Payday Loans Big Rapids MI
Big Rapids, Michigan, in Mecosta county, is 51 miles N of Grand Rapids, Michigan and 130 miles E of Milwaukee, Wisconsin. Total population is 10,392. 51.3% is equal to the male share of the population. 48.7% is equal to the female share of the population. Family income on average is $46,710. 40.3% is the rate below poverty. The rate of issued payday loans in Big Rapids, Michigan is 65%. Median gross rent is $585. Median house value is $92,100. Standard Zip code is 49307.
What are payday loans in Big Rapids, Michigan?
Payday loans in Big Rapids, Michigan are a type of personal loans that payday financial organizations specialize in. The very phenomenon of microcrediting in the world appeared in the 90s. And the creator of this scheme and the founder of Grameen Bank, Muhammad Yunus, won the Nobel Peace Prize in 2006.
Initially, payday loans were issued only in offline branches. But now a new era of online lending has started and cash-out offices are going to lose its popularity.
They all work according to the same scheme, which differs only in details. Payday lending companies offer:
- small payday loans, most often from $100-$2,500.
- the ability to apply for a loan online on the site and get money on the card (some MFIs have physical offices where you can issue a loan in cash).
- loyal terms and a minimum of documents. As a rule, you only need a ID, active phone number and a personal bank card to issue a payday loan in Big Rapids, MI.
- high speed of application. Most often, the application is approved or rejected automatically (the scoring system is involved), and the money is transferred to the card within 10-15 minutes after the approval of the application.
- promotional offers and bonus systems. Very often you can find an offer to get the first loan at lower rate, many MFOs are developing a rating system for regular customers, allowing them to get a new loan on more favorable terms.
How to use payday loans correctly?
Any loan assumes that it needs to be paid back, even if you take out the first loan with a lower interest, this does not mean that you are not risking anything.
As a rule, the payday loan in MI is issued for a maximum of 30 days. But most companies offer the option to extend the loan. You can extend the term of using the loan either with a commission, or by paying the already accrued interest, and sometimes you need to do both. Most often, the term of using credit money can be extended indefinitely. It is enough to fulfill the terms of the renewal, but keep in mind that interest continues to accrue throughout the renewal term.
When choosing payday loans, there are several things you need to understand and consider.
Interest on loans
Interest is always accrued daily, that is, the indicated 1, 1.5 or 2% are accrued not for the entire period of use, but daily. This means that when taking out a loan, for example, for $1,000 for a period of 10 days at 2%, you will need to pay $1,200.
Penalties and extra fees
Penalties are accured due to non-payment of the loan. If it was not possible to repay the loan on time, your daily interest rate increases. Its size depends on the company. Most often, another 1.5% is added to your standard interest rate, that is, from the first day of delay.
Nuances of the agreement
Take the time to read the loan agreement, as it can be critical in repaying your loan. Debtors often face one problem. These are fines that are charged even for the smallest delay, even if it be even a few cents or even real pennies that went to pay the commission at the bank.
But on the last day of the agreement, not the entire amount was repaid. The next day, a delay is formed, but this is not the most important thing – the fact is that in case of delay, your discount on the loan is canceled, the amount is recalculated.
When should you use a payday loan?
Payday loans in MI are money for urgent needs, it is an emergency financial aid, as many financial companies position themselves. For example, when money is urgently needed for treatment, replacement of a phone or laptop. You must understand that you will be able to repay the loan within the agreed period – when you receive your salary or other payments.
Small loans seem like an attractive way to get money. But do not forget that this is not a free gift, and never take out such loans for an entire family to buy a TV or travel. Very often it turns out that the whole family gets into a large debt.
Choose short-term loans as an emergency way to solve sudden difficulties when other options to find money are not suitable at the moment. Do not use loans on an ongoing basis, assess your capabilities, save money from your salary whenever possible.
How to take out a loan online?
To apply for a loan on the website of any referral service, you will need an ID, SSN, bank card and mobile phone (codes will be sent to it, and if necessary, a loan officer will call). The loan is issued as follows:
- selection of the amount and loan term;
- registration on the website;
- filling out a detailed application;
- bank card verification;
- transfer of funds in case of a positive decision.
Do you need guarantors?
This question worries many who decided to take out a loan online, because most online lenders write that they do not require guarantors. In fact, in the application, it is often required to indicate the contact numbers of one or two people. If the company insists on guarantors, then it is better to warn your guarantors in advance that you are applying for a loan. The loan manager will call them and ask a number of questions. So they will check personal information, find out whether the borrower can be trusted, but often the decision is made by the scoring system automatically, based on the data entered by the client.