4649 Washtenaw Avenue, Ann Arbor MI 48108

Frequently Asked Questions

Frequently Asked Questions

About Payday Loans

What is a payday loan?

A payday loan is a short-term, small dollar loan, often used to cover unexpected expenses or to bridge a temporary gap between paychecks.  A payday loan is a financial solution that provides an alternative to bouncing checks or paying late fees.  Payday loans are used to cover short-term financial solutions – they are not a long-term financial solution.

How are payday loans regulated?

QuickcashMI is regulated by laws and officials at both the state and federal levels, including the Consumer Financial Protection Bureau.  QuickcashMI is directly regulated and audited by the State of Michigan Office of Finance and Insurance Services.

Why should I choose QuickcashMI for a payday loan?

Since 2005, thousands of customers have trusted QuickcashMI to provide flexible and personalized financial solutions to meet their needs.  In fact, over 99% of our customers rate their experience with QuickcashMI as positive.  We are a locally owned business and the owners live in the community.  Our superior location has access to easy in-and-out parking and is close by the major Universities and employers in the Ann Arbor area. We strive to have the best customer service relative to our competitors in the neighborhood.

How often can I use a payday loan?

Under the State of Michigan law, you can have one payday loan transaction open at a time at a given licensee.  You can have open transactions with a maximum of two licensees at a time.

Is my credit score checked before receiving a payday advance?

No, our approval process does not consider or impact each customer FICO score, but we may evaluate your credit eligibility by using a custom scoring model.

Is my transaction confidential?

We respect the desire for privacy in managing personal financial matters by each customer.  The payday loan transaction is confidential, and your personal information will be treated accordingly.

What are your hours?

M-F:  10 AM to 6 PM, Sat:  10 AM to 3 PM, Sun:  Closed

Loan Information and Details

What is the process for getting a payday loan?

The application process at QuickcashMI is efficient and simple, taking only 10-15 minutes.  Simply visit the center with Picture identification, Social Security card, Last two paystubs, Last two bank statements, Checkbook, and Proof of residence.

How much does a payday loan cost?

$100 | $15.45    $200 | $29.45    $300 | $42.45    $400 | $54.45    $500 | $65.45    $600 | $76.45   The fees that we charge are regulated by State of Michigan law.  The fee includes a $0.45 database fee per State guidelines.

How are fees established?

All the fees that we charge are regulated by State of Michigan law.  The loan fee includes a $0.45 database fee per State guidelines.  Other fees that may apply:  Repayment Plan Fee:  $16.   Bounce Check Fee:  $26.88

How is my loan amount determined?

The maximum available loan amount of $600 is regulated by State of Michigan law.  Within the allowed range, you qualify for a particular loan amount based primarily on your current income.

What do I need to get a payday loan?

Picture identification, Social Security card, Last two paystubs, Last two bank statements, Checkbook with a personal check, and Proof of residence.

If I already have another payday loan outstanding with another company, can i still qualify?

The State of Michigan regulates that you may have a maximum of two payday loans outstanding at one time with different licensees.  However, if you have entered into a Repayment Plan Agreement with a licensee you will be unable to obtain a second payday loan.  Please keep in mind that having more than one loan out at the same time could make it more difficult to repay your loans.

How and when will I know if my loan has been approved?

Processing your completed application will only take a few minutes.  Once processing is complete and you are approved, we’ll review the fees and terms for your payday loan, and you’ll receive the money during that same visit.

When will my loan be due?

Typically your payday loan will be due on your next payday.  The State of Michigan has regulated a maximum loan duration of 31 days and a minimum loan duration of 7 days.

What if I change my mind after taking out a payday loan?

State of Michigan law regulates that you can rescind your transaction by the close of the next business day without a fee or penalty.

Payment Information

How do I repay my loan?

You will return to the store on your due date to pay in cash, certified check, or money order.  You can also request that your check be deposited on your due date.

What if I am late repaying my loan?

The State of Michigan regulates that if you do not return on your due date to close the transaction, we must deposit your check.

Can I renew or roll over my advance by just paying the fee again on my due date?

State of Michigan law prohibits these practices.

Can I pay off my loan early?

Yes.  You may rescind the transaction for no fee by paying back the loan amount by the close of the next business day.

What if I cannot repay my loan?

The State of Michigan regulates that you may be entitled to enter into a Repayment Plan Agreement to pay back your loan with equal installments over your next three pay dates.  If you are eligible, you will be notified at your loan origination.

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