Loans in Michigan: Payday & Installment Loan Options

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Yes, you can get a loan in Michigan. Licensed lenders make payday loans of up to $600 and installment loans at no more than 25% a year, plus a processing fee of up to 5% (no more than $500).

Check Your Options

Payday loan	Up to $600 for 7 to 31 days; at most $78.40 in fees on $600
Installment	25% a year from licensed lenders, plus a fee of up to 5% ($500 max)
Example	$1,000 over 12 months: about $99.80 a month at the maximum
You need	ID, proof of income and a bank account
Regulator	Michigan DIFS, 877-999-6442

Compare the Costs Check a License

What $300 to $5,000 Costs in Michigan

The most a Michigan-licensed lender can charge, by loan:

Loan	You repay	Cost (APR)
$300 payday, 14 days	$344.40 once	$44.40 (~386%)
$600 payday, 14 days	$678.40 once	$78.40 (~341%)
$1,000 installment, 12 mo	12 × $99.80	$198 (~35%)
$5,000 installment, 36 mo	36 × $208.74	$2,515 (~29%)

Worked out from Michigan law, not offers from lenders in our network; a lender can charge less. Payday costs include the $2.40 database fee. Installment costs add the 5% processing fee to the loan, which Michigan allows.

A $600 Payday Loan or a 25% Installment Loan?

Choose a payday loan if

You need $600 or less
You can repay it in one payment within 31 days
You have at most one other payday loan open, with a different lender

Choose an installment loan if

You need more than $600, or monthly payments
You want interest charged only on what you still owe
You might pay off early: that cuts the interest, while a payday fee is earned the day you borrow

Repeat borrowing adds up: DIFS counted about 10 payday loans per borrower in the year to September 2025. See Michigan payday loan rules and Michigan installment loans for the details.

Getting a Loan Online in Michigan

You can start online, and the licenses to look for are the same as in a store. A payday lender needs a DIFS deferred presentment license and must check the state database before every loan. An installment lender needs a Regulatory Loan or Consumer Financial Services license to charge up to 25%.

Without a license, a lender is limited to 7% a year with a written contract, or 5% without one.
In June 2026, DIFS said arranging payday-style loans through credit services organizations is prohibited.
Licensed lending isn't only local: in DIFS's 2025 report, one licensed location in Greenville, South Carolina, handled 25.4% of all Michigan payday transactions.

Three Steps to a Michigan Loan Request

Settle on the amount: $600 or less, repaid within 31 days, fits a payday loan; more, or monthly payments, means an installment loan.
Submit one request through LendUp. Lenders in our network review it, and any offer shows the APR, payments and total cost before you sign.
Before signing, look the lender up in the DIFS locator for its license type, as shown below.

Check Your Options

Which DIFS License Your Lender Needs

Official lookup tool DIFS license locators

Payday lender: search the Deferred Presentment locator by company name, license number or NMLS ID.
Installment lender: search the Regulatory Loan locator, then the Consumer Financial Services locator if it isn't listed.
Check that the license is active and that the name and address match your offer.

Questions or complaints: DIFS at 877-999-6442, Monday to Friday, 8 a.m. to 5 p.m.

Cancel a payday loan free. Return the money by the close of business on the next business day, for any reason.
No criminal penalty. A returned payday check can't lead to criminal charges in Michigan.
Early installment payoff. Licensed lenders must accept any amount, at any time during business hours.
Military borrowers. Federal law caps most loans to active-duty servicemembers and covered family members at a 36% Military APR.

Common Questions

Can I get an online loan in Michigan?

Yes. LendUp takes requests online, and a lender that makes you an offer should hold the matching DIFS license: deferred presentment for a payday loan, regulatory loan or consumer financial services for an installment loan. Applying online doesn't lift those caps.

How can I get a $5,000 loan in Michigan?

$5,000 is far past the $600 payday limit, so it means an installment loan. At the 25% cap, with the $250 processing fee added, 36 monthly payments come to about $208.74 each, or $7,515 in all.

Who is the easiest company to get a loan from?

There's no way to know ahead of time: each lender sets its own standards, and approval isn't guaranteed. What Michigan law fixes is the most a licensed lender can charge you once it says yes.

How many payday loans can I have in Michigan?

Two at once in total, and only one with each lender. Lenders confirm this in the state database before every loan.

What is the interest rate cap on installment loans in Michigan?

25% a year on the unpaid balance for lenders licensed under the Regulatory Loan Act or the Consumer Financial Services Act, plus a processing fee of up to 5%, capped at $500 for 2026 and 2027.

Where do I complain about a Michigan lender?

Call DIFS at 877-999-6442, Monday to Friday from 8 a.m. to 5 p.m., or file online. You can also contact the CFPB at (855) 411-2372.

Official Sources

General information, not legal advice. Facts on this page were checked against these sources on October 28, 2026.

LendUp isn't a lender. We pass your request to lenders in our network; offers aren't guaranteed, and we may earn compensation if a loan is funded.

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Loans in Michigan: Payday and Installment Options