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What Michigan law allows
| Product | Status | APR cap | Amount | Term | License | Law |
|---|---|---|---|---|---|---|
| Payday loans[1][2][3] | Allowed | Tiered cap | Up to $600 | Up to 31 days | Deferred Presentment Service Transaction provider license issued by DIFS under Act 244... | MCL 487.2121 et seq. |
| Verified against the statute and regulator on September 23, 2026. Laws change; confirm with the regulator before you borrow. | ||||||
The rules in full
Payday loans
- Rate cap
- No flat APR cap; regulated via the graduated service-fee schedule of MCL 487.2153 (15% of first $100 stepping down to 11%). SB 632 (2023-2024) flat 36% APR proposal was not enacted: MCL 487.2153 still shows the graduated schedule in the compilation complete through PA 91 of 2026.
- Fees
- Service fee may not exceed the aggregate of 15% of the first $100, 14% of the second $100, 13% of the third $100, 12% of the fourth $100, and 11% of each of the fifth and sixth $100, plus the permitted database verification fee (MCL 487.2153(1)). Repayment date may not exceed 31 days after the transaction date.
- License
- Deferred Presentment Service Transaction provider license issued by DIFS under Act 244 of 2005.
Full detail for every loan type: Michigan lending laws.
Help in Michigan
Money snapshot for Michigan
Other options in Michigan
Worth checking whatever your credit: these can cost less than a high-rate loan.
- Emergency loans in Michigan: allowed under Michigan law; see its limits and license rules.
- Installment loans in Michigan: allowed under Michigan law; see its limits and license rules.
- Personal loans in Michigan: allowed under Michigan law; see its limits and license rules.
- Credit union payday alternative loans (PALs). Federal credit unions may offer small loans of up to $2,000 with terms of up to 12 months and an APR no higher than 28%, under NCUA rules (12 CFR 701.21). You usually need to be a member.
- Nonprofit credit counseling. A counselor accredited by the National Foundation for Credit Counseling can help you build a budget or a debt management plan.
- Ask your creditor for a payment plan. Utilities, hospitals and many lenders offer hardship or extended payment plans if you ask before you miss a payment.
- Local assistance. Call 211, or visit 211.org, for emergency help with rent, utilities and food in Michigan.
Payday loans in nearby states
Sources
- legislature.mi.gov. MCL 487.2121 et seq.. Retrieved September 23, 2026.
- michigan.gov. Michigan Department of Insurance and Financial Services (DIFS). Retrieved September 23, 2026.
- legislature.mi.gov/documents/2023-2024/billanalysis/Senate/htm/2023-SFA-0632-U.htm. Retrieved September 23, 2026.
- National Low Income Housing Coalition. Out of Reach 2026: Michigan. Retrieved September 23, 2026.
- U.S. Census Bureau, Population Division. Vintage 2024 National and State Population Estimates. Retrieved September 23, 2026.
- U.S. Bureau of Labor Statistics. Local Area Unemployment Statistics (LAUS), All States, Seasonally Adjusted. Retrieved September 23, 2026.
Important disclosures
APRs vary by lender and state in Michigan. Each lender sets its own rates and terms and must show you the APR before you sign.
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- Questions about a lender licensed in Michigan? Contact the Michigan Department of Insurance and Financial Services (DIFS) or file a state complaint.
- You can submit a complaint about any lender to the Consumer Financial Protection Bureau at consumerfinance.gov/complaint.