Online Loans in Michigan
Have you ever faced an unexpected emergency expense without having the funds to handle it? If so, you may be able to find the help you need with an online loan in Michigan! With a CreditFresh Line of Credit by CBW Bank, Member FDIC, you may be able to qualify for an online loan between $500 to $3,500. While some short term loans online may contain unexpected fees and hidden terms, the terms of a CreditFresh Line of Credit are transparent and straightforward.
Submitting a request for an online loan in Michigan through CreditFresh, is fast and easy. If approved, you’ll be able to access funds when you need them, as long as you have available credit. Simply request a draw on your personal Line of Credit from your available credit and the funds will be in your bank account as soon as the next business day!
Note: A Line of Credit is a type of online loan. As a revolving credit product, you can request draws, repay and redraw as needed from your available credit.
Online Loan Summary
Loan Amount: $500 to $3,500
Loan Type: Line of Credit
Lender: CBW Bank
Minimum Payment: Billing Cycle Charge + Required Principal Payment
Funding Time: 1 Business Day3
Benefits of Choosing CreditFresh for Online Loans in Michigan
Access Credit When you Need it
- You’ll get the financial flexibility you need to handle emergency expenses.
- Have access to your available credit when you need it by requesting a draw online.
- Funds can be in your bank account as soon as the next business day.
Excellent Customer Service
- Our dedicated Customer Service team is here to help!
- You can reach us 7 days a week for any questions relating to our services and/or products offered through the CreditFresh website.
- We’re here to help you access the funds you need when an emergency strikes.
Transparent, Easy-to-Understand Product
- Straightforward repayment terms without hidden fees
- A simple Billing Cycle Charge structure.
- Have access to a secure online platform to review information regarding your account.
Online Loans in Michigan – The Details
When you’re dealing with an emergency expense you weren’t able to plan for and you don’t have the money saved to handle it, an online loan in the form of a line of credit could provide you with the safety net you need to help you through it! A situation where you need short term online loans might come up if you have to make an unexpected trip to the emergency room, if your car blows a tire and you need to get it fixed quickly, or if you need to make an unplanned but essential home repair.
If you’re looking to get a loan online in Michigan, you can click here to submit a request or call us at 1-800-766-2007 for more information.
$500 to $3,500.
Making a Draw
You have the option to withdraw available funds all at once, or in smaller amounts from your available credit, as needed. If you request a draw, funds will typically be deposited into your bank account by the next business day3.
Repayment of Your Online Loan in Michigan
If you have an outstanding balance, you will be required to make a Minimum Payment for each Billing Cycle.
You will be issued a Periodic Statement at least 14 days before your Minimum Payment is due for your Line of Credit. Your Periodic Statement will show your Minimum Payment and your Payment Due Date.
Your Minimum Payment will be made up of two components:
- Billing Cycle Charge: this will be calculated based on your Average Daily Principal Balance that appears on your Periodic Statement (see details below); and
- A required principal payment which helps ensure you are always paying down your Outstanding Principal Balance.
You can always make payments towards your Outstanding Principal Balance at any time without prepayment penalties.
The Cost of a CreditFresh Online Loan in Michigan
For each billing cycle, you will only be charged a Billing Cycle Charge if you have an Outstanding Principal Balance. You can find this information in your Periodic Statement.
Billing Cycle Charge Table:
If the “Average Daily Principal Balance” appearing on you Periodic Statement is:
If you are paid weekly, bi-weekly or semi-monthly, your Billing Cycle Charge will be:
If you are paid monthly, your Billing Cycle Charge will be:
|$0.01 - $9.99||$5.00||$10.00|
|$10.00 - $249.99||$15.00||$30.00|
|$250.00 - $499.99||$30.00||$60.00|
|$500.00 - $749.99||$40.00||$80.00|
|$750.00 - $999.99||$55.00||$110.00|
|$1,000.00 - $1,249.99||$70.00||$140.00|
|$1,250.00 - $1,499.99||$85.00||$170.00|
|$1,500.00 - $1,749.99||$95.00||$190.00|
|$1,750.00 - $1,999.99||$105.00||$210.00|
|$2,000.00 - $2,249.99||$115.00||$230.00|
|$2,250.00 - $2,499.99||$120.00||$240.00|
|$2,500.00 - $2,749.99||$135.00||$270.00|
|$2,750.00 - $2,999.99||$145.00||$290.00|
|$3,000.00 - $3,249.99||$160.00||$320.00|
|$3,250.00 - $3,500.00||$175.00||$350.00|
Frequently Asked Questions
What are the minimum requirements to qualify for an Online Loan in Michigan offered through CreditFresh?
In order to request an Online Loan through CreditFresh, you must:
- Be of legal age to contract in Michigan
- Be a US citizen or a permanent resident
- Be a resident of Michigan
- Have an active bank account
- Have a regular, consistent source of income
- Have a valid contact number and an active email address
Please note that currently, no credit products offered through CreditFresh have rates that would meet the requirements applicable to lending to covered members of the US armed forces and their dependents.
Will I need a bank account to be approved for this online loan in Michigan?
Yes, if you’re looking to be approved for a CreditFresh Line of Credit, you’ll need to have an active bank account.
Will I need to make an appointment to submit a request for this online loan?
No, in order to submit a request, you will not need an appointment. To begin this process, simply click here. Submitting a request is simple and may take only a few minutes to complete1.
For more information, feel free to give us a call at 1-800-766-2007 and a member of our Customer Service team will be pleased to help you.
Are Online Loans offered through CreditFresh in other states?
Yes, the CreditFresh Line of Credit is currently offered in Alabama, Delaware, Florida, Illinois, Indiana, Kansas, Kentucky, Missouri, Nebraska, Ohio, South Carolina, Texas, Utah, and Washington in addition to Michigan.
How is a line of credit different than an installment loan?
One of the main ways this type of loan differs from an installment loan is that it’s a revolving form of credit. This means that if you’re approved, you’ll be able to borrow any amount up to your available credit limit, either all at once or in smaller amounts, as needed. As you pay down your balance, you can continue to borrow money when you need it from your available credit! This is why emergency loans online may be one way for you to get the money you need if you’re facing an unexpected expense and don’t have the necessary funds set aside to cover it.
We’re here to help!
Being in a difficult financial situation can be scary, and you’ll need to consider your options carefully if you’re looking to borrow money online by requesting a loan. If you need more information on the process of requesting an online loan in Michigan through CreditFresh, feel free to contact our Customer Service team at 1-800-766-2007. You can also find more information about the CreditFresh Line of Credit by visiting our general FAQ page.