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