Skip to main content

Are online payday loans legal in Michigan?

Brown City, MI |
Filed under: Criminal charges

Are online payday loans legal in the state of Michigan? How do I handle these loans if I have defaulted? I have read different blogs that say I am only responsible for the principle balance if they are illegal lenders is this correct? I am not saying I don't want to pay, but the amount they want me to pay after what I have already paid in fees is killing me. Any help is appreciated.

Attorney Answers 2

  1. Ask a local MI licensed counsel.

    DISCLAIMER The answer given above by the lawyer serves for educational purposes only and provides general information and a basic understanding of the applicable law. Take notice that the answer above does not create an attorney-client relationship as this website is not intended to provide anyone a specific legal advice. Anyone using the site expressly consents that there is no attorney client privilege between any person and any attorney responding. Further take notice that the site should not be used as a crude substitute for any professional and competent legal advice by a licensed professional attorney in the applicable jurisdiction. The attorney above attempted to provide competent professional information, however, the law and its applications may change frequently and vary greatly from other U.S. jurisdictions and locales. Therefore, any information and materials provided above are general in nature, and may not apply to specific factual and legal circumstances related to one's personal legal issues. Contact an experienced lawyer admitted to practice in your State under an attorney-client privilege to further receive a competent legal advice before making any important decisions about your particular legal issue. For further inquiries please contact: Attorney Alexander Ivakhnenko 1021 West Adams, 102, Chicago, Illinois 60607 773-562-8602

  2. No these loans are not illegal. If they are calling and harassing you, they are required to stop calling and only communicate in writing if you make that request to them in writing. The problem they will have is collecting. They cannot garnish your wages or bank accounts unless they sue you first and get a judgment. If they take you to court -which may never happen or may be months or years away-they will likely compromise or the court can set a payment schedule. Change banks so that they no longer have access to your accounts. If you are way over your head, contact a bankruptcy attorney. There are some good ones in your area.

Criminal defense topics

Top tips from attorneys

What others are asking

Can't find what you're looking for?

Post a free question on our public forum.

Ask a Question

- or -

Search for lawyers by reviews and ratings.

Find a Lawyer

Browse all legal topics