Payday loan, cash advance, or check advance loan are commonly used phrases to describe what Michigan law refers to as a "deferred presentment service transaction." For the purposes of this Consumer Alert, we will refer to deferred presentment service transactions as "payday loans." One who is licensed in the State of Michigan to offer a payday loan is a licensee, but for the purposes of this Consumer Alert, we will call the licensee a "payday lender." The payday loan transaction is a small, short-term, high-cost arrangement where the customer gives the payday lender a check to cover the payday loan amount and service fees. In return, the payday lender provides the customer with immediate cash, check, or money order, depending on the needs of the customer. Typically, payment is made from the customer's next paycheck. To qualify, the customer usually only needs personal identification, a checking account, and proof of anticipated income from a job or governmentalAboutPayday Loans offers short term cash advances to help you make ends meet when those situations arise and you find yourself a little short on cash. Our service is courteous and hassle free. We are not a bank. We are not here to judge and penalize you. We do not perform a standard credit check however, we do utilize various verification type services to help our staff process your application quickly. Your business is very important to us and we make sure that you are treated both fairly and with respect. We understand that there are certain times that require a little financial help. A cash advance payday loan instrument allows you to take care of those matters with dignity and confidentiality. We want you to feel that you are important to us and if at anytime you feel otherwise, please let us know.
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