Payday Loans – Michigan VS Georgia

A payday loan is controlled in each state in different ways. There exist two means for issuing this financial option: online and through an offline office. Common features of issuing a payday loan Michigan are:

• estimate the fees that you have to pay when you apply for an online loan in Michigan;
• payday lenders in this state can withdraw no more than $1 for every $5 borrowed if your loan amount is less than $30;
• maximum APR for a $100 loan of 14 days is 309%;
• a legit acquisition fee is 1/10 of the amount of the payday loan amount if the cash advance loan amount borrowed is between $30 to $100. The acquisition fees cannot be over $10 if your loan amount is greater than $100;
• there is no maximum loan amount;
• payday loans in Michigan (MI) can be taken out for up to a week.

Advantages of payday loans Michigan

• Minimum requirements. Unlike most bank loans, MFIs do not require the client to confirm their solvency. In most cases, it is enough to provide ID data.
• High speed. By the way, this applies not only to filling out the application and reviewing it, but also to receiving the desired amount as soon as possible, which will undoubtedly be included in the list of benefits of short-term lending options. This has become possible thanks to the automation of many processes.
• Availability. Rather, it is not about the requirements for borrowers, but about the ability to issue a loan from anywhere and at any time of the day. The client does not need to stand in line, wait for a lunch break — in most microfinance organizations, a loan can be issued without refusal via the Internet.

Payday loans in Georgia – terms and rates

• Currently, it is illegal to issue payday loans in Georgia. But there are many companies that focuse on approving short term loans from applicants who do not have an opportunity to apply for a bank loan. The installment loans are useful for people who have a financial emergency expense and are looking for easy cash;
• A loan amount starting from $3,100 and ending to $5,500;
• A loan term – 11 – 25 months;
• APR ranges from 50% and 60% depending on certain factors;
• There is a 5-days risk-free guarantee period.

Advantages of installment loans Georgia

• The ability to repay large debts in small amounts – the credit burden is reduced due to the long term of the loan;
• Inappropriate use of credit funds;
• In the case of lending to organizations, it becomes possible to repay the debt by receiving funds when using equipment purchased on credit.