Personal Loans in Michigan – Read This First

Personal Loans in Michigan – Read This First
Luke Loftin
on April 9, 2019
Read in 1 min

Though the state of Michigan has been enjoying job growth since as far back as 2009, it’s still possible for residents of the “Great Lakes State” to get caught in a financial crunch.

As you know, life can throw curveballs your way, no matter how thrifty and responsible you’ve been with your personal finances. Unexpected expenses can come up in any number of ways, like:

  • Mounting medical bills
  • Home repairs from just normal wear and tears on your household appliances, furniture, paint, and floors
  • Emergency vehicle repairs
  • Major or emergency purchases

These situations may require cash on hand (and fast) that you might not have readily available. Fortunately, personal loans can provide financial resources quickly, even if you have bad credit and no collateral.

Personal loans are an incredibly convenient way to consolidate debts from multiple cards into one easy, monthly payment, oftentimes with a lower interest rate.

Where can I get a personal loan in Michigan?

Improvements in technology have opened up a whole new world for online lending, where potential borrowers can request loans in a matter of minutes. Banks and credit unions have long been the most trusted sources for personal loans, but in some cases, they may be less likely to offer approval.

With online personal loans, you can request a loan from anywhere you have an internet connection.

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What should I be aware of when applying for a personal loan in Michigan?

Michigan has a number of laws on the books to protect consumers from predatory lenders. In general, when it comes to personal loans, avoid:

  • Lenders who ask for upfront payments for loans (though fees may be calculated into your repayment plan).
  • Advertisements that guarantee loans or credit cards for a fee without them knowing your credit history.
  • Requests to wire or send money for a loan.

Ideal loans will:

  • Have loan terms that are clear.
  • Come from lenders and lender-networks that use current technology.
  • Use a questionnaire about your monthly expenses, income and assets before submitting to a hard credit inquiry

With the power of the internet, it’s easy to see if the right loan might be available to you.

Need Cash? Get a Personal Loan Today

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Disclaimer: This is not legal or financial advice. Please consult a legal or financial advisor for your specific situation.

Luke Loftin Finance Journalist

Luke is a writer and editor based out of Los Angeles.

He specializes in finance, as well as health and wellness.

In his free time, he enjoys watching Astros baseball.

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Important Disclosures. Please Read Carefully.

Persons facing serious financial difficulties should consider other alternatives or should seek out professional financial advice. This website is not an offer to lend. is not a lender or lending partner and does not make loan or credit decisions. connects interested persons with a lender or lending partner from its network of approved lenders and lending partners. does not control and is not responsible for the actions or inactions of any lender or lending partner, is not an agent, representative or broker of any lender or lending partner, and does not endorse any lender or lending partner. receives compensation from its lenders and lending partners, often based on a ping-tree model similar to Google AdWords where the highest available bidder is connected to the consumer. Regardless,’s service is always free to you. This service is not available in all states. If you request to connect with a lender or lending partner in a particular state where such loans are prohibited, or in a location where does not have an available lender or lending partner, you will not be connected to a lender or lending partner. You are urged to read and understand the terms of any loan offered by any lender or lending partner, and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you. By submitting your information via this website, you are authorizing and/or lenders and lending partners in its network or other intermediaries to do a credit check, which may include verifying your social security number, driver license number or other identification, and a review of your creditworthiness. Credit checks are usually performed by one of the major credit bureaus such as Experian, Equifax and Trans Union, but also may include alternative credit bureaus such as Teletrack, DP Bureau or others. You also authorize to share your information and credit history with its network of approved lenders and lending partners. For qualified consumers, our lenders offer loans with an Annual Percentage Rate (APR) of 35.99% and below. For qualified consumers, the maximum APR (including the interest rates plus fees and other costs) is 35.99%. All loans are subject to the lender’s approval based on its own unique underwriting criteria. Example: Loan Amount: $4,300.00, Annual Percentage Rate: 35.99%. Number of Monthly Payments: 30. Monthly Payment Amount: $219.36. Total Amount Payable: $6,581.78 Loans include a minimum repayment plan of 12 months and a maximum repayment plan of 30 months. In some cases, you may be given the option of obtaining a loan from a tribal lender. Tribal lenders are subject to tribal and certain federal laws while being immune from state law including usury caps. If you are connected to a tribal lender, please understand that the tribal lender’s rates and fees may be higher than state-licensed lenders. Additionally, tribal lenders may require you to agree to resolve any disputes in a tribal jurisdiction. You are urged to read and understand the terms of any loan offered by any lender, whether tribal or state-licensed, and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you.

Lender’s or Lending Partner’s Disclosure of Terms.

The lenders and lending partners you are connected to will provide documents that contain all fees and rate information pertaining to the loan being offered, including any potential fees for late-payments and the rules under which you may be allowed (if permitted by applicable law) to refinance, renew or rollover your loan. Loan fees and interest rates are determined solely by the lender or lending partner based on the lender’s or lending partner’s internal policies, underwriting criteria and applicable law. has no knowledge of or control over the loan terms offered by a lender and lending partner. You are urged to read and understand the terms of any loan offered by any lenders and lending partners and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you.

Late Payments Hurt Your Credit Score

Please be aware that missing a payment or making a late payment can negatively impact your credit score. To protect yourself and your credit history, make sure you only accept loan terms that you can afford to repay. If you cannot make a payment on time, you should contact your lenders and lending partners immediately and discuss how to handle late payments.