Like many other states, Michigan is undergoing is subject to the nationwide controversy concerning payday loans. After recently undergoing new regulation legislation, it is clear that payday loans are here to stay in Michigan. If you need a Payday Loan in Michigan, consider applying through us. The application only takes a few minutes to fill out, and the funds are delivered to your bank account the morning after you apply. It’s a quick, easy, and painless process.
At Payday Today, we are pleased to offer a variety of loan programs that can serve as excellent alternatives to the payday loan. If you are looking for a long term solution to your financial troubles, consider our credit cards, personal loans, debt consolidation, and credit counseling.
In November 2005, new legislation was passed that was designed to regulate the payday loan industry in Michigan. The law goes into effect in June 2006, and requires all payday lending businesses to be licensed. Before this legislation was passed, there were no laws that declared the industry legal or illegal, and there were no laws that regulated how the industry operated. Under the new law, payday lending is declared legal, but regulations are placed on the business. Borrowers may borrow up to $600 in a one month period, but may not have more than one loan out at a time. Borrowers will have to pay interest rates at $15 per every hundred loaned in a two-week period. When annualized, this interest rate comes to 390%.
In a recent count, there were 650 payday lenders in Michigan. However, on must always take into consideration the increasing upward expansion of the industry and assume that there are more payday lenders in business than last counted.
According to the United States Department of Labor:
The unemployment rate in Michigan in January 2006 was 7.1, which meant that 356,882 people in Michigan were unemployed. This was a slight decrease from the previous January, when the rate was 7.8. Over the past ten years, the unemployment rate in Michigan has varied between 3.1 and 7.9.