If you’re thinking of applying for a payday loan in Detroit, MI, take a moment to explore other options. These easy to obtain loans are often riddled with high fees and APRs making them predatory for people just needing a little bit of cash before payday.
What’s more, payday loans in Detroit have high-interest rates and short durations, so they are designed to ensure that most borrowers end up making late payments.
With MoneyLion’s payday loan alternatives, you can get the cash you need without the extra fees and fine print.
Your Cash Advance Options In Detroit
If you’re almost overdrawn and need a boost in your bank account, check out Instacash today!
Max Advance Amount: $250
Credit Affects: None
Instacash is the ideal cash advance service for you if all you need is a couple of hundred dollars to tide you over until payday. You can qualify up to $250 as an advance on your next paycheck—and it’s free! Without a fee or any interest, it’s the safest cash advance service possible.
To access your Instacash advance, link an active bank account so MoneyLion can ascertain the amount you’re eligible to receive. You can use a RoarMoney account or an external bank account for these purposes. The transfer can take up to two days, but you can instantly access the cash advance by paying a small fee.
Want to get the most out of Instacash? Get a RoarMoney account and link your direct deposits!
How to Qualify for Instacash:
- Be at least 18 years old
- Have an active account with a steady income or regular deposits
- Have a bank account with a positive balance that has been active for at least 60 days
In-Person Payday Loans in Detroit
If you are thinking about applying for a payday loan in Detroit, here are some of the terms and fees you can expect. Remember, a payday loan might seem like an easy option, but many times they can create a debt cycle that’s hard to break.
Max Payday Loan Amount: $600
Credit Affects: Loan lenders won’t pull credits due to late payments but will report them to credit bureaus.
The upper borrowing limit for payday loans in Michigan is $600, and the lower limit is unspecified. Any payday loan borrower has a maximum of 31 days to return the amount along with interest and service fees. The minimum term of borrowing is 14 days. Service fees usually amount from 11 to 15% of the loan, depending on the number of $100 borrowed.
If you’re late for a payment, your lender can charge you a $25 fee for insufficient funds. Moreover, payday loans have incredibly high APRs in Detroit. If your lender charges you a 369% APR—the average in Michigan—it would be challenging for you to pay the amount you owe. If you miss a payment, your lender can report you to credit bureaus, thereby worsening your credit score.
How to Qualify:
If you want to take out a payday loan in Detroit, MI, you need to have:
- Any government-issued ID
- Social security number
- Personal check
- Proof of income
- Active checking account
Your Instant Loan Options In Detroit, MI
MoneyLion offers instant loan options if the $250 limit Instacash offers isn’t enough for your requirements.
Credit Builder Loan
Loan Amount: Up to $1,000
APR: As low as 5.99%
Credit Affects: You can raise your credit score by 60 points in 60 days!
If your problem is that you need an instant loan but can’t go to a bank or small loan lender due to a low credit score, MoneyLion has the perfect solution for you. A Credit Builder Plus membership will give you access to installment loans of up to $1,000 that you can return over a year’s duration. Each installment payment you make will be reported to credit bureaus by MoneyLion to boost your credit score.
The low APRs MoneyLion charges make Credit Builder loans much easier to pay off than any payday loan. At the monthly membership cost of $19.99, you gain access to instant loans and also qualify for 0% Instacash advances.
With Credit Builder Plus, some of your loan proceeds will be held in a Credit Reserve Account. The Credit Reserve account acts as a savings account that reserves and accumulates interest on a fraction of your loan. Upon complete repayment, you can gain access to this amount plus the interest earned.
The process of registering for a Credit Builder Loan is simple—all you need is a valid checking account, a Social Security number, and a few minutes. Upon loan approval, MoneyLion deposits the loan amount you’re eligible for into your checking account immediately.
How to Qualify:
- Have a bank account with a prepaid or debit card
- Have a Social Security number holder
- Are a citizen or permanent resident of the US
- Are at least 18 years old
With the Credit Builder Plus membership, you can enjoy the following benefits:
- Up to a $1000 loan that you can repay in installments over a year
- Weekly credit updates and monitoring
- A Cash Reserve account that behaves as a savings account
- Advances of up to $250 at 0% APR with Instacash
- An improvement in your credit score of up to 60 points in 60 days.
Comparing Your Loan And Cash Advance Options In Detroit, MI
|Instacash||Credit Builder Loan||In-Person Payday Lender|
|How Much Can You Borrow?||$250||$1,000||$600|
|Fees & Interest||Free |
|369% APRFee: $11-$15 per $100 borrowed, depending on the total amount borrowed|
|Impacts Your Credit?||No||Helps build your credit score||Making a late payday loan repayment can cause your credit score immense damage since the lender will report you to credit bureaus. However, making timely payments will not improve your credit score.|
|Availability||Online & Mobile||Online & Mobile||In-person|
|Next Steps||Sign Up||Sign Up||Filling a payday loan application form in person.|
Avoid Heavy Debt—Get Loans The MoneyLion Way
Getting cash today doesn’t need to be stressful. With options from MoneyLion, you can get the cash you need without worrying about credit checks or waiting in line at a payday loan store.
Download the app today and discover the many financial products we have to offer!