Michigan Payday Loans Online for Bad Credit
A payday loan (also known as cash advance) is a small short-term unsecured loan that often comes with high APR. Payments are typically due within 1-2 weeks.
All you need to do to get a Michigan payday loan online is to fill out an application from the comfort of your home and get connected to the right lender from our network of reliable lenders. You can have cash in your account the same day. You do not need to collect many documents or look for collateral.
Using our matching service, you can get bad credit loans in Northern Michigan. Loan amounts range from $100 to $2,500. The approved amount depends on several factors: state laws and regulations, lender’s policies, your income, etc.
Usually, the decision is made by a lender right away. Our referral service processes your request and matches you with the best lender in a couple of minutes.
Bad credit history is not an obstacle to getting a loan
There are situations when people apply with a bank and do not pay attention to the contract, which clearly states information about additional payments. This is what inevitably entails a huge number of unforeseen overpayments and leads to certain violations on the part of customers since not everyone can pay high interest on time. Such delays hurt the borrower’s credit history. You should bear in mind that a bad history can become an obstacle to getting a bank loan. But the borrower always has another way out of this situation: getting a cash advance from a microfinance institution. This is the only type of loan which is issued to consumers with bad credit history.
You must understand that microfinance institutions are different from all banking institutions. Such institutions freely choose the degree of risk when issuing a loan. They care little that once the client had debts and delayed payments. They consider the current state of affairs and make a decision literally within a few minutes. There are no hard credit checks involved.
In some cases, cash advances can even help pay off debts in banking organizations and improve credit history. It is only necessary to borrow small amounts and repay debts in a timely manner. Such actions will lead to the fact that the borrower will be able to get more advantageous loan offers in the future.
Why is a payday loan better than a bank loan?
Not everyone has the desire and opportunity to get a bank loan if they need fast cash to celebrate an anniversary or wedding. Why? Because banks require that potential borrowers have a good credit history and provide a lot of documents. Besides, banks process applications for several days and often decline requests.
A payday loan has relaxed borrower eligibility criteria. For example, they do not check your credit and you may even apply if you have a bad credit history. Loan approval rates are very high.
Another major difference: to get a cash advance, you only need to fill out a short questionnaire. Nobody will require any confirmation of official income, as well as any other guarantees.
In general, cash advances are not designed for long-term use. They are issued for up to 30 days. Applying for a cash advance is online and only takes a few minutes.
Moreover, smal-dollar online cash advances are a good opportunity to improve your credit score, which is impossible with the help of banks.
Why consumers may need cash advances
Unsecured short-term loans can be very useful in emergency financial situations. However, consumers may also need fast cash in the following cases:
- Medical expenses, including the purchase of medications and hospitalization costs;
- Vacation expenses;
- Home improvements;
- Business opportunities;
- Education expenses;
- Moving costs;
- Debt consolidation;
- A large purchase.
Who is eligible for a payday loan?
Each state and lender has its own eligibility criteria. Usually, you must:
- be at least 18 years old
- be a U.S. citizen or legal resident;
- have a bank account in your name;
- have a valid phone number and email address;
- have a steady income.
Lenders from our network offer favorable terms to all categories of citizens:
- unemployed and people without official income;
- self-employed people;
- customers who have been rejected by all banks;
- borrowers with bad credit history;
- students, housewives and young mothers.
Costs and regulations for payday loans in Michigan
Below are the costs and regulations surrounding cash advances in MI:
- Maximum loan amount: $600;
- Duration: 7-31 days;
- Fees and charges: 15% first $100, 14% second $100, etc.;
- Cooling off period: no amount specified;
- Maximum service fees: $76 for $600 loan;
- Rollovers: not allowed.
These fees and regulations are subject to change.
How to apply for a payday loan online in Michigan
You can apply for a cash advance online in MI using our lender-matching service. You just need to fill out a short application, and we will match you with the right lender based on your needs.
During the application process, you will need to provide the following information:
- name, birth date;
- email address;
- phone number;
- employment or income information;
- government-issued ID;
- bank account number.
Advantages of payday loans Michigan
The popularity of this product is due to many reasons:
- You can get a loan on weekends and holidays. Money is issued urgently, and you can spend it for any purpose;
- No collateral is required. The borrower does not need to provide collateral or guarantors;
- Money for a short term. You repay your loan quickly instead of getting into a debt trap;
- You only need a few basic documents to apply;
- You can pay off the loan in various ways: in cash at the lender’s office, using a bank account, via ATM and electronic money transfer systems;
- All lenders from our network are legit. There are no hidden fees or commissions;
- Fast application and funding. Typically, consumers are able to get the funds the same day they apply;
- Early repayment options;
- You can get a loan online around the clock;
- 24/7 customer service.
Things to consider before applying for a small dollar loan
Next, we will tell you some useful things you need to consider before applying for a cash advance loan:
- Make an informed and balanced decision. Think carefully about whether you need fast cash. If you apply for a loan for the first time, we recommend that you start with small amounts for a short period;
- Evaluate your financial opportunities. Your wages should be enough to repay the loan, otherwise, the lender will take measures. When applying, be sure to use a loan calculator to understand how much you will have to repay. In practice, the monthly payment should not exceed 40% of your monthly income;
- Study in detail the agreement. Be sure to read the loan agreement before signing it. You must be aware of all fees, rates, terms, penalties, etc.;
- Search for promotions and discounts. many lenders from our network offer promotions and bonuses to their clients. Be sure to search for coupon codes, refer-a-friend bonuses, etc.
How to improve your chances of getting a loan in MI
Below are some useful tips that will improve your chances of borrowing cash online in Michigan. If you follow our advice, you will definitely get approved:
- Find a job with a good salary – this does not have to be a very high-paying position, the main thing is to work for more than 4 months;
- Close existing debts – any existing debts will definitely affect the lender’s decision, so get rid of them;
- Provide correct and actual information. If you provide false information in your application form, the lender will definitely reject your application.