Being surrounded by four of the five great lakes, Michigan is the recreational boating capital of America. The real question is how these people afford these boats? Finding the right lender that can get you the money you need for a boat, house, car, or anything else under the sun starts with knowing where to look. That's why America Loan Service is here to connect you to the best lenders in Michigan with only a few clicks.

Before you start looking for loans, it might be a good idea to know some of the differences between loan types, like unsecured personal loans and secured loans. Unsecured loans offer up to $100,000 with a maximum repayment time of 7 years. To get a loan any higher than that, you have to secure it with your home. Secured loans include auto loans, home equity loans, and home equity lines of credit, and can be drawn against for up to 20 years before repayment. By securing the loan with your house, you can be loaned up to 70-90% of the equity in your home, quite the chunk of change to work with.

Using our simple lender connection tool, you can see all the lenders that offer loans matching your needs in your area. These loans are great for consolidating student loan or credit card debt, buying or upgrading your home, and buying a vehicle. All it takes is your zip code in order to get all of your options in one easy list, allowing you to make an informed decision about your finances.

Our partnered lenders are also prepared to work with you no matter what financial stresses you are dealing with. Most Michigan residents find themselves dealing with student loan debt, as well as mortgages that drain your budget. Whether it’s a first mortgage or the refinancing of an existing one, you can trust that our lenders have the experience and knowledge to walk you through the process step by step.

Bad Credit Options in Michigan

For those with bad credit, payday lenders are some of your only options when looking for loans. Michigan has consumer protection laws called usury laws, to combat the predatory interest rates that these companies can sometimes charge. The maximum legal interest rate in Michigan is currently 7% with a written contract, however, loans that don’t come from these smaller companies are usually not covered under this law.

Exceptions to the 7% cap include mortgages, credit cards, home equity loans, business loans, auto lease buyout, second mortgages, and home equity lines of credit. These loans are all regulated at a federal level. For more information as well as a full list of exceptions, follow the link below titled “Exceptions to the Usury Law” from the Washington Department of Financial Institutions.

With the few options available to you for loans with bad credit, we primarily recommend working on repairing your credit score first. Things like secured credit cards are a great first step, but faster results can be had with a credit repair specialist like Novita, not only because of their great prices, but also their focus on redirecting bad spending habits that cause poor credit in the first place.

Novita was built for Americans with chronic financial troubles, whether from bad credit, overspending, or financial emergencies. Novita is a Personal Financial Guide that identifies and demonstrates how you can prevent or fix your financial issues yourself. Unlike other personal financial services, Novita gives you actions to perform instead of numbers to look at.

Everyone finds themselves needing extra cash at one point or another. Whether you’re just settling down with your first home in Michigan, facing an emergency that has drained your savings, or just chasing the boating dream on the lake, finding the right personal loan makes all the difference. America Loan Service can give you confidence that you know all of your options. Plug your zip code into our lender connection tool today and you can get started on your next financial goal in minutes, without having to do the legwork yourself.

Quick Personal Loan Information in Michigan

Upgrade Detailed Review

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Quick Snapshot

  • Loan Amounts: $1,000 to $50,000 
  • Credit Score:  620+
  • APR: See Upgrade Detailed Review for up to date APR information
  • Terms: 36 to 60 months
  • Fees: 1% to 6% Origination Fee and will vary by loan term
  • Check this out Michigan
    • Debt to income of 50%
    • Funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications.
    • Unsecured Line Of Credit to $50,000 (coming soon)

 

SoFi Detailed Review

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Quick Snapshot

  • Loan Amounts: $5,000 to $100,000 
  • Credit Score:  660+
  • APR: See SoFi Detailed Review for up to date APR information
  • Terms:  3,4,5,6, or 7 years
  • Fees: No application fees, no origination fees, and no prepayment penalties
  • Check this out Michigan
    • Will consider borrowers with limited credit history with great cash flow
    • Unemployment protection: If you lose your job, SoFi will temporarily pause your payments and help you find a new job (unique to SoFi. Check out their disclaimer on the SoFi website for full details)

Earnest Detailed Review

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Quick Snapshot

  • Loan Amounts: $5000 to $75,000 
  • Credit Score:  680+ 
  • APR:  See Earnest Detailed Review for up to date APR information
  • Terms:  2 to 5 years
  • Fees: No fees for origination, prepayment, or loan disbursement
  • Check this out Michigan
    • Earnest Offers Lower Rates Through Better Data: The Earnest driven application process gives extra credit for financial responsibility
    • Soft Pull only to start
    • Faster response times because they use technology to improve and accelerate their decisions
    • Lifetime service provided in‐house. Unlike other lenders, Earnest will never pass you off to third-­‐party services

Payoff Detailed Review

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Quick Snapshot

  • Loan Amounts: $5000 to $35,000 
  • Credit Score:  660+ 
  • APR:  See Payoff Detailed Review for up to date APR information
  • Terms:  2 to 5 years
  • Fees: No fees for origination, prepayment, or loan disbursement
  • Check this out Michigan
    • Payoff is a team of financial services professionals, research and clinical psychologists, data scientists, neuroscientists, Member Advocates and technology experts working together to better understand and accelerate people’s journey toward financial wellness.
    • Soft Pull only to start
    • Specialize in consolidating credit card debt

LendingPoint Detailed Review

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Quick Snapshot

  • Loan Amounts: $2000 to $25,000 
  • Credit Score:  590+ 
  • APR: See LendingPoint Detailed Review for up to date APR information
  • Terms:  2 to 5 years
  • Fees: Origination fees range from 0 to 6%
  • Check this out Michigan
    • The company specializes in fair credit loans starting at 590+.
    • Soft Pull only to start
    • Was established in 2014 offering personal loans throughout America. The company is based in Kennesaw Georgia and has an A+ rating with the BBB.

Access Over 100 Lenders With One Application

America Loan Service Logo

ALS Detailed Review

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The America Loan Service online request form connects consumers to hundreds of personal loan lenders at one time with rates starting at 5.99%. The service is designed to connect consumers based on lender credit criteria. 

The process is very simple:

  • Fill out the short form, it is safe and secure
  • See if you are approved in real time from a large network of lenders
  • Check your bank account to see if the money arrived as early as the next business day if you are approved

Quick Snapshot

  • Loan Amounts: $1000 to $35,000 
  • Credit Score:  580+
  • APR:  See ALS Detailed Review for up to date APR information
  • Terms:  3 to 36 months
  • Fees: Vary by the lender

The lenders will review your request quickly to determine whether your information meets the lender's loan qualification criteria. You will receive notice within a few minutes if there is a lender interested in discussing a loan. Loans are normally funded within 1-5 business days depending on the lender and if they have all information required to fund.

If a lender is satisfied with all of the information with your request and has decided to offer you a loan, you will be directed to the lender's website. At this point, you will leave America Loan Service and we recommend that you review the terms and conditions of the lender. Take your time to go through all of the information from the loan provider. We recommend that you ask every question to be sure you fully understand the loan. The lender should explain the following information:

  • Loan amount offered
  • Finance charge and fees
  • Annual percentage rate (APR)
  • Loan term
  • Payment schedule 

Freedomplus Detailed Review

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Quick Snapshot

  • Loan Amounts: $10,000 to $35,000 
  • Credit Score:  600+ Rates decrease with a qualified Co-signer or a retirement fund with a minimum of $40,000
  • APR:  See freedomplus Detailed Review for up to date APR information
  • Terms:  2 to 5 years
  • Fees: Origination fees range from 0 to 5%
  • Check this out Michigan
    • Offering co-signer loans
    • Minimum income of $30,000 to apply
    • Soft Pull only to start
    • Debt to income of 40%

Credible Detailed Review

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Quick Snapshot

  • Loan Amounts: $1000 to $50,000 
  • Credit Score:  640+ 
  • APR: See Credible Detailed Review for up to date APR information
  • Terms:  2 to 5 years
  • Fees: Fees will vary by lender
  • Check this out Michigan
    • Apply once to Lending Club, Prosper, Avant, Upstart, FreedomPlus, Payoff, Best Egg
    • Soft Pull only to start
    • Unemployment protection: If you lose your job, SoFi will temporarily pause your payments and help you find a new job (unique to SoFi. Check out their disclaimer on the SoFi website for full details

Secured Personal Loans

A few things to know about secured loans:

  1. Usually used for a larger loan amount
  2. Access to capital can take longer if the asset used for security requires an appraisal
  3. Home equity loans have large fees similar to taking out the first mortgage

Secured auto loans are processed quickly with lower interest rates because the vehicle secures the loan.

home equity loan or Home Equity Line of Credit (HELOC) is an excellent option for higher loan amounts, and you have the time to wait. For many people that have just purchased their home or if the equity is not available to secure a home equity loan, an unsecured personal loan can get the job done, and it can be completed very quickly.

When to consider a Secured Loan and Line of Credit

Secured Loan

Secured loans and lines of credit are protected against assets and provide the lenders the ability to increase the borrowing amount, lower interest rates and work with a lower credit score. The main advantage of a secured loan is that you can access more capital when you use an asset to protect the lender. Secured loans require collateral, and the process can be longer as the collateral must be verified by the lending institution. This step can be well worth your time when you receive lower interest rates. If you need a larger amount of capital for debt consolidation or home repairs, you may want a Home Equity line of credit or secured loan. If you have a low credit score, the lender is usually more willing to lend you money as they have security that they could take to repay the loan.

Where to find the best Secured Loan

LendingTree is a great option for those looking for a secured loan with over 1500 providers to choose from. 

Business Loan vs. Personal Loan

With any business, you may need to make a cash injection and the company may not have the backing yet to stand on its own. If your business in grossing over $50,000 annually, you can qualify for a loan using for business for security even with a poor credit score as low as 500.

Small business loans can be taken with your name as collateral for secured or unsecured loans.

The Difference between Secured and Unsecured Personal Loans

A personal loan is unsecured based on your signature and credit report where a secured personal loan is protected by the collateral you provide. Typical uses of unsecured loans are credit cards, lines of credit, student loans and personal loans for debt consolidation and home improvements. Secured loan collateral may be the item you’re purchasing an RV or vehicle that the lender is securing. In many cases, a secured loan could also be referred to as a home equity loan as they both require collateral. The home equity loan is your house as the collateral and lenders feel secure in that none of us want to risk losing our home. Interest rates may be less with a secured loan as the lender is taking less risk in the transaction. If you are not taking out a lot of credit, a secured loan may be the way for you to go if it saves you money in interest over the long term.

Net-Worth Statement to prepare for a Personal Loan from a Bank

If you decide to go to a bank to apply for a personal secured or unsecured loan, you will need to complete a personal net worth statement. This link will offer you an example of what most banks will be looking for today. You can also go online to the bank you are planning on using, and they may have their net worth documentation online. This may save you a trip back to the bank if you have this prepared before you go. Completing a net-worth statement will also help you understand the positive and negative issues the lender will question. Take the time to answer these questions before you get to the bank. The person you are talking to will need to forward information up to the bank's risk assessment group. In most cases, they are not making the decision, only passing along what you are telling them. Write out your explanation or email it to the bank, so it is easy for the lender to get the information into the right hands. Remember that we are all responsible for our financial futures and if we don’t look after it, someone else will.

Electronic Records

Online lenders will require that you agree to the use of electronic records. As the entire transaction is completed online, the lenders are sending and receiving your private information over the Internet. Read the statement of the use of Electronic records to make sure you are comfortable with any lenders policies and their terms of use. 

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  1. TIME Average income by state - Average income by state acquired July 2018
  2. Population distribution by age - Population distribution by age Acquired July 2018
  3. Exceptions to the usury law - Exceptions to the usury law
  4. Michigan Interest Rate Laws - Michigan interest rate laws acquired July 2018