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Best Online Short-term Loans in Houghton

Need cash fast to cover unexpected expenses? Short-term loans are the answer! Life throws curveballs, and waiting for payday isn't always an option. When emergencies arise, stress and worry can set in, making it tough to find a way forward. But don’t stress—our Best Cash Advance Short-term Loans could be your lifeline. We offer quick and simple loan solutions tailored to help you tackle pressing financial issues without delay. With our service, you can access the funds you need swiftly and efficiently, giving you peace of mind when you need it most. Apply now and regain control over your finances!

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Best Online Short-term Loans in Houghton

Advance America
Financial institution
5.00
1 reviews

Address: 850 W Sharon Ave Ste. 9, Houghton, MI 49931

Phone Number: +1 (906) 482-0476

Check and Cash
Check cash
4.70
10 reviews

Address: 902 Razorback Dr, Houghton, MI 49931

Today's Business Hours: 9:00 AM - 6:00 PM

Phone Number: +1 (906) 482-4500

Website: checkandcashmi.com

Services:

Money orders Prepaid Visa

Alternatives to Short-term Loans in Houghton

Short-term loans cater to immediate financial needs with different options such as personal, installment, and title loans. Personal loans offer quick funds without collateral, often with higher interest rates, for those with urgent expenses. Installment loans allow borrowers to repay in fixed monthly payments over a short term, offering predictability and often requiring a credit check. Title loans use the borrower's vehicle as collateral, providing fast access to cash; however, they carry the risk of losing the vehicle if the loan is not repaid on time.

Best Personal Loan

M&M Title
5.00
1 reviews

For individuals seeking a short-term financial solution, personal loans are a viable option. Among the best options for personal loans is a payday loan, which offers quick cash without requiring collateral. These loans typically have higher interest rates and short repayment terms, making them suitable for emergencies or unexpected expenses. The application process is swift, often requiring minimal documentation, and funds can be deposited directly into a borrower's bank account within a day or two.

Loan Regulations in Michigan

In Michigan, short-term loan regulations are designed to protect borrowers while providing access to quick funds. The state permits a maximum short-term loan amount of $600 per lender; however, individuals can have up to two outstanding loans with a combined total of $600. The loan term ranges from a minimum of 14 days up to a maximum of 31 days. Regarding fees, lenders can charge up to 15% on the first $100, 14% on the second $100, 13% on the third $100, 12% on the fourth $100, and 11% on the fifth and sixth $100. This structure means the maximum finance charge for a $100, 14-day loan is $15, equating to an Annual Percentage Rate (APR) of approximately 391%.

Eligibility criteria for short-term loans in Michigan are straightforward. Applicants must be at least 18 years old, have a steady income source, and possess a valid checking account. Some lenders may require additional documentation.

Short-Term Loan Calculator

day(s)
%
$

Estimated Payment

$327.12
Total Principal Paid: $300.00

Financial Charge: $27.12

Loan Term: 150 day(s)

APR: 22.00%

Where to Use Short-term Loan

For individuals who have already obtained a short-term loan, there are several local service providers where the funds can be effectively utilized. Medical services offer necessary treatments and consultations, while car repair shops can address urgent vehicle maintenance needs. Additionally, legal services can provide essential assistance, funeral services ensure a dignified process during difficult times, and appliance services handle unexpected home equipment malfunctions.

Car Wash
1101 Ridge Road, Houghton, MI 49931
+1 (906) 483-3246
Club & Association
213 Hubbell Street, Houghton, MI 49931
+1 (906) 482-5859
College/University
212 East Street, Houghton, MI 49931
Hotel
919 Razorback Drive, Houghton, MI 49931
+1 (906) 487-6700
Movie Theater
47420 State Highway M 26, Houghton, MI 49931
+1 (906) 482-3470
Pharmacy
1000 Huron Street, Houghton, MI 49931
+1 (906) 487-1710
Rent-a-Car Facility
909 Evergreen Drive, Houghton, MI 49931
+1 (906) 523-2637
Sandwich Restaurant
200 Pearl Street, Houghton, MI 49931
+1 (906) 482-4638
Shopping Center
47420 State Highway M 26, Houghton, MI 49931
+1 (906) 482-6210
Theater
1400 Townsend Drive, Houghton, MI 49931
+1 (906) 487-3200
Veterinarian
904 West Sharon Avenue, Houghton, MI 49931
+1 (906) 482-1771

FAQ

What are short-term loans?

Short-term loans are financial products designed to provide quick funds with the expectation of repayment over a brief period, generally ranging from a few weeks to a few months. They are often used to cover unexpected expenses or immediate cash flow gaps.

Can I get a short-term loan with bad credit?

Yes, many lenders offer short-term loans to individuals with bad credit. These loans typically have higher interest rates to offset the increased risk, but they can be an accessible option for those who need urgent funds and have a less-than-perfect credit history.

Are same-day loans available?

Yes, some lenders offer same-day loan options. These loans are designed to provide rapid access to funds, often within hours of approval. However, eligibility criteria may be strict, and fees and interest rates may be higher compared to longer-term loans.

What’s the difference between a short-term loan and other short-term loans?

Short-term loans are a type of short-term loan specifically intended to cover expenses until your next paycheck. They usually feature small loan amounts and high interest rates. Other short-term loans might offer slightly longer repayment terms or different fee structures.

How much can I borrow with a short-term loan?

The borrowing limit for short-term loans can vary depending on the lender and the borrower’s creditworthiness. Generally, short-term loans range from $100 to $5,000, but for short-term loans, the limit might be smaller.

What are the risks of taking a short-term loan?

Short-term loans often come with high interest rates and fees, making them costly over time if not managed carefully. Additionally, failing to repay these loans on time can lead to additional fees, potential harm to credit scores, and debt cycles.

How can I apply for a short-term loan?

Applying for a short-term loan typically involves completing an online application form, which requires personal, financial, and employment information. Once submitted, lenders review the application and, if approved, funds are usually deposited directly into the borrower’s bank account.

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Houghton ZIP Codes

49931