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

Payday Loans in Michigan

Michigan permits regulated deferred-presentment payday transactions up to $600 for 7–31 days. The maximum service fee is tiered by $100 bands and reaches $76 on a $600 transaction, with a separate permitted database verification fee.

Michigan legal category: Deferred Presentment Service Transaction · Michigan Deferred Presentment Service Transactions Act, 2005 PA 244

Michigan payday loans at a glance

Legal status
Permitted Regulated
Legal category
Deferred Presentment Service Transaction
Maximum amount in this regime
$600
Term
7–31 days
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 Current guide

Payday Loans in Michigan

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

$600–$5,000

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.

See Installment Loans

Amount and term limits

Michigan DIFS states that the maximum deferred presentment transaction amount is $600. A customer may have two open transactions at one time, but only one at any licensed location.

Michigan DIFS states that the minimum term is 7 days and the maximum term is 31 days.

Interest, fees and repayment

DIFS also permits a separate database verification fee of $2.40 beginning September 1, 2025. The calculator shows that fee separately because it is not part of the tiered service-fee schedule.

The service fee is tiered by each $100 of principal: 15%, 14%, 13%, 12%, 11%, and 11% across the first through sixth $100 bands. At $600 the maximum service fee is $76.

The deferred-presentment transaction normally matures within 7–31 days. DIFS provides a separate repayment-plan mechanism for eligible repeat borrowers.

Rollovers, refinancing and early payment

Rollover allowed?
No
A lender may extend the maturity date only within the original statutory 31-day maximum; DIFS does not permit an extension beyond 31 days as a rollover of the original transaction.
Prepayment penalty allowed?
Not reduced to a yes/no rule
Michigan’s deferred-presentment rules focus on the transaction maturity and rescission/repayment-plan rights rather than a single generic prepayment-penalty field.

Michigan borrower protections

  • Maximum deferred-presentment transaction amount is $600.
  • Term is limited to 7–31 days.
  • A customer may have no more than two open deferred-presentment transactions at one time and no more than one at a single licensed location.
  • Service fees are capped by statutory tiers; DIFS gives a maximum $76 service-fee example on $600.
  • DIFS maintains license locators for deferred-presentment providers.

Michigan loan cost calculator

This calculator is an educational illustration based on the structured rules shown on this page. A statutory ceiling is not a typical market price or an offer from a lender.

How to verify a lender in Michigan

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

Deferred Presentment Service Provider license unless an exemption applies

Verify a lender license

Official sources

  1. Michigan DIFS — Deferred Presentment General Operational Questions · primary
  2. Michigan DIFS — Deferred Presentment Licensing · primary
  3. Michigan DIFS — Overview of Deferred Presentment Fees · 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.