Michigan State Payday Loan Laws

By Shawn Martin


Michigan State Flag
Michigan State Flag.

Michigan state payday loan laws are a bit more complicated than most states.

All payday loan lenders must be licensed and they must follow a state database that will inform them if a borrower has a payday loan active at the time of application submission.

Borrowers are only allowed one payday loan at a time in Michigan, and they are serious about enforcing this law.

Payday loans also must follow the Deferred Presentment Service Transactions Act (H.B. 4834) which limits payday loans to $600.00 maximum and not to exceed 31 days.

The interest rates allowed under this law are 15% or the first $100; 14% of amounts $100-200 13% of amounts $200 – $300; 12% of $300-400 the fourth $100; 11% of amounts $400-$600 plus administrative fees

While these law does help fight against the payday loan trap, it still can add to the borrower paying large amounts of interest and there is no limit on roll overs within the 31 days.

A person taking out a one-week payday loan and then having to roll it over instead of paying it off on the due date, ( keeping in mind most payday loans are rolled over 4 to 5 times before being retired) can be subject to the interest charge and fees every time they roll the loan over.

We call that a form of the payday loan trap, and it is easy to get yourself in serious trouble with payday loan debt fast.

With the economy in the state that it presently is in needing extra money for unexpected expenses comes up and you are already struggling, you go get a payday loan.

The best way to combat this is to pay the loan off on the first due date. Better yet not even using these services is the best solution, but sometimes we just get into a bind and need help.

We can help!


If you find yourself in trouble with payday loan debt in Michigan or any other state we can help.

Check out our payday loan repayment plan and give us a call at 1-877-280-5100. Talk to one of our negotiators for help today!

I hope the Michigan loan laws for payday loans helps you make good decisions in using these services.