Installment loans are available in Michigan

What is a Payday Loan?

A payday loan is a short-term, high-cost arrangement between a borrower and a payday lender used to secure a small amount of cash in a short amount of time. Under Michigan law, this type of loan is known as a "deferred presentment service transaction." In this arrangement, the customer's check is held (deferred) for a set period before it is cashed (presented for payment).

In other words, the lender will require the borrower to leave a check for the amount of the loan, plus service fees, before releasing the requested funds.

While they vary, most payday loans in Michigan have the following characteristics:

• High service fees
• Short repayment periods not to exceed 31 days
• Low borrowed amount capped at $600
• Very high APR

Due to the nature of payday loans, many borrowers find themselves caught in a cycle of perpetual, growing debt.

What are Personal Installment Loans?

Installment loans allow borrowers to secure a lump sum of cash quickly and repay the amount over time. This type of loan can be used to cover a variety of emergency and non-emergency expenses including student loans, mortgages and auto loans.

For many borrowers, personal installment loans are a better option than online payday loans. With a personal loan via RISEcredit.com, you may be able to borrow more money than a Michigan payday loan will offer. Emergency costs aren't capped at $600, so why should your loan be?

With installment loans, you can borrow up to $5,000 and pay it back on a schedule that works comfortably for you.

Other Payday Loan Alternatives

Beyond installment loans, other alternatives may suit your needs:

• Credit Union Loans: Many credit unions offer short-term loans at much lower interest rates than payday lenders.
• Personal Lines of Credit: Some banks offer personal lines of credit, which allow you to borrow only what you need and pay interest on the amount used.
• Borrowing from Family or Friends: If possible, borrowing from friends or family can provide interest-free relief in emergencies.

Tips for Borrowing & Managing Michigan Loan Repayments

While installment loans through RISEcredit.com, CCBank and FinWise Bank provide a helpful solution for financial emergencies, it is important to borrow responsibly and plan for repayment. Here are some tips to help you manage your loan effectively and avoid financial stress:

• Only Borrow What You Need - Assess your expenses and borrow only the amount required to cover immediate needs. This helps you avoid over-borrowing and keeps your repayments manageable.
• Create a Budget for Repayments - If your loan is approved, review your repayment schedule and integrate it into your monthly budget. Ensure you are setting aside enough funds each month to cover your loan payment without impacting essential expenses.
• Consider Early Repayment if Possible - If your budget allows, consider paying off your loan early. Some installment loans – like those obtained through RISEcredit.com – don’t charge prepayment fees, so paying ahead can reduce the overall interest you pay over time.
• Communicate Hardships - If you anticipate difficulty in making a payment, contact RISEcredit.com as soon as possible. Depending on the situation you are experiencing, there may be solutions available to you, such as adjusting your repayment terms or arranging a modified payment plan.
• Explore Ways to Reduce Financial Strain - If you are regularly relying on loans for daily expenses, consider ways to reduce financial stress through budgeting, seeking financial counseling, or finding alternative sources of income.
• Avoid Borrowing to Pay Off Other Debts - Using a new loan to pay off existing debt can lead to a cycle of borrowing. Try to pay down debt directly or work with a financial advisor for sustainable debt management options.

By following these tips, you can use your installment loan as a bridge to financial stability, not a long-term solution. RISEcredit.com is committed to responsible lending and offers resources to help you make the best financial decisions for your unique situation.

The Installment Loans Michigan Has Been Waiting For

You shouldn’t have to risk everything to cover an unexpected emergency. Thanks to the collaboration between RISE and our bank partners, CCBank and FinWise Bank - you won’t have to.

CCBank and FinWise Bank offer installment loans Michigan residents can accept with confidence. The loans are unsecured, which means you will never be asked to risk collateral in order to borrow money. When unexpected expenses arise, RISEcredit.com is here to help. Apply for a loan today and get the support you need.