Michigan Payday Loan Laws and Regulations in (MI)

(last updated 11/13/2019)
Payday loans and cash advances are legal in Michigan. The Michigan Department of Financial and Insurance Regulation has been regulating Payday Loans and Cash Advances since November 28th, 2005. As of 01/15/2015 there were 89 licensed lenders and 618 licensed locations in Michigan.
The maximum payday loan allowed in Michigan is $600. The maximum payday loan as a percentage of income is not specified. The number of loans that can be open at one time is 1 per lender, 2 payday loans total . The maximum permissible fees allowed in Michigan is 15% 1st $100, 14% 2nd $100, 13% 3rd $100, 12% 4th $100, 11% 5th $100, 11% 6th $100 . The cooling off or waiting period for obtaining another loan is not specified days. The number of rollovers that are permitted is none. The lender may extend the loan only if they do not charge an extension fee. The minimum loan term is 7 days. The maximum loan term is 31 days.
This information is for informational purposes only. Although care has been taken to accurately describe the laws and regulations in Michigan, no guarantees are implied or expressed about its accuracy. This is not legal advice. If you need legal advice, please consult an attorney or the Michigan Department of Financial and Insurance Regulation.
The following classes of lending organizations may be exempt from some, all, or none of the regulations and laws set by the state of Indiana. Federally chartered banks, state chartered banks, credit unions and some entities organized under the laws of a sovereign nation (for example) a Native American Tribe or the country of Antigua.

Michigan Payday Lending Regulator (MI)

Regulating Authority
Michigan Department of Financial and Insurance Regulation
611 W Ottawa St
3rd Floor
Lansing, MI 48933-1070
517-373-0220 or 877-999-6442

Agency for Handling Complaints
Michigan Department of Financial and Insurance Regulation
611 W Ottawa St
3rd Floor
Lansing , MI 48933-1070
517-373-0220 or 877-999-6442


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Flag of the State of Michigan When life throws a speed bump, or sometimes a giant boulder, in your path, a payday loan can be a great tool to help you keep going. From Ironwoood to Ann Arbor, no one is immune to unexpected obstacles, and sometimes it’s hard to know where to get the right help when you need it the most.

One morning, you might wake up and notice an odd tapping sound. Tap… tap… tap… it’s evenly spaced and you can’t quite figure out where it’s coming from. You check around and figure something must be making a noise outside and shrug it off. You run out the door, without even eating breakfast, to join your family for their annual weekend trip to the Manistee National Forest for some hiking and family fun.

When you return home, as you put your things away and unpack, you hear that sound again. It’s louder and faster now. What is that? It seems like it’s coming from behind your dresser. You pull the dresser out and discover a wet spot in the carpeting. Confusion turns to horror as you realize that the shower is on the other side of the wall. You shut off the main water valve and call your landlord, who sends a plumber.

The plumber leaves after replacing some gizmo that you’ve never heard of called a “shower mixing valve” that was apparently leaking and dripping all over inside the wall. You’re sure glad you’re not getting that bill!

Then you go downstairs to the kitchen and notice something you didn’t see before. Your rather expensive work laptop was on the kitchen table, right below the leak. Your boss is going to blow a gasket if you don’t replace this immediately. Between what you spent on your trip and all of your other bills, this is about the worst time this could have happened. How will you pay for this?

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Go replace the laptop and take a deep breath. Your biggest concern at work tomorrow will be your coworker burning his popcorn again.


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