For many families within the city of Detroit, as well as those across the rest of the country, living paycheck to paycheck is not an option. Even the smallest unexpected emergency can be financially devastating. It’s for this reason that many Detroit residents looking for a short term solution to a financial emergency turn to cash advances and other forms of payday loans to help them out until their next paycheck arrives.

A cash advance is a relatively small (usually under $1000), single payment, short-term loan that is usually due to the lender on your next payday.

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Let’s say that your car breaks down and it’s going to cost $450 to fix, but you don’t have the cash at this very moment. Next Thursday is when you receive your next paycheck, and you’ll have the extra money to repair your car. You can easily get a cash advance without a credit check or other hassle. All you need is a job and the paycheck to go along with it. Some lenders may require you to have your pay directly deposited into your checking account by your employer in order to maintain their speedy process.

The state of Michigan has laws regarding the payday loan industry to protect all involved parties:

The loan period cannot exceed 31 days.
Assessed fees, in addtion to a database verification fee, cannot be more than:
- 15% of the first $100 (or $15 for $100);
- 14% from $101 - $200 ($14 for the next $100);
- 13% from $201- $300 ($13 for the next $100);
- 12% from $301-$400 ($12 for the next $100); and
- 100% for $401-$600 ($11 for the next two $100 increments);
No rollovers allowed (refinancing one cash advance with another).
Total of 2 loans out at one time; 1 per lender.

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* Cash-Advance-USA.org provides information and research on cash advances/payday loans. We are not a payday lender or broker, nor are we necessarily affiliated with the companies profiled on this site. Not all products and services are available in each state.