Bloomfield Hills at a glance
- Population: 4,377 residents, the 166th-largest of 533 places in Michigan (US Census Bureau, Vintage 2023).
- 2020 Census base: the 2020 Census recorded 4,452 residents here (US Census Bureau).
- 2020 to 2023 change: down about 1.7% from the 2020 Census base to the 2023 estimate (US Census Bureau).
- Rank among Michigan places: 166th of the state's 533 Census places (US Census Bureau).
- Size percentile: about 69% of places in Michigan are smaller (US Census Bureau).
- Coordinates: mapped at 42.5814, -83.2464 by the US Census Bureau Gazetteer.
- Nearest larger cities (120-mile radius): Birmingham, MI (3 mi); Beverly Hills, MI (4 mi); Pontiac, MI (5 mi); Troy, MI (5 mi); Clawson, MI (6 mi) (US Census Bureau).
- Smaller places nearby: Bingham Farms, MI (5 mi); Sylvan Lake, MI (5 mi); Franklin, MI (5 mi), per US Census Bureau estimates.
What a personal loan costs in Bloomfield Hills
A personal loan gives you the full amount at once and spreads repayment over a set number of months at a fixed payment.
Two loans can share an interest rate and still differ in APR once fees are counted, so compare APR; our personal loan calculator shows the difference over the full term.
Stretching the term lowers the monthly payment but raises the total interest you pay, so the smallest payment is not automatically the cheapest loan.
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 Bloomfield Hills
The table lists the Michigan rules that apply to a loan made in Bloomfield Hills, each with the regulator that published it.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Bloomfield Hills
Here is a short checklist for comparing personal loans in Bloomfield Hills:
- 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.