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Michigan Payday Loan Information
Michigan Payday Loans

Michigan is a Midwestern state of the United States of America and payday loans are legal there. Michigan payday loan industry is regulated with new legislation in 2005. Michigan Payday Loans are regulated by certain laws which prohibit lenders from predatory lending. Michigan has now joined 35 other states and the District of Columbia where payday lending is specifically authorized by statutes or regulations.

These laws are created to safeguard the interest of Borrowers.
Michigan Payday Loans law states that:

  • All payday companies should be license.
  • Borrowers may borrow up to $600 in a one month period.
  • Borrower cannot borrow two loans at a time.
  • Interest rate of $15 per every hundred loan is paid in a two-week period.
  • Law forbids rolling over of loan.
  • Lender cannot start criminal prosecution towards borrower.
  • A person injured by a licensee’s violation of this act may sue the licensee and recover actual damages, an amount equal to any service fees paid, plus reasonable attorney fees.

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Michigan Payday Loans