Michigan, also known as the Wolverine state, is the 11th largest state in the United States of America. It specializes in the manufacture if cars and its residents are also known to be good at farming. One other interesting feature about this state is its provision of financial loan services.
An example of these loans is the payday loan or a payday advance. This is a short term loan that an individual is given to settle his or her financial obligations. This kind of service is also referred to as deferred presentment service transaction. This service takes place between two individuals where one, referred to as the payday lender, offers a certain amount to another person, referred to as the customer.
The customer offers the payday lender a check that is meant to cater for the amount he or she wants to borrow. There are transaction charges that are set down by the lender that need to be paid by the customer failure of which his or her request for the loan will not be granted. These charges depend on the amount being borrowed and are also paid for by the customer. To complete the agreement between them, the lender will accept the borrowers request for a loan by offering to the customer a check, a money order or cash, depending on what the customer desires.
This cash advance is set to last for a period of two weeks. However, this period is able to be extended depending on an individual’s financial status or depending on the agreement made between the lender and the customer at the time of instituting the financial transaction.
The money borrowed is settled using a borrower’s paycheck. It is therefore a requirement that to be able to be given a payday loan in MI, you need to prove that you have a job and that you are expecting some income at the end of the month If you are not employed you have to show that you are entitled to some government benefits through which you are able to settle your bills.
Further, you must be able to demonstrate that you have a checking account. This is an important provision as without it there is no way a lender will be able to retrieve his or her money. It needs to be an account that is easily accessible and one through which money can be obtained in the easiest and cheapest manner.
In MI, it is law that a payday lender can only advance to a customer an amount not exceeding $ 600. A customer cannot write a check for an amount exceeding the $ 600 or his or her request will be declined. Again, a customer is not allowed to take out a loan from more than two lenders.
The best features of the payday loan in Michigan are that you get cash fast and easy, whenever and wherever you need it. Do not be left out. Apply for quick cash with a payday lender in your area today.