CashAdvance.com Informs Michigan Residents about the Various Laws Regarding Payday Loans
Detroit, MI -- (ReleaseWire) -- 02/01/2011 -- Payday loan consumers in Michigan can now find out specific information on the cash advance payday loan industry at a special page on CashAdvance.com. CashAdvance.com is dedicated to informing consumers about the different rules, regulations, and laws of payday loans before making a financial obligation.
Understanding the laws that apply to the cash advance industry in Michigan will help an individual avoid any potential pitfalls or financial struggles. Some of the rules that govern payday loans in Michigan are as follows:
- Payday loan lenders are all required to have a valid license
- Borrowers are only allowed to take out one loan at anytime
- Loan amounts cannot exceed $600 for a period of one month
- Transactions have a term limit of 31 days
- For every $100, the borrower must pay $15 in interest for a two week loan
CashAdvance.com also provides specific information about cash advances in Detroit, Grand Rapids, Lansing, and St. Louis.
Cash advances in Michigan have new laws and regulations set up for the cash advance industry. Before these laws were implemented, Michigan had no regulation in the industry. Currently, lenders have to abide by certain rules and regulations when borrowers take out a cash advance or payday loan.
Cash advances should be used for short-term financial needs only. They are not a long-term financial solution and should not be abused.
Since 1997, CashAdvance.com has been the most established and trusted name in the cash advance industry since 1997. Being aware of the laws of the State of Michigan, consumers can trust they will find the best cash advance option for them at CashAdvance.com. With High-grade VeriSign 256 Bit Secured encryption and daily McAfee Secure scanning, CashAdvance.com is the safest and most secure place to complete an online cash advance application. Millions of people have relied on payday advances from CashAdvance.com to get them through tough situations.