Permitted Regulated Verified 2026-09-06 · ver. 0.2.3 How we verify these rules

Installment Loans in Michigan

Michigan’s Regulatory Loan framework provides a legal multi-payment route above the $600 deferred-presentment ceiling. Current DIFS guidance lists a 25% annual interest ceiling for Regulatory Loan licensees and a processing fee of 5% of the loan amount subject to a $500 CPI-adjusted cap for 2026–2027.

Michigan legal category: Regulatory Loan · Michigan Regulatory Loan Act, 1939 PA 21, together with current DIFS rate-ceiling guidance

Michigan installment loans at a glance

Legal status
Permitted Regulated
Legal category
Regulatory Loan
Maximum amount in this regime
The current DIFS rate-ceiling material used here does not state one principal ceiling suitable for this page, so no statewide maximum is asserted. PLS Cash Advance routes the $600–$5,000 portion of its current selector to this regulated installment-loan guide.
Term
The term is contract-specific under the Regulatory Loan framework; the official sources used for this dataset do not support one universal term for all loans in the current site range.
Regulator
Michigan Department of Insurance and Financial Services (DIFS)
Verified
2026-09-06

Choose a loan type by amount

PLS Cash Advance currently presents request amounts from $200 to $5,000. The ranges below are navigation guidance between our state loan guides — not statutory limits, eligibility rules, or a promise of approval.

$200–$600

Payday Loans in Michigan

Preferred routing for Michigan payday/deferred-presentment requests within the statutory $600 ceiling.

See Payday Loans

$600–$5,000 Current guide

Installment Loans in Michigan

Preferred routing for larger or multi-payment requests after the $600 deferred-presentment ceiling. $5,000 is the current site offer boundary, not a statutory maximum.

Amount and term limits

The current DIFS rate-ceiling material used here does not state one principal ceiling suitable for this page, so no statewide maximum is asserted. PLS Cash Advance routes the $600–$5,000 portion of its current selector to this regulated installment-loan guide.

The term is contract-specific under the Regulatory Loan framework; the official sources used for this dataset do not support one universal term for all loans in the current site range.

Interest, fees and repayment

The processing fee and interest ceiling are separate statutory components. Actual contract cost can be lower and other permitted charges depend on the applicable law and event.

Michigan DIFS lists a 25% per-annum ceiling for loans by Regulatory Loan licensees. The processing fee may be 5% of the loan amount, subject to the current CPI-adjusted dollar ceiling; Bulletin 2026-05-CF sets that dollar ceiling at $500 for 2026–2027.

Regulatory loans can be structured as installment contracts. Payment frequency and term depend on the lawful contract.

Rollovers, refinancing and early payment

Rollover allowed?
Not reduced to a yes/no rule
Regulatory loans use renewal/refinance rules rather than the payday deferred-presentment rollover model.
Prepayment penalty allowed?
Not reduced to a yes/no rule
No universal prepayment-penalty value is asserted from the DIFS sources used for this statewide overview.

Michigan borrower protections

  • DIFS regulates and licenses Regulatory Loan providers.
  • Current DIFS guidance lists a 25% annual rate ceiling for Regulatory Loan licensees.
  • The Regulatory Loan processing fee is limited to 5% of the loan amount and the applicable CPI-adjusted dollar cap; the 2026–2027 cap is $500.
  • Consumers can use DIFS online license locators to research regulated lenders.

Michigan loan cost calculator

Why there is no single statutory calculator: Michigan Regulatory Loan pricing combines a 25% annual-rate ceiling with a separate processing-fee rule and contract-specific repayment terms. A generic APR-only calculator would omit a material statutory charge component.

How to verify a lender in Michigan

Regulator: Michigan Department of Insurance and Financial Services (DIFS).

Regulatory Loan license when required by the Michigan Regulatory Loan Act

Verify a lender license

Official sources

  1. Michigan DIFS — Statutory Interest Rate Ceilings · primary
  2. Michigan DIFS — Regulatory Loan · primary
  3. Michigan DIFS Bulletin 2026-05-CF — Regulatory Loan Processing Fee · primary
  4. Michigan DIFS — Online Services and License Locators · primary

Last regulatory verification: 2026-09-06. Laws can change; verify current terms and lender status before borrowing. Read our research methodology.