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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.
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.
A number of issues could lead people to seek out installment loans. We have outlined some of these below:
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.
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.
The Michigan Attorney General’s Office warns consumers against loan scams and provides the following tips:
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.