Payday loans in Michigan: Everything you need to know

A payday loan, also called as cash advance, is a small, short-term loan that is intended to cover a borrower’s expenses until their next payday. Payday loans are typically for amounts of $100 to $500, and the lender typically charges a fee of $15 to $30 for every $100 borrowed. Payday loans can be helpful for borrowers who need cash quickly and don’t have other options. However, they should be used only as a last resort, because they can be expensive and can trap borrowers in debt. Read more here