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 very essential in order to get a loan approved. However for the no credit check loans in MI the truth is that most of the loan lenders like us at PaydayLoanHelp prefer no credit check because these cash advances are on emergency terms and 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 has a bit higher rate of interest than the other form of personal loans offered in the state of Michigan.
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 returning capability of the borrower. What one did in his/her previous transaction is least important to lenders like us. However, according to Section 487.2121 et seq. of the Michigan Compiled Laws in order to save the borrower form predatory debt traps of the cash advance offerings in Michigan, lenders have been instructed and given a set of laws regulating pay day rules which are mentioned as Deferred Presentment Service Transactions Act (Act 244 of 2005). A few specifications of this act are as follows:
- Loan amount - $1000 maximum
- Tenure of loan should be one month or less
- The financing fees can vary with the loan amount.
- APR cannot exceed 390%
- Lenders can have $25 as 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 very simple so as to help out our customers in their times of need. When you apply for cash advances in Michigan form direct lenders like us, rest assured that your information shall 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 are very minimal with borrowers. The following are some requirements to get short term loans in MI with PaydayLoanHelp, which you need to qualify for in order to get your loan approved:
- You need to be valid citizen of USA with age between 18-65 years
- 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.