5/9/2023
Updated
Obtaining financing quickly and on favorable terms is something we all appreciate. At Busconómico we analyze various ways to get money in different regions of the United States, and in this case we will focus on the state of Michigan.
If you want to know more about how to get personal loans in Michigan, we share with you some relevant facts and some options for obtaining financing.
Where to get personal loans in Michigan?
Getting personal loans in Michigan or another state in the American union is much easier than before. The proliferation of online platforms has forced banks, credit unions and more traditional lenders to adapt to a digitized world. As a result, there is now a wider range of options.
In this northern U.S. state, the largest lenders are banks, such as the ones below, which are present in most of Michigan:
- Amount: Ask
- Term: 0 months
- Interest: Ask
- APR: Ask
- Amount: Ask
- Term: 0 months
- Interest: Ask
- APR: Ask
- Amount: From $ 500
- Term: 0 months
- Interest: Ask
- APR: Ask
- Amount: Ask
- Term: 0 months
- Interest: Ask
- APR: Ask
- Amount: From $ 500
- Term: 0 months
- Interest: Ask
- APR: Ask
- Amount: between $ 2,000 and $ 500,000
- Term: between 1 year and 5 years
- Interest: 8.50%
- APR: 8.50%
- Amount: Ask
- Term: 0 months
- Interest: Ask
- APR: Ask
- Amount: From $ 500
- Term: 0 months
- Interest: Ask
- APR: Ask
- Amount: between $ 2,000 and $ 500,000
- Term: between 1 year and 5 years
- Interest: 8.50%
- APR: 8.50%
- Amount: between $ 1,000 and $ 35,000
- Term: 0 months
- Interest: 7.89%
- APR: 7.89%
- Amount: Ask
- Term: 0 months
- Interest: Ask
- APR: Ask
- Amount: From $ 500
- Term: 0 months
- Interest: Ask
- APR: Ask
- Amount: between $ 2,000 and $ 500,000
- Term: between 1 year and 5 years
- Interest: 8.50%
- APR: 8.50%
- Amount: between $ 1,000 and $ 35,000
- Term: 0 months
- Interest: 7.89%
- APR: 7.89%
- Amount: between $ 7,500 and $ 100,000
- Term: between 4 years and 6 years
- Interest: 6.39%
- APR: 6.39%
In addition to the above, other financial institutions with a large presence in the state and with which you can also contract loans are the following:
Michigan Loans Near Me
Use the map below to locate lenders near your current location in the state of Michigan:
Another option is to search the office locators of banks or lenders that have physical branches in the state. Among the most widespread chain lenders in Michigan, you can find the following:
Michigan personal loans terms and conditions
The most important consideration when applying for a personal loan in MI has to do with the terms of the contract. Much of this has to do with the profile lenders are looking for to reduce risk.
While some want to work with people with very good-to-excellent credit scores, others are more flexible and grant loans with bad credit.
In this sense, there are several aspects to analyze before applying for financing:
Discounts for business relationship.
Above all, before going to your bank or credit union, it is essential to review the personal loan options it has. There are many institutions that give you a preferential discount for being a customer.
Generally, this is a discount on the interest rate or for activating a service, such as automatic payment.
Disbursement speed
When you apply for a personal loan in Michigan, you may have an emergency and need the money as soon as possible. Nowadays you have the possibility to find online and offline lenders that will deposit the money the same day or in 1-2 business days. It's all a matter of finding the right financing for your needs.
Available amounts
Each lender has limits on the amount of money they are willing to lend. In Michigan you have the opportunity to get from $1,000 to $100,000. For larger amounts you will have to go to mortgage loans, which you can get even with ITIN.
The best recommendation in this regard is to apply for what you need. Depending on your financial situation, asking for less or more than the bill could be counterproductive.
Fees
Although not all lenders apply the same fees, among the most common is the origination or administrative fee, which can be between 1% and 6% of the amount. In addition to this fee, be aware of other fees that may apply:
- Application: $25 to $50
- Returned check: $20 to $50
- Late payment: 3%-5% of the monthly payment or $30-$50
- Payment protection insurance: 1% of amount borrowed
- Prepayment Penalty: 2% to 5% of the amount received
Repayment terms
The repayment term is the amount of time you are given to repay the loan. Depending on the lender, this period can be from 6 months to 7 years or more. This dynamic is divided into 2 alternatives:
- Short terms. Although you have less financial flexibility while repaying, you eliminate the debt faster. Since you pay less interest, you save money in the long run.
- Long terms. With this type of installments your payments are lower, but you pay more interest for the duration. This means that in the long run your total bill will be higher.
A Brief History of Michigan
Inhabited by Native Americans for thousands of years, this territory was claimed as a colony of New France by 17th century explorers. Canadians and French settled as merchants and inhabitants.
You may be interested in: Personal Loans in Pennsylvania
After the Welsh and Indian War of 1792, it passed into English hands. As part of the northeastern territory, it would become the 26th state of the union in 1837.
The state of Michigan is part of the Great Lakes area and its name derives from the word mishigami (Ojibwe language).
Although its capital is Lansing, the largest and most populated city is Detroit. Home to the country's three largest automakers, Detroit is also known for its professional sports.
The state's current population is around 10.1 million, making it the 10th most populous and 11th in terms of area.
The economy of this region is based on food, automobiles, military equipment, furniture, mining, Christmas pines and aerospace technology. Michigan's GDP stood at $473.3 billion in 2021. In this state, a family earns a median income of $59,200 and an employed person receives on average about $32,850.
A curiosity about Michigan is that it is the only state with 2 peninsulas, which are connected by the Mackinac Bridge. Along with its 65,000 bodies of water, this state attracts millions of tourists each year for its natural attraction.
Español: Préstamos personales en Michigan