Tue, 08/05/2008 19:31
Can someone please help me with an example of how much i should be paying (Max) for a PDL in the state of michigan.
Mich. Comp. Laws 487.2121 et seq.
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%
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)
Repayment Plan: Yes
Collection Fees: One $25 returned check charge
Criminal Action: Prohibited