Licensed cash advance loan Michigan lenders list includes Advance America, the consumer finance subsidiary of Grupo Elektra.
Cash advances, referred to in Michigan payday loan laws as "deferred
presentment service transactions", are small dollar amount short-term
loans, where the borrowed sum is typically paid back on the next payday
from regular employment.
Typical requirements to qualify for a payday advance include, in addition to proof of income from a steady job, a checking account, and personal identification.
Often, the loan application processing does not include a credit check, which has made payday advances popular among Michigan residents with bad credit and regular employment, but no access to financing from traditional banks and financial institutions.
These loans are NOT a solution for long-term money problems for many reasons, one being the high cost of borrowing, as calculated by annual percentage rates (APRs) of the debt.
Of the payday loan laws in Michigan, the main one governing the industry is called "Deferred Presentment Service Transaction Act", which you should get to know in detail, to understand your rights as a consumer.
The laws regulate many aspects of the payday loan industry in Michigan, including the number of loans that borrowers can take, maximum fees and interest expenses, and what disclosures the lender must provide as part of the lending process.
Also, in Michigan, businesses providing payday advances have to be licensed and to find out the status of a particular company, you should contact the Michigan Office of Financial and Insurance Services.
Before approaching one of the available payday lenders in Michigan, you should also consider the alternatives to payday loans.
According to the Office of Financial and Insurance Services, the more affordable alternatives to a payday loan may include small loans from friends, family members, banks, or credit unions, asking for advance pay from employer, and asking the creditor for more time to pay your bills.
If you do use a payday lender to manage short-term personal finances, however, one of the more popular choices in the state is Advance America, the largest payday loan operator in the US with over 2,400 nationwide locations.
Most of their outlets in Michigan provide financial services, in addition to cash advances, such as MoneyGram services, Visa prepaid cards, and tax services.
Cash advances should be used for short-term financial needs only, not as a long-term financial solution.
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