Fair to Bad Credit Loans in MI

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Last updated December 9th 2018

Commentary is for informational purposes only. See legal disclaimers here.

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Michigan Applicants
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Michigan Usury and Regulations

Summary of Michigan Usury Law(s) / Quote: "Legal: 5% / Contract: 7%; any rate on business loan by bank, insurance company, or financial subsidiary of manufacturing company: 11% on other business loans / Judgment: 13% or rate specified in contract but not over 13% / Corporate: Any interest rate allowed"

(WeFindLenders.com endeavors to include the most up to date legal data for Michigan, but no guarantee or warranty of any kind is expressed or implied as to the accuracy of said data. This data is not intended to be legal advice. For legal help speak with a lawyer in Michigan, and/or contact the Michigan State government's division of banking and finance - legal statutes researched by FindLaw.com & American Lawyers Quarterly - see credits)

Michigan Usury Law Information:

Legal Maximum Interest Rates: Quote: "5%; maximum rate with written agreement: 7% §438.31"

Usury Penalties: Quote: "Loss of all interest, official fees, delinquency or collection charge, attorney's fees or court costs (§438.32)"

Judgment Interest Rates: Quote: "Rate of interest equal to 1% plus the average interest paid at auctions of 5-yr. U.S. treasury notes during the 6 months preceding July 1 and January 1 (§600.6013)"

Legal Exceptions: Quote: "Small loans (§493.1); credit union loans (§490.14)"

Michigan Lenders By City

Detroit MI / Grand Rapids MI / Warren MI / Sterling Heights MI / Ann Arbor MI / Lansing MI / Flint MI / Dearborn MI

Complaints to:

Michigan Department of Insurance and Financial Services / Michigan Complaint Process & Form (PDF)

Mail to: DIFS - Office of Consumer Services / PO Box 30220, Lansing MI 48909-7720 / Phone: 877.999.6442 / Fax to: 517.284.8837 / Email: difscomplaints@michigan.gov

Michigan Lender Service Areas Map

Michigan Bad Credit Lenders Map - Initial Static Image

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Lenders
contact us for listing removal or amendment.


Diversified Members Credit Union
1480 E Jefferson Ave Detroit
MI 48207 - dmcu.com
313.568.5000

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One Detroit Credit Union
630 Howard St, Detroit
MI 48226 - www.onedetroitcu.org
313.965.8640

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Teamsters Credit Union
2825 Trumbull Ave, Detroit
MI 48216 - 313.962.4666
teamsterscreditunion.com

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Case Credit Union
4316 S Pennsylvania Ave, Lansing
MI 48910 - www.casecu.org
517.393.7710

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Adventure Credit Union
6250 S Cedar St #14, Lansing
MI 48911 - www.adventurecu.org
800.323.2129

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Meijer Credit Union
2410 Gaynor Ave NW, Grand Rapids
MI 49544 - 616.784.4822
meijercreditunion.com

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Financial Plus Credit Union
g3381 Van Slyke Rd, Flint
MI 48507 - www.myfpcu.com
800.748.0451

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Dort Federal Credit Union
2845 Davison Rd, Flint
MI 48506 - 810.767.8390
www.dortonline.org

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Kalsee Credit Union
2501 Millcork St, Kalamazoo
MI 49001 - www.kalsee.com
269.382.7800

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Advia Credit Union
4308 W Main Street Kalamazoo
MI 49006 - www.adviacu.org
844.238.4228

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Lake Trust Credit Union
2222 Packard Street, Ann Arbor
MI 48104 - www.laketrust.org
888.267.7200

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Bad Credit Loan Form for Michigan

Fast Loan Pre-App Method
Accessing Bad Credit Lender Pool (?)

Learn about GAP (Gift Angel Program)

 

Signature Loan Example In Michigan

Cathy is planning to have some cosmetic surgery completed. She has worried about this for a few months now and finally she has decided to go ahead.

She does not have the money to pay for the surgery so she has been saving, but will also need a loan to help her pay for what she wants completed.

She has spoken with a number of her girlfriends about it and also her boyfriend.

The friends think she should go ahead, especially if by having this surgery it will improve her self-esteem.

She does not feel that she looks that great in a bikini and really wants to flaunt it while she is still young. She needs a few enhancements.

Her boyfriend is naturally excited about her going ahead with the surgery, although at the same time he is concerned about how successful it will be.

With every surgery there is always some risk to be worried about. The surgeon has assured her that he has completed many just like hers and there should be no problems.

Cathy wants to borrow $4500 and take three years to repay the loan. It is a bit long for her, but she would rather have a smaller monthly payment to make it easier in the months she is a bit short on cash.

When she has extra cash she plans to make an additional payment to pay off the loan more quickly.

A $4500 loan with a 3 year term 4.68% interest rate for Cathy would cost her the following per month:

• Loan Amount (principal) = $4500
• Interest Rate = 4.68%
• Term Length =3 year
• Monthly Payment = $134.22
• Total Paid Back = $4832.04
• Total Interest = $332.04

While she has been saving up for this surgery and has some money set aside she still needs the loan if she is going to proceed now.

As soon as she is approved, she will inform the surgeon and he will schedule her for the operation. It could happen as soon as a couple of weeks depending on his schedule and hers.

She will need to take time off work. Fortunately, she has some sick leave coming which she plans to use and will not miss any income.

Her health benefits will not cover any of this expense since it is cosmetic and discretionary.

Cathy has a great credit score and a well paid job with benefits which is becoming more and more unusual. She should have no problems being approved for the loan.

She has no other debts at this time other than her monthly rent and utility bill payments.

One area that Cathy had not planned for was the additional clothing she will need to purchase. After the operation many of her clothes will no longer fit her and she will need to purchase just about everything new.

While she is excited about getting new clothes, what women wouldn’t be, it is an expense she really had not thought about.

She plans to purchase a few tops etc. and then additional items as she can afford it. This is an exciting time for her and she is really looking forward to her coming out party after her cosmetic surgery.

If you live in the State of Michigan and you're struggling to get a loan approval with a bad credit rating we hope our website helps you in some way.

Sincerely,

Chris Somerset

Chris Somerset is the daughter of Lance Somerset who founded the We Find Lenders Pool. She contributes to WeFindLenders.com whenever she's not having fun with her three children and her husband Ron.

Debt Consolidation Loans In Michigan

Last 5 debt service loans approved in the State of Michigan. Source: WFL Lender Pool. Updated Weekly. Principals rounded to the nearest $1000. Relative interest rates listed below in order left to right.

$45000 $8000 $60000 $50000 $40000

10.68% 7.39% 11.38% 12.87% 5.50%

Debt Consolidation Providers In MI

Michigan Debt Consolidation Loan Providers - Initial Static Image

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Lenders
contact us for listing removal or amendment.

Risk Free Debt Settlement
12840 Farmington Rd Livonia
MI 48150 - 734.776.3733
riskfreedebtsettlement.com

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A American Debt Consolidation
Warren, MI 48092

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A American Debt Consolidation
510 Huntington Dr
Ann Arbor, MI 48104
734.413.7248

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A American Debt Consolidation
Taylor, MI 48180
313.291.0404

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Debt Relief Michigan
5300 Corporate Grove Drive
SE Suite 350, Grand Rapids
MI 49512 - 616.554.9606
grandrapidsbankruptcylaw.com

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American Debt Solution
820 Monroe Ave NW, Grand Rapids
MI 49503 - 616.460.9462

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Debt Relief Services of Michigan
4081 Cascade Rd SE #600
Grand Rapids, MI 49546
616.323.3164

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MSU Federal Credit Union
104 S Washington Square, Lansing
MI 48933 - www.msufcu.org
800.678.4968

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Lake Trust Credit Union
501 S Capitol Ave, Lansing
MI 48933 - www.laketrust.org
888.267.7200

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Gabriels Community Credit Unions
1901 E Michigan Ave #A, Lansing
MI 48912 - www.gabrielscu.com
517.484.0601

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Direct Financial
200 Renaissance Center, Detroit
MI 48243 - 800.966.8200
www.directfinancial.com

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Michigan First Credit Union
19200 Wyoming Ave Detroit
MI 48221 - 800.664.3828
www.michiganfirst.com

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International UAW FCU
8000 E Jefferson Ave, Detroit
MI 48214 - www.iuawfcu.org
313.926.5281

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MI Debt Consolidation Application Form

Michigan Application Form
Bad Credit Debt Consolidation Loans (?)
 

About Consolidation Loans In Michigan

If you are looking at a debt settlement anywhere Michigan you can check the rules and regulation of the state here. It's a good idea to fully understand how these kinds of services work. A debt settlement will hurt your credit rating because you're not paying your creditors back in full.

If you're looking for consolidation then you're simply applying for a loan to pay off all your creditors at once - leaving you with one creditor and one payment whether it be biweekly or monthly.

Consolidation Loan Example in Michigan

Chris is changing jobs and moving to another city at the same time. He recently broke up with his girlfriend and wants to make a new start.

The old job was really not going anywhere and it was time for him to change jobs although he did not expect that his breakup with his girlfriend would be the catalyst for the move.

When she moved out she naturally took all of her things plus some items they had purchased together.

It was an amicable split so they had agreed on what she would take vs. what he would keep.

There were really no problems in that regard. There were no other parties involved and so there were no hurt feelings.

Over time they had just grown apart and it was time for them to go their separate ways.

Chris has enough money to pay the first month’s rent and to basically get established in the new city where he will be working.

He is charging the cost of the move to his credit card and he wants to purchase some of the items that his girlfriend took with her when she moved out.

In total he is going to need a debt consolidation loan of $3500 to cover what is on his credit card now and what he plans to purchase in the near future.

He would like to repay the loan over a period of three years with options to make extra payments once he is fully established in his new place.

A $3500 loan with a 3 year term 4.82% interest rate for Chris would cost him the following per month:

• Loan Amount (principal) = $3500
• Interest Rate = 4.82%
• Term Length =3 year
• Monthly Payment = $104.62
• Total Paid Back = $3766.16
• Total Interest = $266.16

Divorce or separation whether your married or not can be expensive, especially if there is some animosity involved. Many couples discover that one or even both have been unfaithful and then there is a lot of emotional pain and hurt.

Many will try to hurt the other financially which makes it even worse for both. Not so in Chris’s case.

They had just grown apart and there was no one else involved on either side. This made it much easier for both and the financial side was minimal.

Imagine if a lawyer had to be involved. The costs can really escalate quickly.

When consumers start new jobs, it can make it more difficult to obtain loans. Lenders are concerned about job security and the ability of the client to repay the loan over the lifetime of the loan. In Chris’s case he is starting a new job with a reputable company in a field where employment is actually growing.

His loan is small and he has a good credit score. Both he and his girlfriend always paid their bills on time and neither stopped paying until they were fully separated.

Neither of their credit scores were impacted. Chris is looking forward to a new place to live, a new job and meeting new people. It is turning out to be an exciting time for him.

If you live in the State of Michigan and you're trying to get approved for a debt consolidation loan, we hope our website helps you find a good lender regardless of your credit rating.

Sincerely,

Andy Somerset

Andy Somerset is the son of Lance Somerset who founded the We Find Lenders Pool. He writes for WeFindLenders.com whenever he's not working hard on his degree in finance.

Credit Counseling Services In MI

Michigan Credit Counseling Providers - Initial Static Image

Click or tap map image above for interactive version.
Counselors
contact us for listing amendment.

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Michigan Credit Advisors
1758 Lawnel Ave Norton Shores
MI 49441 - www.michigan.gov
231.563.6582

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Center For Financial Health
600 W Maple St, Lansing
MI 48906 - 517.708.2550
centerforfinancialhealth.org

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Allen Credit & Debt Counseling
645 Griswold St, Detroit
MI 48226 - 313.964.6542

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Fresh Start Credit Score
2100 W Big Beaver Rd, Troy
MI 48084 - 248.602.0694
freshstartcreditscore.com

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WFL Loan Product Menu

  • Bad credit scores below FICO 650
  • 200+ lenders review your pre-application(s)
  • Applying does not worsen your credit score
  • Interest rates starting as low as 9% (cs)
  • Collateral not always required
  • Funding between 24 hours and 5 days
  • Terms from 6 months to 10 years
  • Borrow between $500 and $50,000
  • Loans for people with 650+ credit scores
  • 500+ lenders can review your application
  • Interest rates starting as low as 7% (cs)
  • Fast approvals and fast funding
  • Line of credit approvals with reasonable APR
  • Borrow between $500 and $150,000
  • Lenders who provide bad credit consolidation
  • Debt settlement or debt relief services
  • 300+ lenders can review your application
  • Interest rates starting as low as 7% (cs)
  • Seamless approval and funding process
  • Debt relief counseling available
  • Borrow form $5000 - $150,000

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