No matter if your vehicle has broken down or you need extra money to help a family member, you may find yourself pressed for cash at one point or another. Sometimes, your hard-earned savings may not be enough to foot a hefty bill.

Instead of wondering how you’re going to pay for an unexpected expense, consider learning about payday loans in Canton, Michigan.

In What Way is a Payday Loan Different from Other Kinds of Loans?

A payday loan is a cash advance that you pay back by the time you receive your next paycheck. In Canton, you will have up to 31 days to repay the amount. 

Clients typically use a payday loan to cover unexpected expenses for which they do not have the liquid cash.

This kind of cash advance is usually for around $100 or more. In Canton, Michigan, a payday loan cannot exceed $600.

Other kinds of loans are often for more significant amounts and have more extended repayment periods. However, they are much more challenging to qualify for. Plus, you usually have to use the money from these cash advances for specific purposes, like buying a car or home.

How Much Interest Can I Expect to Pay?

In Canton, Michigan, the average APR for payday loans is 369%. The higher amount you request, the lower the fees will be. 

What’s the Application Process Like?

Before you start applying, make sure you meet the following requirements in Canton, MI:

  • You are 18 years old
  • You have a reliable form of contact (email or phone number)
  • You are a legal U.S. citizen
  • You have a reliable source of income and a way to prove it
  • You have an active checking account

As long as you meet these requirements, you can start applying for a direct deposit payday loan in Canton, MI. 

You’ll apply through us. From there, we will put your application in front of hundreds of lenders. We’ll let you know when we find one willing to lend you a cash advance and direct you to their website. 

You’ll read over and sign a loan agreement and an ACH authorization form. Then, the lender will send the amount you requested to your checking account. 

When the repayment date comes, the lender will withdraw the principal amount (plus fees) from your checking account. At this point, your debt will be considered repaid. 

Do I Need to Have Good Credit?

While there is no such thing as a no credit payday loan in Canton, MI, you do not need to have good credit to qualify for one.

Every lender will perform a soft credit check to determine if you are a good candidate. Some may perform a complete credit check, but they will not disqualify you based on the results of this complete credit check. All they care about is your ability to repay the amount in full plus interest. 

To determine if you are a responsible borrower, you should provide complete income information. 

How Many Payday Loans Can I Take Out?

Let’s say the $600 maximum amount isn’t enough to get you by until your next check comes in. If you need more money in a short period of time, you can apply for an additional payday loan.

While most states only allow one per person, Michigan lets consumers apply for up to two at a time. 

Want to Apply for a Canton, MI Payday Loan? Contact Us Today!

Does a payday loan sound like what you need right now? Instead of tediously applying through multiple lenders, contact us at SBT today. We will get you in touch with more than 100 lenders who want to help you. 

Once you’re approved, you can receive your cash as soon as the next business day. If the lender we’ve matched you with provides same-day funding, and if you’ve been pre-approved early in the morning before the cut-off time, you may expect to get your cash by the end of the day.If time is of the essence and you need to get cash as soon as possible, consider applying in person at the nearest payday loan storefront. Check out the list of local lenders in Canton, MI, at the bottom of the page to find one near you!

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