Michigan authorizes deferred-presentment service transactions up to $600 per lender under its Deferred Presentment Service Transactions Act, tracked through a statewide database. Tiered fees produce a high effective APR over the short term. Borrowers may have up to two payday loans, but only one per lender.
Key limits in Michigan
- Maximum loan amount: $600
Figures can change — always confirm current limits with the official source below before borrowing.
Source: Consumer Federation of America (paydayloaninfo.org) · last verified 2026-07-24 · pending second-source verification
This page is general information, not legal or financial advice. State laws change; verify current rules with your state regulator or the source above.