Maybe people ask about payday loans. Is it legal? How much will it cost? How to get it? The second sate for today is Michigan state.. Michigan State Information Legal Status: Legal Citation: Mich. Comp. Laws §§ 487.2121 et seq. Loan Terms: Maximum Loan Amount: $600 Loan Term: Max: 31 days Maximum Finance Rate and Fees: 15% of first $100, 14% of second $100, 13% of third $100, 12% of fourth $100, 11% of fifth $100, 11% of sixth $100 + any database verification fee Finance Charge for 14-day $100 loan: $15 APR for 14-day $100 loan: 390% Debt Limits: Maximum Number of Outstanding Loans at One Time: Two, only one with same lender. Rollovers Permitted: None (cannot renew; lender may extend only if it does not charge a fee) Cooling-off Period: Repayment Plan: Yes Collection Limits: Collection Fees: One $25 NSF fee Criminal Action: Prohibited Where to Complain, Get Information: Regulator: Department of Insurance and Financial Services Address: P.O. Box 30220 Lansi...
Comments
Post a Comment