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LoanFAP is a direct lender serving Michigan residents, including Detroit, Grand Rapids, and Lansing. Apply online in minutes for a personal installment loan, get a decision the same business day, and repay on a fixed schedule you know before you sign.
Michigan installment loans at a glance: Personal installment loans are legal in Michigan and regulated by the Regulatory Loan Act under MI Comp L § 493.2 (2025). Rates are capped at 25% per annum. A prepayment penalty is permitted here, so check that term before you sign along with the full APR and payment schedule the lender must disclose. Michigan also allows payday loans, but prohibits title loans.
Rules current as of July 2026.
Governing law: MI Comp L § 493.2 (2025)
The maximum annual percentage rate (APR) for personal installment loans in Michigan is capped at 25% per annum as per MCL 445.1854. An origination fee of up to 5% of the principal, not exceeding $250, is allowed under MCL 493.13. A license is required to offer these loans, as stated in MI Comp L § 493.2.
| Loan Amount | Term | APR (est.) | Total Interest | Total to Repay |
|---|---|---|---|---|
| $1,000 | 24 months | 25% | $274 | $1,274 |
| $5,000 | 24 months | 25% | $1,371 | $6,371 |
| $10,000 | 24 months | 25% | $2,742 | $12,742 |
Michigan law caps the APR for installment loans at 25% per annum as per MCL 445.1854. The lender may also charge a loan processing fee up to 5% of the principal, not exceeding $250. The lender must provide a Truth-in-Lending disclosure showing the exact APR before signing.
Michigan residents should be aware that personal installment loans have an APR cap of 25% per annum. Additional fees, such as origination fees, may apply — see MCL 493.13 for details.
Michigan law prohibits lenders from inducing borrowers to take on more than one unsecured loan at a time, as per MCL 493.13. Prepayment penalties are capped at 1% if paid within three years, according to MCL 438.31c. Consumers can verify lender licenses under the Regulatory Loan Act.
Understanding your repayment flexibility is important when choosing a personal installment loan in Michigan.
Vehicle title loans are not available in Michigan.
Vehicle title loans are not separately authorized in Michigan. There is no title-loan enabling statute; consumer lending is governed only by the general Michigan Regulatory Loan Act (MCL 493.1 et seq.), and traditional high-cost title lending is not permitted. Title loans are therefore effectively prohibited in Michigan.
Michigan Department of Insurance and Financial Services (DIFS)
Michigan law does permit other forms of consumer credit, including personal installment loans (governed by MI Comp L § 493.2 (2025)) and payday loans (governed by MCL § 487.2153). Those are separate products with their own licensing and rate rules, and nothing on this page is an offer of a car title loan in Michigan.
Governing law: MCL 493.13 (Michigan Regulatory Loan Act)
In addition to state law, six federal laws protect consumer loan borrowers in every state. These apply regardless of where you borrow or which type of loan you take.
| Federal Law | What It Means for You | Who It Covers |
|---|---|---|
| Truth in Lending Act / Regulation Z | Regulation Z protects consumers by requiring clear disclosure of key credit terms and costs. | Applies to consumer credit including mortgages, credit cards, and installment loans. |
| Military Lending Act | The MLA caps the annual percentage rate at 36% for loans to active duty service members and their dependents. | Covers active duty service members and their dependents. |
| Fair Debt Collection Practices Act / Regulation F | Regulation F governs the practices of debt collectors, prohibiting abusive, deceptive, and unfair practices. | Applies to third-party debt collectors collecting consumer debts. |
| Fair Credit Reporting Act / Regulation V | Regulation V ensures accuracy and privacy of consumer credit information held by credit reporting agencies. | Applies to consumer reporting agencies and users of consumer reports. |
| Equal Credit Opportunity Act / Regulation B | Regulation B prohibits credit discrimination on the basis of race, color, religion, national origin, sex, marital status, or age. | Applies to all creditors in any aspect of a credit transaction. |
| CFPB UDAAP authority | The CFPB can take action against unfair, deceptive, or abusive acts or practices in consumer financial products or services. | Applies to all consumer financial products and services. |
These federal protections apply in all 50 states regardless of state law. They set a baseline floor of consumer rights.
Federal regulations, such as those from the CFPB and the Military Lending Act, apply in addition to state laws, providing an additional layer of consumer protection.
Yes. Personal installment loans are legal in Michigan and regulated under MI Comp L § 493.2 (2025). Lenders must hold a state license to make these loans. A licensed lender has to follow the state's limits on rates, loan size and fees, and disclose your APR, finance charge and full payment schedule before you sign.
In Michigan, the maximum rate on a personal installment loan is 25% per annum under MI Comp L § 493.2 (2025). That is a ceiling, not a quote: your actual APR depends on the loan amount, the term and the lender, and it must be disclosed in writing before you sign.
There can be. Michigan law permits a lender to charge a prepayment penalty on a personal installment loan under MI Comp L § 493.2 (2025), within statutory limits. Not every lender charges one, so ask for the prepayment terms in writing before you sign if you expect to repay early.
Michigan caps loan fees separately from interest under MI Comp L § 493.2 (2025). Origination fee: 5% of principal; max $250. Late fee: late charges permitted by the credit reform act. Anything a lender charges beyond these has to be itemised in your agreement, so compare the total finance charge and not just the advertised rate.
Michigan sets specific rules for refinancing a personal installment loan under MI Comp L § 493.2 (2025): shall not induce or permit a person to become obligated under more than 1 loan contract not secured by personal property at the same time for the purpose of obtaining a loan processing fee. It also restricts repeat refinancing, or loan flipping: shall not induce a person to become directly obligated under more than 1 loan contract not secured by personal property at the same time. Refinancing restarts the interest on a new balance, so confirm the new total cost before agreeing to one.
No. Title loans are prohibited in Michigan, and no licensed lender may offer one to a resident of Michigan. See the "Car Title Loans Are Not Legal in Michigan" section on this page for what the law says and where to report a lender. Governing law: MCL 493.13 (Michigan Regulatory Loan Act).
Yes. Alongside installment lending, Michigan permits payday loans under MCL § 487.2153. A payday loan there is capped at $600 and a term of up to 31 days. Rollovers are not permitted. A payday loan is a single lump-sum repayment tied to your next pay date, which makes it a different and usually far more expensive product than an installment loan repaid over months.
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