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The offers that appear on LoanStart.com are from companies from which LoanStart.com receives compensation. This compensation may impact how and where (including the order in which) offers are presented to consumers. LoanStart.com does not make loan offers but instead pairs potential borrowers with lenders and lending partners. We are not a lender, do not make credit decisions, broker loans, or make short-term cash loans. We also do not charge fees to potential borrowers for our services and do not represent or endorse any particular participating lender or lending partner, service, or product. Submitting a request allows us to refer you to third-party lenders and lending partners and does not constitute approval for a loan. What you may be presented is not inclusive of all lenders/loan products and not all lenders will be able to make you an offer for a loan.

Personal Loans in Michigan Online

Find Michigan online personal loan lenders through LoanStart.com for good and bad credit. Secured and unsecured personal loans may be approved by next business day

Have you been thinking about taking out an installment loan in the Great Lakes State? By completing our short form below, you can request funding for up to $40,000. Enter your first name, last name, and an email address into the form. After that, just click the “Get Started” button and we’ll try to help you find loan companies in Michigan that match your needs.

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Michigan residents who take out installment loans repay the money over time, paying off both the principal and the interest. This is in contrast to other types of unsecured personal loans that are paid back in a single sum. Spreading the payments out over a few months makes it easier for some people to borrow money. LoanStart.com partner lenders offer APRs starting at 4.84 percent. The specific APR that you get depends on the lender and your situation.

Michigan Personal Loans

A number of issues could lead people to seek out installment loans. We have outlined some of these below:

  • Vehicle repairs - The average cost of a ‘check engine’ car repair in Michigan is $354, which is slightly less than the national average of $387.81. However, major repairs can be much more expensive, adding up to thousands of dollars. As a result, vehicle repairs lead some Michigan residents to use personal loans.
  • Home renovations and repairs - As your home ages, you may need to replace or repair certain things. You may need to redo your floors, replace the roof, or install a new furnace. Installment loans are one method for financing these repairs.
  • Healthcare and medical bills - ValuePenguin estimates that the average cost of personal health insurance in Michigan is $251 per month and $3,012 per year. Increased cost and decreased quality can lead to high health care costs. When medical bills pile up, some people turn to personal loans.
  • Credit cards and other debts - Since the Great Recession, difficult economic times caused some people in Michigan to rely heavily on credit cards. The average credit card debt in Michigan is north of $3,000. This causes some to seek lower interest personal loans to rid themselves of certain types of debt.

If you are considering taking out a personal loan for these or any other reasons, you can fill in our online form today to begin the process.

Michigan State Economy

The Great Lakes State has the nation’s thirteenth largest economy. One of the leading industries in Michigan is automotive manufacturing. The state is home to the Big Three car companies, General Motors, Ford, and Fiat-Chrysler. In 2014, Michigan assembly lines produced more than 2.3 million vehicles. The state’s motor vehicle-related GDP was $36.9 billion.

Agriculture is also one of Michigan’s largest industries. Almost 55,000 farms use 10 million acres of land to produce almost $6.5 billion in agricultural products. Michigan is a leading fruit grower in the US, producing the largest volume of tart cherries along with blueberries, apples, grapes, and peaches. Michigan is also the third leading grower of Christmas trees.

Michigan’s tourism industry produces over $17 billion in revenue annually. Apart from visitors to urban areas, Michigan draws a lot of tourists each year to the state’s beaches, forests, and lakes.

In Michigan, purchasing a home is less expensive ($120,000) than the national average ($186,000). With a lower cost of living and lower average rents than most of the nation, Michigan can be an affordable place to live, depending on the area of the state.

Scams

The Michigan Attorney General’s Office warns consumers against loan scams and provides the following tips:

  • While some lenders may require fees, which are a part of the loan payments, legitimate lenders don’t ask for upfront payments for loans.
  • Be wary of newspapers ads, popup ads, emails, or phone calls that guarantee loans or approval for credit cards in exchange for a fee without knowing your credit history.
  • Investigate any loan offer thoroughly to see whether the company is legitimate.
  • Never wire or send money for a loan.
  • Never pay an individual who promises a loan.

Things to Consider Before Borrowing

First of all, before applying for a loan, be sure you meet the requirements for age, income, employment, residency, and other criteria. Also, it is crucial that you understand what lenders expect from borrowers.

If you sign a loan agreement, you are saying that you will pay all necessary fees associated with the loan and that you will make your scheduled loan payments on time. Failing to repay your loan according to the lender's terms may make the loan more expensive in the long run.

Also, if you have questions about consumer loans, credit, and finance, visit the Michigan Department of Insurance and Financial Services