Michigan Online Fast Cash Loans
When money necessity takes place, you would probably need a faster solution to tackle whatever the unexpected expense is coming your way. Quick loans are meant to provide you with the right solution for emergency cases, time when you need money fast without having to undergo an irksome application process. Payday loans are short term loans that you can apply for, when your money need is not that big, just enough cash to cover an unexpected expense while your payday takes place.
Fast cash loans Michigan lending services are your best option to borrow money, even if you have a bad credit, poor credit or not credit history at all, because this type of loans are not approved upon your credit score, but your upcoming paycheck.
Shopping Around for the Best Deal
It is really shop around for the best deal on fast cash loans Michigan lending services, because there are many cash advance lenders and payday lending companies willing to help you bridge on bridging the gap between your last payday and the next. Since no faxing is required, you do not need to get flooded trying to find the documents that you would need to apply for a regular loan, and because you are borrowing upon your paycheck, it is likely that anyone’s application is approved.
Limitations on Fast Cash Loans Michigan
Although getting a payday loan application approved with ease, the state of Michigan has a law that requires lenders and lending companies to abide by its regulations. This way, fast cash loans Michigan lenders must provide borrowers with a written contract that clearly specifies the terms of a cash advance loan, including finance fees and interest rates. Such contract must also include the phone number and physical address of the company to allow borrowers fill out a consumer complaint, if necessary.
Borrowers must also abide by the following regulations:
1. Law in the state of Michigan specifies that a borrower must not have more than two outstanding loans at a time
2. The above regulation should be considered as in “a per lender” basis, what means that a borrower may have more than two outstanding loans if they are signed under different lenders
3. In Michigan the maximum loan amount is $600
4. Although loan terms are subject to variations from lender to lender, in any case must exceed 31 days
5. In the state of Michigan rollovers and extensions are not allowed
6. Finance fees are subject to the total amount of money borrowed, and must not exceed a $5 fee and 25% annual interest rate. Lenders are allowed to charge up to 15% over the total amount borrowed however.
While the state of Michigan law allows civil action against borrowers that fail to pay back a payday loan, lenders are not allowed to pursue criminal action over them.
Applying for a Payday Loan Fast cash loans Michigan approval process is very easy, so it can only take a few minutes of your time get borrowed the money that you need.