Ann Arbor at a glance
- Population: 119,381 residents, the 5th-largest of 533 places in Michigan (US Census Bureau, Vintage 2023).
- 2020 Census base: 123,875 people (US Census Bureau, 2020 Census count).
- 2020 to 2023 change: down about 3.6% from the 2020 Census base to the 2023 estimate (US Census Bureau).
- Rank among Michigan places: 5th by size among 533 communities (US Census Bureau).
- Size percentile: ahead of around 99% of Michigan places in population terms (US Census Bureau).
- Coordinates: mapped at 42.2761, -83.7309 by the US Census Bureau Gazetteer.
- Nearest larger cities within 120 miles: Detroit, MI (33 mi); Warren, MI (39 mi); Sterling Heights, MI (41 mi); Toledo, OH (43 mi); Grand Rapids, MI (109 mi) (US Census Bureau).
- Nearest smaller towns: Barton Hills, MI (3 mi); Ypsilanti, MI (6 mi); Saline, MI (7 mi) (US Census Bureau).
What a personal loan costs in Ann Arbor
A personal loan is an installment loan: you receive a lump sum and repay it in fixed monthly payments over a set term, usually two to seven years.
Compare offers on APR rather than the headline rate — the APR includes most fees, and you can model the total with our personal loan calculator.
Choosing a longer term eases the monthly budget but adds interest over the life of the loan; a shorter term costs more per month and less overall.
Set the loan amount from the expense itself rather than the maximum you are approved for, and keep the payment within your existing budget.
Michigan lending rules that apply in Ann Arbor
The table carries the Michigan rate and licensing rules that apply to consumer loans made in Ann Arbor.
| Rule | Detail | Source |
|---|---|---|
| Small-loan / installment lender licensing | License required from the commissioner to make regulated loans (Regulatory Loan Act, MCL 493.1 et seq.) Source says: "a person shall not engage in the business of making loans of money ... without first obtaining a license from the commissioner" | Michigan Legislature as of 2026-09-16 |
| State lending regulator | Michigan Department of Insurance and Financial Services (DIFS) Source says: ""Department" means the department of insurance and financial services" | Michigan Legislature as of 2026-09-16 |
| Regulated lender interest/finance charge cap | 25% per annum (Credit Reform Act, MCL 445.1854(1)) Source says: "may charge, collect, and receive any rate of interest or finance charge for an extension of credit not to exceed 25% per annum" | Michigan Legislature as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | 7% per annum maximum by written agreement; 5% legal rate (MCL 438.31) Source says: "it shall be lawful for the parties to stipulate in writing for the payment of any rate of interest, not exceeding 7% per annum" | Michigan Legislature as of 2026-09-16 |
| Payday lending status | Legal and licensed — deferred presentment service transactions (2005 PA 244; MCL 487.2121 et seq.), licensed and regulated by DIFS Source says: "AN ACT to regulate the business of providing deferred presentment service transactions; to require the licensing of providers of deferred presentment service transactions" | Michigan Legislature as of 2026-09-16 |
How to compare offers in Ann Arbor
Here is a short checklist for comparing personal loans in Ann Arbor:
- Pull your free credit reports and dispute any error — it is the cheapest way to improve the rate you are offered.
- Run your figures through the personal loan calculator on this site so you know the payment before a lender quotes one.
- Pre-qualify with at least three lenders and compare the APR, not the interest rate.
- Check that the lender is licensed in Michigan using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.