Michigan Payday Loans Offer A Quality Alternative For Short Term Loans
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The Michigan house bill 487.2121 et seq establishes that Michigan providers display notices informing customers that a service transaction is not intended to meet long-term financial needs; We can only defer cashing your check for up to 31 days;should use this service only to meet short-term cash needs; State law prohibits us from entering into a transaction with you if you already have a deferred presentment service agreement in effect with us or have more than one deferred presentment service agreement in effect with any other person who provides this service. If you enter into a transaction with us, we must immediately give you a copy of your signed agreement.will pay the proceeds of a transaction to you by check, by money order, or in cash, as you request.
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As a consumer you should be aware that state law entitles you to the right to cancel an agreement and receive a refund of the fee. To do this, if you enter into a transaction today, you must notify us and return the money you receive by the time this office closes tomorrow or on our next business day if we are not open tomorrow. State law prohibits us from renewing an agreement for a fee. You have to pay any other agreement in full before obtaining additional money from us. State law prohibits us from using any criminal process to collect on an agreement. State law entitles you to information regarding filing a complaint against us if you believe that we have violated the law.
There are some personal fundamental precautions you may want to take prior to pursuing a loan. Experts agree that one of the best ways to ensure that you get the right loan for you is that you become keenly aware of what your own personal circumstances are. So before you set foot in the door of a Michigan payday loans business you want to first assess your own personal finances. Needing additional cash to make it through the week is not enough of an indicator for you to go and take on a loan. Some think it’s a good idea to seek the advice of a credit counselor; these individuals are very good at helping people to wrap their mind around their own personal finances. If you are not very good at creating and managing a personal budget, then this is one of the best things you could ever do for bringing yourself to a place of financial independence. Sit down with this individual along with all of your pertinent information and really hash out the details of your personal finances. A counselor of this type will do a great job helping you to obtain a really clear comprehensive picture of just what your personal finances are and what you need to change for long-term financial stability.
Michigan payday loans
If you are unable to pay your payday loan service transaction and have entered into a payday loan service transactions with any licensee in any 12-month period, state law entitles you to request a repayment of that transaction in installments. We are required to advise you of this option at the time it is available. If you elect this option, you must notify us, either orally or in writing, within 30 days after the maturity date of the payday loan transaction. The notice must be provided to us at our place of business. You may be charged an additional fee when the transaction is rescheduled in installments. You will be ineligible to enter into a payday loan service transaction with any licensee during the term of the repayment plan. If we refuse to provide this option under the stipulations above, you should contact the Office of Financial and Insurance Services toll-free at 1-877-999-6442.