Advance Cash Detroit is available in-store from payday loan chains such as Advance America, as well as online from CashNetUSA and others.
Payday loans, sometimes also known as deferred presentment service transactions, are provided in Michigan and Detroit by state licensed operators.
These loans are small-dollar amount, short-term financial products, where the loan is typically paid back on the borrower's next payday.
Having a regular, steady job is one of the core requirements for getting a payday loan, but the application processing often does NOT include a credit check.
This is the reason why payday advances have become popular among Detroit residents with bad credit but regular employment.
As is the case in most states in the US, payday loans are very regulated financial products in Michigan, with the Deferred Presentment Service Transaction Act being at the core of the legislation.
You should read that legislation and other laws that govern payday lending in Michigan, before taking a payday loan from one of the available lenders.
These regulations govern over several aspects of the loans, including the number of loans per customer, service fees, and how the loan agreement is constructed.
The payday lenders also need to be licensed, and to find out the status of your preferred cash advance lender in Detroit, you can contact the Michigan Office of Financial and Insurance Services (OFIS).
Many of the national payday lending chains operate within Michigan, including the largest, Advance America, which has over 2,400 outlets nationwide.
The company is also one of the most trusted sources for cash advances, being operated under their parent company, the Latin American conglomerate Grupo Elektra, a group of banking, consumer finance, and specialty retailing operations.
In Detroit, they have 62 locations within 20 miles of downtown, so you have a lot of storefronts to choose from.
To find out the closest outlet to you, you can use their "Store Finder" tool, available from the Advance America official website.
If you prefer to apply for an cash advance online, one of the popular alternatives in Detroit is CashNetUSA, an online payday lender operated by Cash America, one of the major bricks-and-mortar businesses for payday advances.
CashNetUSA has been in business since 2004, and today, it is one of the most popular internet payday lenders in the country, having served over one million customers.
Cash advances should be used for short-term financial needs only, not as a long-term financial solution.
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