How does Michigan compare with other states?

The 30% result is 4 percentage points below the 34% median across 44 jurisdictions with numeric ceilings in the September 2025 $2,000, 24-month study. This is a comparison of dated research scenarios; it is not a comparison of current lender offers.

Can I get a personal loan with bad credit in Michigan?

Approval depends on the lender, your credit history, income, existing obligations, the product and where you live. A low credit score does not establish eligibility. There is no guaranteed approval, and a lender may use a credit report. Compare fees, repayment dates and the total repayable before accepting any offer.

How do I check a personal loan lender in Michigan?

Start with the Michigan Department of Insurance and Financial Services. Ask which license or authority the specific lender needs for your product and verify its legal name. Banks, credit unions and other lender types may follow different rules. You can also contact the CFPB about a consumer financial complaint.

Does this page confirm loan availability in Michigan?

No. This is an educational state guide. 5MinutesLoan is not a lender and does not make credit decisions. Product availability, eligible states, amounts, rates, terms and funding timing depend on the provider. Submitting a request does not guarantee a match, approval or funding.

State guide · MI

Personal loans in Michigan

NCLC calculated 30% APR as the permitted ceiling for its $2,000, 24-month licensed non-bank installment-loan scenario in Michigan as of September 2025. Use this guide to compare costs, check the source-law summary and find the state regulator before applying. These research figures are not offers or a current legal limit for every personal loan.

Review request information Read the state research

Guide updated October 29, 2026Sources5MinutesLoan is not a lender

State-law research

Personal loan rules in Michigan

The following summary is attributed to NCLC's 2025 source-law explanation for Michigan. It has not been independently confirmed as the current law for every lender.

The Regulatory Loan Act allows 25% interest plus a processing fee of 5% of the principal (up to $400).

NCLC's scenario results for Michigan are $500 over 6 months: 43% APR including applicable fees (September 2025); $2,000 over 24 months: 30% APR including applicable fees (September 2025); $10,000 over 60 months: 27% APR including applicable fees (August 2023). Amount, term, fees, loan type and lender authority can change which rules apply.

These study scenarios concern closed-end, unsecured loans from licensed non-bank lenders. Banks, credit unions, open-end credit and other products may follow different rules. Later amendments and exceptions may change the result.

Source-law citation in NCLC

Mich. Comp. Laws §§ 493.13, 445.1854

State regulator resource

Michigan Department of Insurance and Financial Services

Compare all 51 in one table

Cost example

$2,000 over 24 months: an illustrative cost comparison

Compare hypothetical payments at example rates and the historical study reference rate. These examples do not describe an available loan or a legally permitted offer.

Hypothetical payment illustrations, not offers. These assume $2,000 repaid over 24 months, equal monthly payments and no separate fees. Only under these assumptions is APR treated as the annual interest rate. A fee-inclusive study APR does not reproduce an actual lender payment schedule.

25% APR
Example rate
Monthly payment
$106.74
Total interest
$562
Total repaid
$2,562
30% APR
Study reference rate
Monthly payment
$111.83
Total interest
$684
Total repaid
$2,684
36% APR
Example rate
Above the historical NCLC scenario figure; not a legal determination
Monthly payment
$118.09
Total interest
$834
Total repaid
$2,834

With these no-fee assumptions, 36% costs $272 more in interest than 25% over 24 months. The 30% illustration uses the numerical APR from NCLC's September 2025 scenario for Michigan as a comparison rate. It does not reproduce a lender's fee schedule or establish the maximum dollars legally chargeable on your loan.

Illustrative only, not an offer. Each example is $2,000 repaid in 24 equal monthly payments, treating the APR as the interest rate with no separate fees. The 25% and 36% rates are examples we chose; real APRs depend on the lender, your credit and other details. 5MinutesLoan does not set rates.

Short-term loans

Payday and short-term loans in Michigan

The June 2023 Center for Responsible Lending report included Michigan in its high-cost, single-payment payday-loan category.

That research examines single-payment payday lending with triple-digit APRs, generally using a $400 example. It does not establish whether every payday product is legal today, whether a specific lender operates here, or whether this website can connect you with a provider. Lower-cost products and installment loans may follow different rules. Check the regulator and the exact product before borrowing.

Read the original June 2023 payday report. Classification reference: June 2023.

Before you take a payday loan

Compare the APR, fees and total amount due across products with the same amount and term
Ask the Michigan Department of Insurance and Financial Services which license or authority applies to the provider
Check whether repayment is a lump sum or installments and whether it fits your budget
Consider a payment plan, credit union or nonprofit counseling before borrowing again

If you send a request through 5MinutesLoan, any offer comes from the lender, with its APR and terms shown before you accept. Approval is never guaranteed.

Application guide

How to apply for a personal loan in Michigan

Use these steps with any provider. An educational state page does not establish that a loan is available or that you qualify.

1. Choose an affordable amount and repayment plan
Write down what you need, your regular expenses and the payment you can manage. Compare an installment loan with a bill-payment plan or other assistance. A longer term may lower monthly payments while increasing total cost.
2. Verify the provider and your state eligibility
Identify the lender's legal name and ask the Michigan Department of Insurance and Financial Services how to check its authority. Confirm that the specific product is available to residents of Michigan. This guide does not confirm availability through our service.
3. Read the request and privacy information
If you use 5MinutesLoan, review how the referral service works and how request information may be shared before submitting anything. Prepare accurate contact, income and other information requested by the provider. Eligibility requirements vary.
4. Compare the written offer before accepting
A request is not an approval. If a provider makes an offer, review APR, interest rate, every fee, amount received, payment schedule, total repayment and late-payment terms. Ask whether checking eligibility or applying involves a credit inquiry. Keep a copy of the disclosures.
5. Confirm the final agreement and funding timing
The lender makes the credit decision and controls verification, final terms and funding. Review the agreement before signing; decline an unaffordable offer. Same-day decisions, instant funding and approval with bad credit are not guaranteed.

Before starting, read how the service works, the privacy policy and rates and fees information. 5MinutesLoan is not a lender.

Before you borrow

Your rights and where to get help

Check with the Michigan Department of Insurance and Financial Services
This is Michigan’s regulator for consumer lenders. Contact it with questions about a lender or to file a complaint.
michigan.gov (opens in a new tab)
File a complaint with the CFPB
The federal Consumer Financial Protection Bureau accepts complaints about consumer financial products, including personal loans.
consumerfinance.gov/complaint (opens in a new tab)
Servicemembers: Military Lending Act
For covered consumer credit, the federal Military Lending Act generally limits costs to a 36% Military Annual Percentage Rate (MAPR) for eligible active-duty servicemembers and covered dependents. MAPR can include charges that ordinary APR excludes, so the two figures are not interchangeable. Product and borrower coverage matter.
Read CFPB military lending guidance (opens in a new tab)
Nonprofit credit counseling
If you are struggling with debt, a nonprofit credit counselor may be able to help. You can find one through the National Foundation for Credit Counseling.
nfcc.org (opens in a new tab)

Before you accept any offer

Read the full terms
Check the APR and the total cost
Make sure the payments fit your budget
Confirm the lender is licensed in Michigan

Around Michigan

Michigan and its neighbors

Loan rules can change at the state line. Here is how Michigan compares with the 3 states next to it in NCLC's September 2025 $2,000, 24-month scenario.

MichiganThis pageHigh-cost payday: in report category (June 2023)30%$2,000 / 24 months
IndianaHigh-cost payday: in report category (June 2023)40%$2,000 / 24 months
OhioHigh-cost payday: outside category (June 2023)31%$2,000 / 24 months
WisconsinHigh-cost payday: in report category (June 2023)Unconscionability$2,000 / 24 months

This comparison does not establish provider availability in Michigan or a nearby state. Verify the lender and the rules for your residence with the Michigan Department of Insurance and Financial Services.

All states at a glance

Michigan is highlighted. Select any state to open its guide.

AL AK AZ AR CA CO CT DE DC FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY

NCLC $2,000 / 24-month scenario · September 2025

Licensed non-bank, unsecured installment loans. Historical research, not offered rates or current limits for every loan. Sources and scope.

Up to 30% APR
Above 30% to 36% APR
Above 36% APR
Unconscionability rule
No numeric cap identified

FAQ