If you are struggling to make your upcoming payments and need money now, a payday loan may be the solution for you. Troy payday loans can help people get out of tight financial positions, especially between paychecks.
What Are Payday Loans?
Payday loans are a unique form of short-term lending. They provide borrowers with a cash advance to cover urgent or unexpected expenses.
You can use Troy payday loans to cover things like sudden medical bills, car payments, or rent, to name a few. They are useful for people who are waiting to receive their regular income but need cash in the short-term. They are not a form of long-term lending.
How Do I Qualify for a Payday Loans in Troy, MI?
Michigan is a state with fairly structured loan regulations, but obtaining one in the state is easy. You must present the following to be eligible for payday loans in Troy, MI:
- A government-issued ID
- Proof of income
- Proof of an active checking account
- Your social security number
- Verification of your age (must be at least 18)
If you are applying for Troy payday loans online, which you can do through our services, you’ll also need an active email address.
As you move through the process of receiving a loan, you’ll also need to choose how you’ll want to receive that loan. One of the fastest and most popular methods is direct-deposit.
Will My Credit Affect My Chances of Approval?
If you are hoping for payday loans in Troy with no credit checks, you need to know a few things.
Lenders don’t require you to have perfect credit to qualify for this type of advance, but they will perform soft credit checks. A soft check will not lower your score.
This type of lending is helpful for applicants with bad credit. If you have bad credit, payday loans in Troy are within your reach, with the potential for same-day approval.
What Are the Regulations for Payday Loans in Troy, MI?
In the State of Michigan, payday loans have a maximum loan amount of $600 with no minimum loan amount. There is a maximum loan term of 31 days but not a minimum loan term amount.
If you plan to borrow in the state, you should also know that the APR is 369%, with finance charges ranging from 11-15%, depending on the lender. You can have up to two loans out at once, but they must be from separate lenders.
If I Get Approved for Payday Loans in Troy, MI, When Can I Expect My Money?
How quickly you receive your advance depends mostly on the lender you choose and when they approve you. But many lenders offer same-day approval and funding.
At SBT, we can help you connect to multiple trustworthy lenders for same-day payday loans in Troy. You can save time and increase your chances of a speedy approval. If you don’t get approved the same day, you can usually expect to receive your money the next business day.
If You Need a Payday Loan, Consider Using SBT!
At SBT, we help borrowers get matched with the best lenders in their area. We’ll help you find the best payday loans in Troy. We work with a wide range of lenders who offer online payday loans, and we can increase your chance of approval.
To apply online, fill out our short form, and we’ll connect you to some excellent options. If you want to go to a lender directly, check our list of lenders in your area.