Clayton at a glance
- Population: about 316, 484th by size in Michigan of 533 places (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 325 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: down roughly 2.8% across the 2020-to-2023 comparison (US Census Bureau).
- Rank among Michigan places: 484th largest of 533 (US Census Bureau).
- Size percentile: about 9% of Michigan's Census places are smaller (US Census Bureau).
- Coordinates: it sits at 41.8645, -84.2349 in the US Census Bureau Gazetteer.
- Nearest larger cities (within 120 miles): Hudson, MI (6 mi); Morenci, MI (10 mi); Adrian, MI (10 mi); Onsted, MI (10 mi); Addison, MI (10 mi) (US Census Bureau populations).
- Smaller places nearby: Holiday City, OH (23 mi); Berkey, OH (23 mi); Allen, MI (28 mi), per US Census Bureau estimates.
What a personal loan costs in Clayton
A personal loan is structured as an installment plan, with a set number of monthly payments and a fixed amount due each time.
The number to compare is the APR, not the interest rate, because the APR folds in origination fees and other charges; our personal loan calculator will show what a given amount and term would cost.
The offer you receive reflects the lender's read of your credit, income and debts, and the term controls the balance between payment size and total interest.
Shop with more than one lender and treat pre-qualification as an estimate, since the final terms follow a full application.
Michigan lending rules that apply in Clayton
Every figure in the table below is sourced to a publisher with a date; where a state does not publish a number, we say so rather than estimate.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Clayton
Before you share your details with a lender in Clayton:
- 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.