Michigan Financial Snapshot
- Nickname: "The Great Lake State"
- Population: 9,995,915
- Website: Michigan.gov
As of 2018, the median household income in Michigan was $56,081 – about $5,000 lower than the national median income of $61,937. At the same time, Michigan’s poverty rate of 14.1% has left many Michigan residents struggling to make ends meet.
Payday Loans in Michigan
There were about 550 payday lenders in Michigan in 2017.
Statistics show that Michigan payday lenders set up shop in communities of color, low-income neighborhoods, and rural areas at higher rates than in other regions. The Center for Responsible Lending notes that areas with more than 25% African-American and 50% Latino residents have 7.6 and 6.6 payday stores per 100,000 people, respectively. Rural regions have a payday store concentration of 7.1 stores per 100,000 people, while low-income neighborhoods have, on average, 9.1 stores per 100,000 people.
Consumer Protection in Michigan
How to Report a Lender in Michigan
To file a complaint about a lender, borrowers may contact:
Department of Insurance and Financial Services
- Address: P.O. Box 30020, Lansing, MI 48909
- Online complaint form: http://www.michigan.gov/documents/cis_ofis_fis_pub_1003_24966_7.pdf
Guides to Payday Loans in Michigan Cities
Check back soon for these payday loan guides to the following cities in Michigan:
Detroit | Grand Rapids| Lansing