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Michigan Payday Loans

According to recent state legislation, Michigan law has declared payday loans as legal. The legislation has created some regulation for the terms and conditions of payday, or personal loans, which has helped to provide a safe and fair relationship between customers and lenders.

Michigan requires that local lenders be licensed under current law requirements and that lenders, or licensees, follow the regulations and rules that guide the cash advance, or payday loan process. In Michigan, a customer, or borrower, may not have any additional payday loans that are currently outstanding in order to apply for an additional loan. A borrower’s outstanding loans are monitored by means of a database system in the state of Michigan, which tracks payday loan data for borrowers.

Payday Loan Process

When a citizen of Michigan is in need of additional cash between pay periods, a personal loan is often the best option in providing the financial assistance. If a customer is in search of a cash loan in the state of Michigan, an online lender or a local lender can be utilized in order to meet the specific needs of the borrower. Once a lender has been secured, the amount that is to be borrowed is settled upon, along with the rates of interest and period of repayment being agreed upon.

The process can now usually be handled electronically online or with a local lender. The borrower must provide personal identification, a verification of employment and either a post-dated check or another means of securing payment to the lender in the event that the borrower fails to repay the personal loan on the agreed upon date.

Online lenders can provide a quick and reliable service that is easy on the borrower and can fit their specific needs. With electronic transactions, there is no need for lengthy paper applications or time consuming processes that delay the borrower receiving money.

Extensions or additional time allowed in order for a borrower to repay a personal loan can be arranged depending on the lender. If the borrower required additional time, a subsequent agreement can be made between the two parties and additional time can be added to the repayment period of the cash advance.

Obtaining a Payday Loan in Michigan

Due to legal regulations in Michigan, the loan amount that a borrower is allowed has a limit. After deciding on the loan amount needed, the borrower should be prepared to provide the following:

  • Proof of identification (such as a passport, driver’s license, etc.).
  • Verification of employment and income (such as pay stubs, bank receipts, etc.).
  • A valid checking account.
  • A post-dated check or withdraw authorization in the event that the loan isn’t repaid on time

As Michigan maintains a database of customer’s payday loan information, lenders will generally require specific information for the database. This required information may include the customer’s name, address, social security number, the number of a state issued identification card or driver’s license, the loan amount sought after, the number of the check being used for repayment of the cash advance and the date on which the loan is to be repaid.