from 2005. This one spoke of Michigan’s cash advance companies.
Below this piece is a video regarding the devastating affect Payday loans can have on lower income people in America.
Michigan payday loans are advertised by many sites on the Internet. Some companies actually allow you to submit an application for a pay day loan, others talk about it, some give you some decent information regarding Michigan's lenders and others just try to refer you to other web sites.
This page falls into the category of providing you with some cash advance information that we hope will help all Michiganders navigate the Internet looking for help with their pay day loans.
Loans of this sort in Michigan are almost always very high interest rate loans with APR levels in the 300% to over 1000% range. They are expensive, however if you have no other choice then you will turn to pay day loan service companies.
If you have a good credit rating you can usually negotiate a lower interest rate and get down to the 300% APR range, however if you are a first time borrower in Michigan with no credit rating or a poor one, expect to pay a higher rate of interest and be limited to the actual amount that you can borrow from any of the lenders.
Some lenders will loan around $500 for the first loan and then once you establish a credit rating with the pay day loan lender, they will generally lend you higher amounts.
The only way to establish credit with any of these Michigan benders is to pay your loan back on time as agreed to when you took out the loan. If you miss a payment or are late, expect to pay extra charges and also find difficulty in obtaining a future loan prior to pay day.
These lenders must be very careful who they loan money to and will manage the risk very closely as a result. Loan rates are high and they will limit how much they lend to any one pay day loan customer.
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