Payday Loans in Michigan
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Last updated: June 2026
Michigan Payday Loan Regulations
Payday loans in Michigan are regulated by DIFS. Maximum $600 with 1-day cooling-off period between loans.
Important: This information is current as of February 2026. State regulations may change. Always verify with your lender and state regulator before signing a loan agreement.
About Payday Loans in Michigan
Payday loans in Michigan are regulated by DIFS. Maximum $600 with 1-day cooling-off period between loans.
Michigan is located in the Midwest region of the United States with a population of 10,077,331.
Key Regulations:
- Maximum APR: 369%
- Maximum loan amount: $600
- Maximum term: 31 days
- Rollovers not allowed
- Regulated by Michigan Department of Insurance and Financial Services
Regulatory Authority: Michigan Department of Insurance and Financial Services
Official Website: https://www.michigan.gov/difs
Representative Example APR in Michigan
Payday and small-dollar loan costs vary by lender, amount, and state rules. The example below shows how fees can translate into APR on a short-term loan.
| Loan amount | Term | Fee per $100 | Total repayment | Equivalent APR |
|---|---|---|---|---|
| $500 | 14 days | $15 | $575 | 391% |
Example only. Actual APR and total repayment in Michigan depend on lender pricing, term length, and state compliance limits.
Frequently Asked Questions – Michigan
Are payday loans legal in Michigan?
What is the maximum payday loan amount in MI?
How long do I have to repay a payday loan in Michigan?
Can I have multiple payday loans at once in MI?
How do I find licensed payday lenders in Michigan?
What documents do I need for a payday loan in MI?
What is the typical APR for payday loans in Michigan?
Are there alternatives to payday loans in MI?
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Important Legal Notice
This information is current as of January 2026 and is for informational purposes only. Payday loan regulations in Michigan may change. Always verify current regulations with the Michigan Department of Insurance and Financial Services before applying. Credizen is a comparison platform and we do not directly provide loans.
We may earn commission from lenders when you submit a loan request. This does not affect which lenders you are matched with.