Good to excellent credit
American Express
- Credit profile
- Excellent
- APR range
- 6.99% – 19.99%
- Loan amount
- $3,500 – $40,000
Personal finance / MI
Personal loans, banking, insurance, and debt help in Michigan
Michiganders use personal loans to consolidate credit card debt, cover emergencies, fund home improvements, or pay for major life events, with both unsecured and secured options available.
33lenders in the dataset
MIstate guide
$993/yraverage homeowners premium in dataset
51jurisdictions in the dataset
01 / Personal loans
Personal loans in Michigan
Michiganders use personal loans to consolidate credit card debt, cover emergencies, fund home improvements, or pay for major life events, with both unsecured and secured options available.
Interest-rate law
Michigan applies a flat 25% cap to any extension of credit from a regulated lender, with no tiering by loan size and no stated dollar ceiling. Payday loans run under a separate act and can reach much higher effective APRs.
| Loan range | Rate | Statute |
|---|---|---|
| Any loan amount, regulated lender | 25% flat | MCL 445.1854 (Credit Reform Act) |
| Payday loans (Deferred Presentment Service Transactions Act) | Up to ~391% APR on a typical two-week loan | Not specified in dataset |
Lender complaints: Michigan Department of Insurance and Financial Services (DIFS)
02 / Lender directory
Lenders by credit profile
Good to excellent credit
Axos Bank
- Credit profile
- Excellent
- APR range
- 11.79% – 20.84%
- Loan amount
- $7,000 – $50,000
Good to excellent credit
Citi
- Credit profile
- Good - Excellent
- APR range
- 9.99% – 17.49%
- Loan amount
- $2,000 – $30,000
Good to excellent credit
Discover
- Credit profile
- Good - Excellent
- APR range
- 6.99% – 24.99%
- Loan amount
- $2,500 – $40,000
Good to excellent credit
Fifth Third Bank
- Credit profile
- Not specified
- APR range
- 8.69% – 21.74%
- Loan amount
- $2,000 – $50,000
Good to excellent credit
Happy Money
- Credit profile
- Good
- APR range
- 7.95% – 35.99%
- Loan amount
- $5,000 – $50,000
Good to excellent credit
Huntington Bank
- Credit profile
- Not specified
- APR range
- 8.47% – 25%
- Loan amount
- $0 – $50,000
Good to excellent credit
KeyBank
- Credit profile
- Not specified
- APR range
- 8.99% – 22.99%
- Loan amount
- $2,000 – $100,000
Good to excellent credit
LightStream
- Credit profile
- Good - Excellent
- APR range
- 6.74% – 25.39%
- Loan amount
- $5,000 – $100,000
Good to excellent credit
PenFed
- Credit profile
- Good
- APR range
- 7.99% – 17.99%
- Loan amount
- $500 – $50,000
Good to excellent credit
PNC Bank
- Credit profile
- Not specified
- APR range
- 7.89% – 24.99%
- Loan amount
- $1,000 – $35,000
Good to excellent credit
Prosper
- Credit profile
- Good
- APR range
- 8.99% – 35.99%
- Loan amount
- $2,000 – $50,000
Good to excellent credit
Reach Financial
- Credit profile
- Not specified
- APR range
- 5.99% – 35.99%
- Loan amount
- $3,500 – $40,000
Good to excellent credit
Rocket Loans
- Credit profile
- Good
- APR range
- 8.01% – 29.99%
- Loan amount
- $2,000 – $45,000
Good to excellent credit
SoFi
- Credit profile
- Good - Excellent
- APR range
- 8.74% – 35.99%
- Loan amount
- $5,000 – $100,000
Good to excellent credit
USAA
- Credit profile
- Good - Excellent
- APR range
- 9.89% – 18.51%
- Loan amount
- $2,500 – $100,000
Good to excellent credit
Wells Fargo
- Credit profile
- Good - Excellent
- APR range
- 6.74% – 25.99%
- Loan amount
- $3,000 – $100,000
Fair credit
Achieve
- Credit profile
- Fair
- APR range
- 6.25% – 35.99%
- Loan amount
- $5,000 – $50,000
Fair credit
Avant
- Credit profile
- Poor to Good
- APR range
- 9.95% – 35.99%
- Loan amount
- $2,000 – $35,000
Fair credit
Best Egg
- Credit profile
- Fair
- APR range
- 6.99% – 35.99%
- Loan amount
- $2,000 – $50,000
Fair credit
Happen Bank (formerly LendingClub)
- Credit profile
- Fair
- APR range
- 7.04% – 35.99%
- Loan amount
- $1,000 – $60,000
Fair credit
LendingPoint
- Credit profile
- Fair
- APR range
- 7.99% – 35.99%
- Loan amount
- $1,000 – $36,500
Fair credit
Navy Federal Credit Union
- Credit profile
- Fair - Excellent
- APR range
- 8.74% – 18%
- Loan amount
- $250 – $50,000
Fair credit
Oportun
- Credit profile
- Fair
- APR range
- N/A – 35.95%
- Loan amount
- $300 – $10,000
Fair credit
Upgrade
- Credit profile
- Fair
- APR range
- 7.74% – 35.99%
- Loan amount
- $1,000 – $50,000
Fair credit
Upstart
- Credit profile
- Fair
- APR range
- 6.20% – 35.99%
- Loan amount
- $1,000 – $75,000
Poor or limited credit
CreditNinja
- Credit profile
- Poor
- APR range
- 195.75% – 349%
- Loan amount
- $300 – $5,000
Poor or limited credit
Integra Credit
- Credit profile
- Poor
- APR range
- 149% – 399%
- Loan amount
- $500 – $3,000
Poor or limited credit
NetCredit
- Credit profile
- Poor
- APR range
- 34% – 99.99%
- Loan amount
- $1,000 – $10,000
Poor or limited credit
OneMain Financial
- Credit profile
- Poor
- APR range
- 18% – 35.99%
- Loan amount
- $1,500 – $20,000
Poor or limited credit
OppLoans
- Credit profile
- Poor
- APR range
- 160% – 195%
- Loan amount
- $500 – $5,000
Poor or limited credit
Personify Financial
- Credit profile
- Poor
- APR range
- 36% – 179.50%
- Loan amount
- $500 – $15,000
Poor or limited credit
Rise
- Credit profile
- Poor
- APR range
- 99% – 199%
- Loan amount
- $500 – $5,000
03 / Debt consolidation
Debt consolidation
Michigan's flat 25% cap applies regardless of loan size, so a debt consolidation loan priced anywhere near that ceiling isn't likely to save much over a typical credit card APR; look for a rate meaningfully below 25% and compare multiple lenders.
04 / Banking and credit unions
Banking in Michigan
National banks offer scale and convenience while Michigan-based regional and community banks compete on relationship banking and local decision-making.
Banks listed
- ChaseNational bank.
- ComericaHeadquartered in Dallas, TX, with deep Michigan roots (originally founded in Detroit).
- Huntington BankHeadquartered in Columbus, OH.
- Fifth Third BankHeadquartered in Cincinnati, OH.
- PNC BankNational bank, headquartered in Pittsburgh, PA.
- Flagstar BankHeadquartered in Troy, MI.
- Bank of AmericaNational bank.
Credit unions
Michigan credit unions are member-owned, not-for-profit institutions that often post lower rates and fewer fees than banks, with membership tied to location, employer, or association.
Median membership growth of about 3.7% year over year (Q4 2025 NCUA data), one of the stronger figures in this comparison, versus a national median of about -0.5%, alongside a notably high median loan-to-share ratio (about 96%).
Michigan is one of only a few states (with Washington) allowing a credit union to expand its field of membership statewide; Michigan First Credit Union became the first to receive a statewide charter in 2014, followed by Credit Union ONE and Michigan United Credit Union. Industrial roots run through the auto industry: UAW-CIO locals seeded predecessors of Michigan United, and Detroit's manufacturing base produced dozens of shop-floor cooperatives.
Federally insured credit union deposits are protected up to $250,000 through the National Credit Union Share Insurance Fund.
Credit unions listed
05 / Debt settlement
Debt settlement
Effectively no legal path for a typical for-profit debt settlement company. Michigan's Debt Management Act (Mich. Comp. Laws § 451.411 et seq.) functions as a nonprofit-only framework; for-profit debt settlement generally cannot operate under it.
06 / Insurance
Michigan insurance
Regulator
Michigan Department of Insurance and Financial Services (DIFS)
Insurance regulator websiteAuto insurance
20/40/10
Michigan requires liability insurance of $20,000 per person/$40,000 per accident bodily injury, plus $10,000 property damage, plus personal injury protection (PIP) with tiered coverage levels since a 2019 no-fault overhaul.
Homeowners and renters
$993/yr
- State requirement
- No
- National homeowners average
- $1,337/yr
- Renters average
- $179/yr
Severe thunderstorms, tornadoes in southern counties, and lake-effect winter storms that can cause significant roof and structural damage.
07 / Questions
Michigan FAQs
How do I file a complaint against a lender in Michigan?
Contact the Michigan Department of Insurance and Financial Services (DIFS), which licenses and supervises consumer lenders and is also the state's insurance regulator.
How do I file a complaint against my insurance company in Michigan?
File with DIFS.
What's the maximum interest rate a lender can legally charge on a personal loan in Michigan?
25% flat for any extension of credit from a regulated lender, with no tiering by loan size and no stated dollar ceiling (MCL 445.1854).
What credit score do I need for a personal loan in Michigan?
It depends on the lender. Banks and credit unions generally want a FICO score of 700+, FinTech lenders work with fair credit (low-to-mid 600s), and some lenders serve poor/limited credit at higher APRs.
Are payday loans legal in Michigan, and are there caps on fees or loan amounts?
Yes. Deferred presentment service transactions are capped at $600, with a sliding fee scale (15% on the first $100 down to 11% on the fifth/sixth hundred), working out to about 391% APR on a two-week loan. A 2024 Senate bill to cap payday APRs at 36% passed the Senate but remains stalled in a House committee.
How long can a debt collector legally pursue an unpaid debt in Michigan before the statute of limitations runs out?
Michigan applies a uniform 6-year statute of limitations to most consumer debt (MCL 600.5807(8)); UCC sale-of-goods debt gets a shorter 4-year window. A payment or written acknowledgment can restart the clock.
What's the difference between a debt consolidation loan and debt settlement for someone living in Michigan?
A consolidation loan pays off debts in full with new borrowed money at a lower rate; settlement negotiates a reduced payoff but requires halting payments first. In Michigan, this comparison matters less because the Debt Management Act functions as an effectively nonprofit-only framework; a consolidation loan, subject to Michigan's flat 25% cap, is the clearly available for-profit path.
