Arrange a Payday Loans Michigan Payment Plan

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Can't Pay Your Michigan Payday Loans? DoNotPay Can Help!

Payday loans are often used to get through desperate situations. Payday loans are easy to access, are quick, and have very few limitations. They can seem like the perfect way to resolve an immediate need. However, the payday loan itself can then become its own problem in need of a solution.

If you've fallen victim to the predatory practices of payday loans in Michigan, there is a way out. When ridiculous APRs make it impossible to make the payments on your payday loan, payday loan help is available with a . Better yet, you don't have to do it alone. DoNotPay is here to help!

What Happens if You Stop Paying Your Payday Loan?

Payday loans are governed in the state of Michigan by the Deferred Presentation Service Transactions Act. Your payday loan is a binding, legal agreement in Michigan, and lenders can legally charge as much as 15%. While this amount might not seem that high, because of the compounding effect of unpaid payday loans, a borrower may find themselves paying as much as 391% APR.

It can be tempting to just throw up your hands and stop paying your payday loan when frustration mounts. This is not a solution, and there are many reasons why simply not paying your payday loan is a bad idea:

Bank feesYou initially provided a check to cover the payday loan. That check can be presented to your bank when the loan is due, regardless of whether or not you have funds in your account. This can lead to bank fees and overdraft charges on other transactions, accumulating even more costs.
Payday loan trapBorrowers can feel compelled to take out additional payday loans to pay off the first. This slippery slope creates a perpetual debt that becomes even harder to overcome.
Collection callsCollection calls can be distracting and embarrassing, interrupting work and family time.
Family and friends are affectedIf you provided family and friends' contact information as referrals in your initial loan process, they too could find themselves dealing with an endless battery of calls looking for a way to contact the borrower.

How Does an Unpaid Michigan Payday Loan Affect Your Credit Score?

While payday loans do have an impact on your credit score, none of them are positive. If you do manage to pay your payday loan on time, your current payment record won't be reported to any of the three major credit reporting agencies. However, when you cannot pay back your payday loan based on the original terms, lenders will often take adverse credit action.

  • Account collections are reported to credit bureaus.
  • Payday loans sold to debt collectors can then be reported to credit bureaus.
  • Your credit score drops, and your future credit transactions are impacted.

The negative impact of unpaid payday loans can last for up to seven years. That doesn't mean you are powerless to avoid affecting your credit. can help you determine the best option to prevent the negative credit impact of your Michigan payday loan.

How to Lower Your Michigan Payday Loan on Your Own

Ridding yourself of your payday loan can be a long and complicated process that often begins with negotiating the terms of your payday loan. Unfortunately, most payday loan companies aren't interested in term negotiations until your loan is already in default. The steps to negotiating your payday loan and moving towards getting out of your payday loan are:

  1. Find out whom to contact.
  2. Research possible settlement options.
  3. Determine your preferred settlement terms.
  4. Negotiate the settlement terms.
  5. Make sure the agreed-upon terms provide a substantial benefit.
  6. Get it in writing.

These steps can take time, and the person you will be dealing with will be a professional negotiator. It will be essential to understand the terms of your settlement so you don't find yourself in just as difficult a situation as you started.

Avoid the Aggravation of Going It Alone With the Help of DoNotPay

If you want to lower your payday loan but don 't know where to start, DoNotPay has you covered. Lower your payday loan in 5 easy steps:

  1. Search "Negotiate Payday Loans" on DoNotPay.

  2. Enter the state you took out the payday loan in.

  3. Tell us the amount you borrowed, the date you took out the loan, and when the payment is due.

  4. DoNotPay will automatically calculate the APR on your behalf, and determine the best way to negotiate your case based on the amount.

  5. You're all set! You can generate your personal negotiation letter with one click, and use it to contact your lender to get better terms for your loan.

How Does Getting Help Affect the Outcome of Michigan Payday Loans?

There are many instances when a DIY approach can save you time and money. In most cases, resolving your payday loan is not one of them. Utilizing the help of someone who knows the ins and outs of payday loans will net you a better outcome in less time. Whether you are looking to consolidate your payday loans, negotiate an extended payment plan, or get out of your loan altogether, utilizing an expert will give you a much better chance at the results you expect.

Why Use DoNotPay to Help Negotiate Your Michigan Payday Loan Repayment Plan?

It's pretty simple. DoNotPay gives you back your life by helping craft a solution to your payday loan, that is:

  • Fast - You don't have hours to try to solve this problem, so we'll do it for you.
  • Easy - Tedious forms and tracking each step involved takes time and takes mental energy you can devote to other things.
  • Successful - Nothing beats the peace of mind of knowing that we'll make the best case for you.

How Else Can DoNotPay Help?

Helping you solve your Michigan payday loans woes is not the only way DoNotPay is here for you. We can also help you reduce other expenses. We offer assistance with:

DoNotPay Is the Hassle-Free Solution to Your Michigan Payday Loan

DoNotPay makes the process of negotiating or settling your payday loan fast, simple, and effective. Our Negotiate Your Payday Loans product puts you back in control of your future. Contact to begin your payday loan settlement journey today.

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