Car Title Loans in Michigan2026 Guide
Car title loans are prohibited in Michigan under state usury limits (MCL § 438.31). Learn regulatory protections, legal interest rate ceilings, and alternative loan options in 2026.
Legal Status & Regulations
Governing Law
Mich. Comp. Laws § 438.31
Last Reviewed: April 2026
Law Summary
High-interest car title lending is banned in Michigan under state usury statutes (MCL § 438.31), supervised by the Department of Insurance and Financial Services (DIFS). Lenders are legally restricted from taking vehicle titles as collateral for predatory, high-APR short-term credit.
Real Rate Example in Michigan
A $1,500 loan in Michigan at a typical market rate of APR over 30 days would result in approximately $150 in interest and fees. Always compare multiple offers to find the most competitive rate.
What Documents You Need
- A clear vehicle title in your name
- A valid government-issued ID (Driver's License)
- Proof of residency (Utility bill, etc.)
- Proof of income or ability to repay
- The vehicle itself for a quick inspection
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Title Loans Union Editorial Team
Loan Regulations & Guides
Our editorial team monitors state statutes, interest rate ceilings, and car title loan regulations across all 50 states. We analyze legal statutes, state regulatory filings, and consumer protection policies to provide clear, unbiased analysis of borrowing requirements and costs.
*Last reviewed: June 2026. Always verify with your state's financial regulatory body before applying. Laws change frequently.
Quick Info Card
Max Loan Amount
N/A
Max APR / Rate
N/A
Loan Term Range
Varies
Governing Body
MI Dept. of Insurance and Financial Services