Best Personal Loans in Michigan

Unsecured personal loans for debt consolidation, home improvement, major purchases, or emergency expenses. In Michigan, personal loans are capped at 25% APR for licensed consumer lenders, overseen by the Michigan Department of Insurance and Financial Services.

Michigan Lending Overview

Personal Loan APR cap

25%

Median Home Price

$264,000

Median Household Income

$67,000

Avg Student Debt

$36,973

State Regulator

Michigan Department of Insurance and Financial Services

Notable law: Michigan's Deferred Presentment Service Transactions Act limits payday loan fees to $15 per $100 borrowed and requires lenders to offer an extended repayment plan at no additional cost.

8 Personal Loans Lenders serving Michigan

Best Egg

Personal Loans

4.1

APR Range: 7.99% – 29.99%
Loan Amount: $2,000 – $50,000
Min Credit Score: 660

Available to residents of Michigan

Apply at Best Egg

Better Mortgage

Personal Loans

4.0

APR Range: 6.30% – 7.50%
Loan Amount: $50,000 – $2,000,000
Min Credit Score: 620

Available to residents of Michigan

Apply at Better Mortgage

Bluevine

Personal Loans

3.9

APR Range: 4.80% – 95.00%
Loan Amount: $1,000 – $500,000
Min Credit Score: 620

Available to residents of Michigan

Apply at Bluevine

Capital One Auto

Personal Loans

4.1

APR Range: 5.09% – 19.99%
Loan Amount: $4,000 – $250,000
Min Credit Score: 600

Available to residents of Michigan

Apply at Capital One Auto

Earnest

Personal Loans

4.2

APR Range: 3.95% – 9.99%
Loan Amount: $5,000 – $500,000
Min Credit Score: 670

Available to residents of Michigan

Apply at Earnest

LightStream

Personal Loans

4.3

APR Range: 6.49% – 24.89%
Loan Amount: $5,000 – $100,000
Min Credit Score: 700

Available to residents of Michigan

Apply at LightStream

LightStream Auto

Personal Loans

4.2

APR Range: 6.49% – 20.49%
Loan Amount: $5,000 – $100,000
Min Credit Score: 700

Available to residents of Michigan

Apply at LightStream Auto

OnDeck

Personal Loans

3.5

APR Range: 10.99% – 99.00%
Loan Amount: $5,000 – $400,000
Min Credit Score: 625

Available to residents of Michigan

Apply at OnDeck

Michigan Lending Laws

Michigan's Deferred Presentment Service Transactions Act limits payday loan fees to $15 per $100 borrowed and requires lenders to offer an extended repayment plan at no additional cost.

The primary regulator for consumer lending in Michigan is the Michigan Department of Insurance and Financial Services. Borrowers with complaints about a lender can file reports directly with that agency or with the federal Consumer Financial Protection Bureau (CFPB).

Frequently Asked Questions

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