This legislation prohibits automobile name lenders from actually possessing somebody car title that is elseвЂ™s. In addition it forbids any lender that is unlicensed charging much more than 7% APR on almost any loan. If an automobile title lending company wants to provide at an APR that surpasses 7%, they could submit an application for a permit under other certain Michigan financing laws and regulations. Continue reading The real history of Title Loans in Michigan. Loan providers of any type or sort in Michigan are lawfully bound to comply with MichiganвЂ™s usury legislation.