Loans for Bad Credit
in Michigan
Managing sudden expenses can be challenging, particularly for those with limited or no credit history. A personal loan from the OppLoans Lending Platform can offer crucial financial assistance when you need it most.
Loans from
$500-$4,000
Repayment term4
9-18 Months
APR
160% - 195%
The figures above are examples of our lending partner’s typical installment loan offers and do not serve as guarantee of any rates & terms that you may qualify for.
Testimonials reflect the individual's opinion and may not be illustrative of all individual experiences with OppLoans.
OppLoans’ mission is to provide more affordable credit access to Michigan residents who have difficulty obtaining loans from traditional sources. Our lending partners help us achieve that. Loans through the OppLoans Lending Platform can be used for car repair bills, home renovation and repair, emergency medical expenses, travel expenses, and other financial needs.
Why choose OppLoans for a loan in Michigan
If your credit history isn't perfect, don't worry – we're here for you! Our dedication to outstanding customer service and financial inclusion enables us to assist those who might find doors closed at traditional financial institutions.
- Easy to Apply: Apply online from start to finish with our simplified application process.
- Same-Day Funding Available: If approved, you may receive money in your account as soon as the same business day!1
- Loan Support At Every Step: Our top-rated Customer Advocates are available to provide support at every step of the application process.
- No Hidden Fees: No origination fees. No application fees. No prepayment penalties.
Rates of our bank lending partners in Michigan
The annual percentage rates (APR) for a personal loan in Michigan offered by our bank lending partners and serviced through OppLoans ranges from 160% to 179%.4 The OppLoans Lending Platform offers simple interest loans and may be able to work with you to structure a flexible repayment plan.
Visit our Michigan Rates and Terms page for more details.
Do all personal loans in Michigan require a credit check?
Traditional lenders typically require a credit check before approving an installment loan. The OppLoans Lending Platform may use credit report information provided by Clarity Services and Experian as part of the application process to determine your creditworthiness. Neither credit inquiry will appear as a hard credit inquiry on your Experian credit report, and therefore they will not affect your FICO score. The OppLoans Lending Platform makes decisions based on an applicant’s overall creditworthiness.
Our system simplifies the borrowing process for individuals with less-than-perfect credit. Many banks and credit unions will not even consider a loan if your credit score is too low, but our lending partners will.
More About Michigan
Michigan is well-known as a home to American automakers, but that’s not the only industry that powers the economy. They also export food products, information technology (IT), aerospace engineering, and furniture. The Copper District on Keweenaw Point was one of the largest producers of copper in the world, with an output of over 11 billion pounds of copper through the 1960s.
Statistically, Michigan ranked 14th out of 50 states in the US in terms of Gross Domestic Product (GDP). As of 2023, the unemployment rate was 3.9%, the state income tax rate was 4.25%, and the state sales tax was 6%. Those numbers are comparable with those of other states with economies of similar size.
With more than 11,000 inland lakes, a sizable part of Michigan’s economy is water-based. Michigan has a thriving fishing industry and strategic positioning to the Great Lakes and the Canadian border. Detroit is a hub for international imports and exports.
FAQs
Through the OppLoans Lending Platform, Michigan residents with bad credit may qualify for an online personal loan from $500 to $4,000.4 The platform performs a soft credit check, so applying won't negatively impact your FICO® score.2
As an alternative, the State of Michigan allows you to take out up to two $600 payday loans from different lenders. Payday loans5 don’t typically require a credit check, but their APRs can be as high as 400%.
Yes, personal loans are legal in Michigan. The OppLoans Lending Platform offers installment loans for bad credit borrowers.
The first step in applying for a loan is to complete our online loan application. To be eligible for a lending product through the OppLoans Lending Platform, potential borrowers must:
- Be 18 years or older
- Have a bank account (checking or savings account)
- Reside in one of the states in which we currently operate
- Have a regular source of income
- Receive income through direct deposit
- Loan Amount: $500-$4,000
- Repayment Term: 9-18 Months4
- APR: 160% - 179%