Fees and finance charges: First $100=15%; second $100=14%; third $100=13%; fourth $100=12%; fifth $100=11%; sixth $100=11% + any database verification fee
Finance charge on a 14-day $100 loan: $15
APR on 14-day $100 loan: 390%
Collection restrictions:
Collection fees: One $25 NSF fee
Criminal procedures: Prohibited
For Borrowers
Debt limits:
Maximum no. of outstanding loans at a time: One with licensee or many with any other licensee
Rollovers allowed: None
Repayment plan: Available
Complaint cell:
Regulator: Michigan Office of Financial and Insurance Regulation