In an effort to more tightly regulate Michigan’s payday lending industry, payday lenders cannot charge more than $76 for a $600 payday loan.
According to a story in the Detroit Free Press, there are limits on smaller loans, too. The most you can be charged in Michigan for a $100 payday loan is $15. And the most on a $200 loan is $29. No loan can be for more than $600.
Additionally, a consumer now can have only two payday loans outstanding at once. But you can have only one payday loan per lender.
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