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Business Name: Massachusetts Short Term Term Laans State Info Bomad mnd Regsstt Description: If you are in need of some extra cash before your next paycheck, you may be considering a payday loan. In Michigan, there are a number of payday lenders that can provide you with short-term cash advances to help bridge the gap between paychecks. However, it is important to understand the laws and regulations surrounding payday lending in Michigan before you sign on the dotted line. First and foremost, it is important to note that payday lending is legal in Michigan. However, there are several regulations in place to protect consumers from predatory lending practices. For example, payday lenders in Michigan are not allowed to charge more than 15% of the total amount borrowed in fees. Additionally, borrowers are limited to one payday loan at a time, and are not permitted to take out more than two loans in a 90-day period.
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