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Can someone please help me with an example of how much i should be paying (Max) for a PDL in the state of michigan.

Example, $300.

Michigan Law

Citation:
Mich. Comp. Laws 487.2121 et seq.
Loan Terms:
Maximum Loan Amount: $600
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of first $100, 14% of second $100, 13% of third $100, 12% of fourth $100, 11% of fifth $100, 11% of sixth $100 + any database verification fee
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One with licensee or more than one with any other licensee
Rollovers Permitted: None (cannot renew; lender may extend only if it does not charge a fee)
Cooling-off Period:
Repayment Plan: Yes
Collection Limits:
Collection Fees: One $25 returned check charge
Criminal Action: Prohibited




I'm bumping this for you in the hopes that someone will assist you. I never learned how to add or subtract. :lol:

Sub: #1 posted on Tue, 08/05/2008 - 21:14

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.83)

It would depend on some other factors too. They can charge a database verification fee, so you would need to know what that amount was.

But aside from that charge, a $300 loan would be as follows:

First $100 - $15

Second $100 - $14

Third $100 - $13

So that would be a $42 fee for a $300 loan. Plus the verification fee, and any other charges (bounced check, etc).

Sub: #2 posted on Tue, 08/05/2008 - 22:01

goudah2424 goudah2424

(Posts: 7936 | Credits: 1224.9)

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