No Credit Check Loans in MI
Credit checking is an act performed by the credit unions on the loan applicants. It gives an insight into the credit history of a borrower to evaluate his risk factors. Some people hold the notion that a good credit history is essential in order to get a payday loan in Michigan. However, for the no credit check loans in MI, the truth is that most loan lenders, like us at PaydayLoanHelp prefer no credit check because these cash advances are on emergency terms. Hence, a borrower cannot afford the time for procedures like credit checking, teletracking, faxing, and collateral evaluation. It is because of these advantages that a cash advance in Michigan has a slightly higher rate of interest than the other forms of personal loans offered in the state.
Cash Advances in Michigan from Direct Lenders
The reason why direct lenders like us at PaydayLoanHelp do not conduct credit checks is that our main concern is the borrower's ability to repay. What one did in their previous transaction is least important to lenders like us. However, according to Section 487.2121 et seq. In the Michigan Compiled Laws, in order to save the borrower from the predatory debt traps of the cash advance offerings in Michigan, lenders have been instructed and given a set of laws regulating payday rules, which are mentioned as the Deferred Presentment Service Transactions Act (Act 244 of 2005). A few specifications of this act are as follows:
- Loan amount: $1,000 maximum.
- The tenure of the loan should be one month or less.
- The financing fees can vary with the loan amount.
- APR cannot exceed 390%.
- Lenders can charge $25 as a non-sufficient funds fee only once.
We at PaydayLoanHelp, apart from abiding by all the rules and regulations of the state, prefer to keep our loan procedure for Michigan payday loans very simple to help out our customers in their times of need. When you apply for cash advances in Michigan from direct lenders like us, rest assured that your information will remain fully confidential with no hidden charges involved, unlike the various third-party lenders in the lending market.
Requirements to Get Short Term Loans in MI
Being direct lenders, our demands on borrowers are very minimal. The following are some requirements to get short-term loans in Michigan with PaydayLoanHelp, which you need to qualify for in order to get your loan approved:
- You need to be a valid citizen of the USA with an age between 18 and 65.
- You need to have a valid source of income.
- The details of your bank account must also be present.
With these simple things and an online application to fill in your details, you will be done with our procedure in just 3 minutes. Just sit back and relax while your loan gets instantly approved and transferred to your account in less than 24 hours. These Michigan payday loans online can benefit borrowers suffering from bad credit right when an emergency arrives.