As of my last update, there are no specific regulations in Michigan that limit the number of payday loans a borrower can have simultaneously. However, Michigan does have regulations in place regarding the maximum amount a borrower can borrow, repayment terms, and fees associated with payday loans.
Some key regulations regarding payday lending in Michigan include:
Maximum loan amount: The maximum loan amount in Michigan is $600 per payday loan.
Loan term: Payday loans in Michigan must have a minimum term of 31 days.
Finance charges: Lenders are permitted to charge finance charges on payday loans. However, the total cost of borrowing, including fees and finance charges, cannot exceed 15% of the first $100 borrowed, 14% of the second $100 borrowed, 13% of the third $100 borrowed, 12% of the fourth $100 borrowed, and 11% of the fifth and sixth $100 borrowed.
While there may not be a specific limit on the number of payday loans a borrower can have at once in Michigan, it's essential for borrowers to use payday loans responsibly and avoid taking on more debt than they can afford to repay. Borrowers should also explore alternatives to payday loans, such as seeking financial assistance from family or friends, accessing community resources, or exploring other loan options with lower interest rates and more favorable terms.