logo

Debtconsolidationcare.com - the USA consumer forum

Michigan payday loans.

Date: Mon, 06/11/2012 - 11:39

Submitted by anonymous
on Mon, 06/11/2012 - 11:39

Posts: 202330 Credits: [Donate]

Total Replies: 4


Can anybody tell me if the following lenders are legal in Michigan?

Hydra Financial Limited Fund I ($300)
CP Investors, LLC ($300)
Anasazi Group, LLC ($300)
Money King Loans ($400)

Thank you!

Mary


State Legal Status
Lending of payday loan is considered legal in the State of Michigan.

Loan Specifications


  • Maximun Amount of Loan - $600
  • Term of Loan - Maximum 31 days
  • Maximum Rate of Finance and Fees - 15% interest rate on the first $100 loan; 14% interest rate on the second $100 loan; 13% interest rate on the third $100 loan; 12% interest rate on the fourth $100 loan; 11% interest rate on the fifth $100 loan; 11% interest rate on the fifth $100 loan + fees for any database verification
  • Finance Charge on $100 loan for a 14 day period - $15
  • APR for $100 loan for a 14 day period - 390%

Debt Limits


  • Maximum Number of outstanding loans permitted at a time - 1 with licensee/ more than 1 with any other licensee
  • Permissible number of Rollovers - None (Renewal cannot be done; extension can be offered by the lender if and only if it doesn't charge a fee.)
  • Repayment Plan - Yes

Call the regulator at the bottom
Limits of Collection

  • Collection Fees Amount - 1 return check charge of $25
  • Criminal Action - Prohibited


File your Complaint and get Information

  • Regulator - Michigan Office of Financial and Insurance Services
  • Address - P.O. Box 30220 Lansing MI 48909
  • Phone - (877) 999-6442
  • Fax - (517) 335-4978


lrhall41

Submitted by SOAPLADY on Mon, 06/11/2012 - 21:35

( Posts: 17315 | Credits: )


I'm the OP.

So, for rhe Money King Loans - I'm thinking this one will probably fall into the category of installment loan and not PDL. How do I know?

I can't find a license number for them through the State of Michigan's website. Would that void out a contract for an installment loan?


lrhall41

Submitted by mmoynes on Tue, 06/12/2012 - 09:31

( Posts: 4 | Credits: )