Borrowers can take an installment loan in Michigan with instant funding via the Internet. Our referral service helps consumers get accepted for the most affordable loans around the clock. The rage of participating lenders includes only trusted US lenders that operate strictly according to the law. To get a loan right now, just fill out a short application form on our website.
Who is eligible for an installment loan in Michigan?
To apply for an installment loan in Michigan, you will need some kind of identity verification and Internet access. Basic requirements are:
- Age over 18;
- US citizenship or permanent residentship;
- Proof of a steady income (including informal employment, scholarships, pensions, etc.);
- Personal phone number and email address;
- Bank account in your name.
Fast installment loans are provided for whatever purposes. An agreement is e-signed remotely. The money is credited to your bank account (often the same day).
Benefits of online installment loans
Online installment loans are chosen by borrowers in cases when cash is needed urgently and banks won’t approve you even for a or need a small loan. Main advantages are loans taken via our online referral service:
- Participating lenders are ready to lend $100-$1.000;
- Loan terms usually range between 1 and 30 days. Additionally, there is the possibility of a loan extension without a commission;
- Reasonable interest rates. APR is individual and depends on your credit history, income, the desired loan terms and amount;
- Instant lending decision. As soon as you submit your loan request online, we process it and match you with the right lender;
- Money is issued by transfer instantly. You should expect to have the money in your bank account the same day.
The list of participating lenders is regularly updated, the catalog contains the most beneficial loan offers.
How to get a fast installment loan online in MI
To get accepted for an installment loan in Michigan, you must:
- Fill out a short loan application on our website. Provide correct personal and contact information. Please do not make mistakes and typos, otherwise, the application will be rejected. Application takes place remotely via the Internet without visiting the lender’s office;
- Select a method of receiving money and enter the appropriate payment details;
- Wait while the application is reviewed and approved. The process will take about 10-15 minutes;
- E-sign the loan agreement and wait for the money to be credited to your bank account.
Common reasons why people take out installment loans in Michigan
In 2020, residents of Michigan took online installment loans in Michigan only to cover medical treatment and car repairs, but in 2021 they returned to their usual needs and began to actively take out loans for weddings, recreation and household appliances.
At the same time, the share of loans for vacations increased to 13% from scratch, and for family events – to 14% from scratch. At the same time, in 70% of cases, borrowers take out loans for “family events”, such as weddings.
The share of online installment loans issued for the purchase of household appliances almost doubled – up to 25%. Experts noted that often residents of Michigan borrow money to purchase a refrigerator, washing machine, TV and computer, and the average loan amount is $800-$1,000.
Some people also take loans to purchase gifts, small agricultural equipment, a bread machine and a swimming pool, pay for the services of a divorce lawyer.