Michigan Payday Loans

Are Payday Loans Legal in Michigan?

Yes, payday loans are legal in Michigan and can provide quick cash for emergencies, but they come with high costs and strict rules. In Michigan you can borrow up to $600 for 7 to 31 days. Michigan uses a statewide database to block borrowers from taking multiple loans at once. After repaying, you must wait 7 days before borrowing again.

Payday loans in Michigan can be an option for if you need quick cash for unexpected expenses such as medical bills, car repairs, or urgent household costs. Since these loans have a fast approval process, you can get the cash directly deposited to your account within a day or two.

Can I Get a Payday Loan in Michigan with Bad Credit?

Yes, you can still get a payday loan if you have bad credit or no credit at all since most lenders in Michigan do not run traditional credit checks. In fact, payday loan may be the only way to borrow with bad credit without providing any collateral. Payday lenders we work with look at your income and ability to repay the loan instead of just checking your credit score.

Do I Qualify for a Payday Loan in Michigan?

To get for a payday loan in Michigan, you'll need to meet several basic requirements.

Eligibility Requirements

• Valid Michigan ID or driver's license
• Be at least 18 years old
• Regular income that you can prove
• An active checking account in your name
• Social Security number or Tax ID
• No current bankruptcy
• Not active military (federal law doesn't allow it)

LendUp's Tip: In Michigan the lenders have to check if you have any active payday loans, as you can only have one at a time. Also, you need to wait 7 days before taking the next payday loan.

How Much Does a Payday Loan Cost in Michigan?

Payday loan costs in Michigan depend on the loan amount and lender fees which are regulated by state law. In Michigan the lenders can charge a tiered fee structure based on the amount you borrow.

For example:

Loan Amount	Fee	Total Repayment	APR	Duration
$100	$15	$115	391.07% APR	14 Days
$200	$26	$226	338.93% APR	14 Days
$400	$45	$445	293.3% APR	14 Days
$600	$76	$676	330.24% APR	14 Days

You will be able to see your actual cost when you get an offer from the lender.

How Long Does it Take to Get a Payday Loan in Michigan?

If you apply online, approval decisions take minutes, and funds are often deposited into your bank account the same day or by the next business day. If you visit a physical storefront, you might walk out with cash immediately after approval, provided you have proof of income, a valid ID, and an active bank account.

However, the approval process can be influenced by factors such as your existing number of payday loans and the loan amount being requested.

What if I Need to Borrow More Than $600?

While payday loans offer a quick way to get cash for emergencies, they are not the only option for Michigan residents.

An installment loan is a popular alternative to payday loans. With a personal installment loan you can borrow more than $600, for example $1000, $1500 or even $5000 and repay it in several months to years.

At LendUp you can request both payday loans and installment loans in Michigan using the same application form - just make sure to select the loan amount that you wish to get and we will try to find a local direct lender that can fund you based on your requirements.

Where Can I Get a Payday Loan Near Me in Michigan?

Local Payday Loan Lenders in Michigan

• Check `n Go
  3163 E Jefferson Ave, Detroit, MI 48207
  (586) 757-8995
  Services: Payday Loans, Check Cashing, Money Transfers


• Advance America
  1859 Southfield Rd., Lincoln Park, MI 48146
  (313) 383-1732
  Services: Payday Loans, Installment Loans, Title Loans


• Check Into Cash
  702 N Mission Street, Mount Pleasant, MI 48858
  (989) 775-2095
  Services: Payday Loans, Check Cashing, Prepaid Cards


• Speedy Payday Loans
  217 S Capitol Ave #637, Lansing, MI 48933
  (517) 624-7735
  Services: Payday Loans, Personal Loans


• Advance America
  29140 Ryan Rd., Warren, MI 48092
  (586) 582-0315
  Services: Payday Loans, Installment Loans


• Advance America
  13601 W. 7 Mile Road, Detroit, MI 48235
  (313) 342-1060
  Services: Payday Loans, Title Loans, Cash Advances

Michigan Payday Loan Regulations (Updated 02.2025)

Legal Status	Legal
Regulating Law	Michigan Deferred Presentment Service Transactions Act
Maximum Loan Amount	$600
Loan Term	Up to 31 days
APR (Interest Rate Cap)	No strict APR cap (varies based on fees, often exceeding 300%)
Fees Allowed	- $15 per $100 for first $100 - $14 per $100 for $101 - $200 - $13 per $100 for $201 - $300 - $11 per $100 for $301 - $400 - $11 per $100 for $401 - $500 - $11 per $100 for $501 - $600
Rollovers	Not allowed
Repayment Plan	Available after 3 consecutive loans
License Requirement for Lenders	Yes, lenders must be licensed by the Michigan Department of Insurance and Financial Services (DIFS)
Collection Restrictions	No criminal charges for non-payment

LendUp's Tip: Always verify lenders through the Michigan DIFS and read the loan agreement carefully. Payday loans should be a last resort—explore cheaper options first!

Why Choose LendUp for Payday Loans in Michigan

LendUp is a fast and reliable loan-matching service that helps connect you with multiple payday lenders. With a simple and fully online approval process, you can quickly find payday loans that fit your needs. LendUp makes it easy to compare rates and fees, ensuring transparency so you know exactly what to expect. If you're looking for a payday loan in Michigan, LendUp offers a hassle-free way to explore your options.