Looking for an Unsecured Personal Loan in Michigan?
Do you need money fast but no one seems to want to work with you? Have you submitted multiple requests to different lenders but none of them want to help you? Loans Now is different. We want to help you! Our network of lenders includes those who want to help people who cannot receive financial assistance otherwise. Our Loan Discovery Program includes dedicated team members who will work to find you the right solution for your situation — even when other lenders will not. It is also a fast process, taking on average five minutes in total and providing you with the money you need within 24 – 48 hours.
“But how can you do what no one else is able to do?” you are probably asking. Our How it Works page explains the details, but the reasoning behind our willingness, and the willingness of the lenders in our network, to look beyond credit scores is that there is a gap in reliable, affordable loans for people who are caught in situations that they can’t escape from without a little help. Loans Now finds you the help you need for whatever your current credit situation is. Get started today!
Unsecured Loans for People with Bad or No Credit
In your pursuit of an unsecured personal loan, you may have sent out applications to several lenders. If you are repeatedly submitting requests for money but are receiving denials from all of them, you need to stop! The reason you are not obtaining approval may have to do with your credit score. If you have bad credit, many lenders will refuse you outright. Not Loans Now. We work with every aspect of your situation, not just your credit score. We search for the right solution for you, with credit scores as low as 450. Your financial needs could fall within any of the following situations and we can match you with the right loan and terms for you.
- A reduction in hours or business has you needing money for bills
- You need money for an unexpected funeral
- An emergency visit to the hospital may leave you with a hefty medical bill
- Your credit card debt may be eating you alive; it’s time to consolidate that debt
- You need money for moving expenses
- You need to purchase a reliable vehicle
When you send out all of those applications, you are just making your bad credit worse. Every lender you have requested money from will pull a copy of your credit report and each of these requests counts against your credit score. When you work with Loans Now, there is no up-front credit check. This prevents your score from getting any worse. Check your credit score — we ask you to do this because it is usually free for you and does not affect your credit score — then supply that information in our fast, 1-minute questionnaire. Once you do this, we can search through our network of lenders to find the options that best suit your needs.
Michigan Gets Cold
The temperatures in Michigan can reach beyond cold — dropping as low as 10℉ or lower at times. When the cold arctic air blasts the state, it can get even colder, well into the double-digit negatives. Because of this, and the number of days the state receives in snowfall — approximately 45 days for the entire state — schools may be closed and workplaces shut down for those days. A month-in-a-half is a lot of missed pay. That deficit can add up quickly and cause you to be late on payments or even miss them altogether. When you have to miss work because of the extreme temperatures or thick snowfalls, turn to Loans Now to help you through the winter months.
Manufacturing is an important industry in Michigan. Along with a number of automotive factories, machine construction is big in the state, employing close to two million people. But what happens when these industries find themselves in financial trouble? When business slows down due to competition or economic slowdown, employees are often forced into furloughs or laid-off altogether. This sudden change in wage-earning can prove detrimental to you and your family. Loans Now can offer solutions to get you through this unexpected occurrence.
Michigan Laws and Regulations for Bad Credit Personal Loans
Under Michigan state law, the legal limit on interest rates permissible on personal loans cannot exceed 7% (Michigan Compiled Laws § 438.31). This is under the condition that the loan terms, including the interest rate, is written within a contract. In the absence of any such contract, the lender is allowed to charge only 5% on the loan. Percentage rates are low in Michigan to give the state a competitive edge over other states, and to give Michiganders access to financial assistance. With as far north in the country as the state is, and the weather patterns it receives (especially in the winter), a lot of people may need financial assistance associated with the weather.
Any lender who is found guilty of usurious lending — charging high percentage rates — is liable to lose all interest rates and fees, along with any court and attorney costs the borrower may have accrued (§ 438.32). The lender will also lose all late fees and collection charges associated with the loan account. The borrower is still responsible for repaying the principal of the loan, but the lender no longer has any right to receive these associated fees. This penalty was instituted to ensure lenders follow the interest rate laws by costing them money that would normally lead to them developing a bigger profit.
Loans Now: Core Policies & Procedures
- Never collect or share sensitive customer information: SSN, DOB, Address.
- Never collect up-front payment to process a customer’s loan application / or fund a loan. Loans Now will NEVER ask you to send us money in any form.
- Introduce customers to our Loan Discovery Process. A one-on-one loan service strategy that fits every customer’s unique needs with the right lender for them
Michigan Personal Loan for Bad Credit Lending Regulator
In the State of Michigan, it is up to the Department of Insurance and Financial Services to monitor all consumer financial services. They are responsible for issuing licenses companies to do business in the state as well as rescind them if the department deems it necessary. This is the department that complaints against such businesses are directed.
- Loan Discovery Process
- Credit Scores Reviewed to 450
- 2, 3, 5 & 7 Year Terms
- Loan Amounts $500 - 70K