Personal loans in Michigan

Consumer lending in Michigan is regulated by the Michigan Department of Insurance and Financial Services. Below are the sourced rules that affect what a lender can charge you, followed by the cities we cover.

Lending rules in Michigan

Payday lending	Permitted and regulated — maximum loan amount: A licensee may enter into one deferred presentment service transaction with a customer for any amount up to $600; maximum loan term: Up to 31 days. Finance charges: A licensee may charge the customer a service fee for each deferred presentment service transaction. A service fee is earned by the licensee on the date of the transaction and is not interest. A licensee may charge both of the following as part of the service fee, as applicable: (a) An amount that does not exceed the aggregate of the following, as applicable: ( i ) 15% of the first $100 of the deferred presentment service transaction. ( ii ) 14% of the second $100 of the deferred presentment service transaction. ( iii ) 13% of the third $100 of the deferred presentment service transaction. ( iv ) 12% of the fourth $100 of the deferred presentment service transaction. ( v ) 11% of the fifth $100 of the deferred presentment service transaction. ( vi ) 11% of the sixth $100 of the deferred presentment service transaction. (b) The amount of any database verification fee allowed under §34(5)Source: National Conference of State Legislatures · as of 2023
Small-loan / installment licensing	Consumer lenders must obtain a state license (Yes). Statutory basis: Mich. Comp. Laws §§ 493.1 et seq. Licensing administered through NMLS: Yes.Source: Conference of State Bank Supervisors · as of 2026
Interest rate cap (usury limit)	Usury limit: 5%; 7% with a written agreement (Mich. Comp. Laws Serv. § 438.31); greater than 25% constitutes criminal usury (Mich. Comp. Laws Serv. § 438.41). Finance rates and fees for licensed lenders: 25% per year. CSBS 50-state survey of consumer finance laws; state-verified usury catalog.Source: Conference of State Bank Supervisors · as of 2026
Consumer lending regulator	Consumer lenders in Michigan are licensed and supervised by the Michigan Department of Insurance and Financial Services.Source: Conference of State Bank Supervisors · as of 2026
Debt collection rules	Third-party debt collectors must comply with the federal Fair Debt Collection Practices Act (FDCPA), 15 U.S.C. § 1692 et seq.; state consumer-protection and debt-collection enforcement is handled by the Michigan Department of Attorney General. The FDCPA expressly authorizes state attorneys general to enforce it (15 U.S.C. § 1692l). Some states also require collection agencies to be licensed.Source: Michigan Department of Attorney General · as of 2026
Military lending protections	The federal Military Lending Act (MLA) caps the Military Annual Percentage Rate (MAPR) at 36% for consumer credit extended to active-duty service members, their spouses and certain dependents, and bars mandatory arbitration and prepayment penalties on covered loans. Federal protection that applies nationwide, including in this state.Source: Consumer Financial Protection Bureau · as of 2024
Complaint / licensing lookup	Check whether a lender holds a state license through NMLS Consumer Access (nmlsconsumeraccess.org) or the Michigan Department of Insurance and Financial Services; consumers can file complaints with the Michigan Department of Insurance and Financial Services or the CFPB at consumerfinance.gov/complaint.Source: Nationwide Multistate Licensing System (NMLS) Consumer Access · as of 2026

Calculate your loan

Use the personal loan calculator to estimate your monthly payment, or check your debt-to-income ratio to see how a lender is likely to view your application.

Cities in Michigan

Detroit Grand Rapids Ann Arbor Lansing Flint Kalamazoo Muskegon Warren Sterling Heights South Lyon Saginaw Dearborn Holland Livonia Jackson Troy Port Huron Westland Farmington Hills Wyoming Southfield Rochester Hills Battle Creek Bay City Novi Taylor Dearborn Heights Pontiac St. Clair Shores Royal Oak Kentwood Portage Roseville East Lansing Midland Lincoln Park Eastpointe Southgate Oak Park Burton Madison Heights Allen Park Forest Hills Hamtramck Garden City Inkster Holt Okemos Walker Norton Shores Wyandotte Romulus Auburn Hills Allendale Waverly Mount Pleasant Birmingham Adrian Marquette Ypsilanti Monroe Ferndale Haslett Cutlerville Trenton Wayne Jenison Wixom Grosse Pointe Woods Grandville Mount Clemens Harper Woods Traverse City Northview Berkley Hazel Park Owosso Fraser Coldwater Sault Ste. Marie Rochester Woodhaven Melvindale Riverview Escanaba New Baltimore Fenton Niles Ionia Grosse Pointe Park Clawson Farmington East Grand Rapids Sturgis Grand Haven Beverly Hills Flat Rock Cadillac Comstock Park Alpena Muskegon Heights Lambertville Howell Grosse Pointe Farms Marysville Alma Ecorse Plymouth Highland Park Charlotte Beecher Benton Harbor Big Rapids Saline Greenville Westwood Lapeer Temperance Tecumseh Center Line Menominee Flushing Mason Hillsdale Albion Grand Blanc Whitmore Lake Three Rivers St. Joseph Grand Ledge Ludington St. Johns Houghton Hudsonville Iron Mountain Shields Hastings Brighton St. Louis Freeland Fair Plain Walled Lake River Rouge Byron Center Marshall Eastwood South Monroe Milford Bridgeport Huntington Woods Manistee Ishpeming Milan Rockford Northville Lake Fenton Belding New Haven Holly Buena Vista Richmond Petoskey Swartz Creek Houghton Lake Dowagiac Zeeland Grosse Pointe St. Clair Chelsea Comstock Northwest Springfield Dundee Eaton Rapids Gladstone Utica Allegan Kingsford Ironwood Davison Frankenmuth Pearl Beach Gibraltar Cheboygan Coopersville DeWitt Vandercook Lake Michigan Center Negaunee Hancock Dexter Wolverine Lake Fremont Bloomfield Hills Wayland Caro Buchanan Sparta Gaylord Dorr Middleville Algonac Roosevelt Park Linden Lowell Lathrup Village Otsego Marine City North Muskegon South Haven Wolf Lake Belleville Portland Benton Heights Williamston Boyne City Plainwell Romeo Vicksburg Imlay City Cedar Springs Durand Oxford Kincheloe Paw Paw Essexville Harvey Level Park-Oak Park Clare Blissfield Paw Paw Lake Rockwood Bath Skidway Lake Mount Morris Corunna Gladwin Bad Axe Potterville K. I. Sawyer Clinton Iron River Ferrysburg Fowlerville Lake Orion Whitehall West Monroe Ithaca Rogers City Almont Norway Manistique St. Helen Franklin Keego Harbor West Ishpeming Vassar East Tawas Sandusky Woodland Beach Beechwood Shelby Pleasant Ridge Montague Carleton Jonesville Argentine Canadian Lakes Bridgman Edgemont Park Spring Lake Mattawan Hartford Reed City Chesaning Hudson Perry Croswell Charlevoix Newaygo Cass City Kalkaska Manchester Spring Arbor Brownlee Park Hart Bangor Harrison Detroit Beach Galesburg Leslie Munising Indian River Montrose Armada Clio Yale Constantine L'Anse Bronson Lake Odessa St. Charles West Branch Pinckney East Jordan Decatur St. Ignace Goodrich South Rockwood Auburn Morenci Stony Point Trowbridge Park Wacousta Baraga Capac Berrien Springs Saranac Watervliet Parchment Fennville Tawas City Marlette Laurium Twin Lake Cassopolis Howard City Manitou Beach-Devils Lake Lawton Harbor Beach Sebewaing Grayling Au Sable Sylvan Lake Crystal Falls Zilwaukee Bessemer Union City Kingsley Dimondale Wakefield Laingsburg Olivet Evart Lake Isabella Fowler Homer Mancelona Caledonia Breckenridge White Pigeon Bingham Farms Morrice Standish Mio South Gull Lake Ovid Prudenville Grant Edmore Elk Rapids Newberry Stanton New Buffalo Pinconning Greilickville Nashville Rapid City Quincy Reese Lake LeAnn Shepherd Grass Lake Scottville Webberville Ravenna Gwinn Burt Ontonagon Schoolcraft Manton Birch Run Ortonville Bellevue Weidman Reading Stockbridge Marcellus Centreville Three Oaks Dryden Beaverton Lakewood Club Quinnesec Fruitport Kent City Litchfield Dollar Bay Edwardsburg Onsted Sand Lake

Personal loans in Michigan

Lending rules in Michigan

Calculate your loan

Cities in Michigan

Recommended reading