Personal Loans in Michigan
SET Financial is a free matching service that connects Michigan residents with third-party lenders who make all credit decisions and set all rates and terms.
Get StartedSET Financial is a lead-connection service for new loan requests, not the lender. Not everyone who applies will be matched or approved.
Connecting Michigan Residents with Lenders
SET Financial is not a lender in Michigan. We are a free connection service that matches Michigan residents with third-party lenders in our network, and those lenders make every credit decision and set every rate and term. People with bad, thin, or limited credit are welcome to submit a request, though a match and approval are never guaranteed.
An installment loan gives you a lump sum up front that you repay in fixed, scheduled payments over a set term, which makes budgeting more predictable than open-ended credit. Michigan residents commonly use personal and installment loans for car repairs, medical bills, home or appliance fixes, debt consolidation, moving costs, or unexpected emergencies. Because payments are level and the payoff date is known from the start, many borrowers find them easier to plan around than revolving debt.
How It Works
- ✓ Share a few details about what you're looking for
- ✓ We connect you with lenders in our network
- ✓ The lender reviews your request and any offer
- ✓ You decide whether to move forward with the lender
- ✓ SET Financial is never a party to your loan
Who the Network Works With in Michigan
Bad credit
A low credit score does not automatically disqualify you. Some lenders in our network consider applicants with poor credit and look at your broader financial picture, though approval and terms are always up to the lender.
Thin or no credit
If you have little or no credit history, certain lenders may still review your request by weighing factors such as income and stability. Being matched or approved is never guaranteed.
Self-employed or 1099 income
Self-employed and 1099 earners can submit a request. Lenders may ask for bank statements, tax records, or other documentation to verify income before making any decision.
Fixed income
Borrowers on fixed income such as Social Security, disability, or a pension may be considered. Each lender sets its own income requirements, and repayment ability is evaluated by the lender.
Michigan Rates and Your Protections
Consumer lending in Michigan is overseen by the Michigan Department of Insurance and Financial Services, whose Office of Consumer Finance licenses lenders. Licensed consumer lenders operate under statutes such as the Regulatory Loan Act (Act 21 of 1939), under which regulatory loan licensees may charge up to a 25 percent maximum APR, and the Credit Reform Act (Act 162 of 1995), under which regulated lenders may charge rates agreed upon in writing. Michigan's general usury limit is 7 percent when set by written agreement. SET Financial is only a connection service and does not lend, set rates, or set terms in Michigan. Your actual APR, fees, and repayment schedule are determined solely by the lender you are matched with, based on your application and that lender's own criteria.
You can confirm a lender is licensed by checking with the Michigan Department of Insurance and Financial Services, and you should always review the exact APR, fees, and payment schedule shown on your loan agreement before you sign.
Regulator: Michigan Department of Insurance and Financial Services (DIFS).
Serving Borrowers Across Michigan
The lender network works with residents statewide, including:
Detroit · Grand Rapids · Warren · Sterling Heights · Ann Arbor · Lansing · Dearborn · Troy
Common questions
Quick answers. For more, see our full FAQ page.
Is SET Financial a lender in Michigan?
No. SET Financial is not a lender and is not making a licensing claim in Michigan. We are a free service that connects Michigan residents with third-party lenders who make all credit decisions and set all rates and terms.
Who regulates consumer loans in Michigan?
Consumer lending in Michigan is overseen by the Michigan Department of Insurance and Financial Services (DIFS), whose Office of Consumer Finance licenses lenders under laws such as the Regulatory Loan Act and the Credit Reform Act.
What interest rate can a Michigan lender charge?
It depends on the type of lender and loan. Regulatory loan licensees are limited to a 25 percent maximum APR, while regulated lenders under the Credit Reform Act may charge rates agreed to in writing. Your exact APR is set by your lender and shown on your loan agreement.
Can I get connected with a loan in Michigan if I have bad credit?
Possibly. Some lenders in our network consider applicants with bad or limited credit, but SET Financial cannot guarantee that you will be matched or approved. The lender makes that decision.
How do I verify my lender is licensed in Michigan?
You can check a lender's license status with the Michigan Department of Insurance and Financial Services, and you should review the APR, fees, and repayment terms on your loan agreement before signing.