Climax at a glance
- Population: 739 residents, the 397th-largest of 533 places in Michigan (US Census Bureau, Vintage 2023).
- 2020 Census base: 732 residents (US Census Bureau, 2020 Census).
- 2020 to 2023 change: a gain of roughly 1.0% between the 2020 count and the 2023 estimate (US Census Bureau).
- Rank among Michigan places: 397th largest of 533 (US Census Bureau).
- Size percentile: it is larger than about 26% of the places in Michigan (US Census Bureau).
- Coordinates: 42.2383, -85.3360 (US Census Bureau Gazetteer).
- Nearest larger cities (within 120 miles): Galesburg, MI (6 mi); Battle Creek, MI (7 mi); Augusta, MI (7 mi); Springfield, MI (8 mi); Richland, MI (11 mi) (US Census Bureau populations).
- Nearest smaller communities: Burlington, MI (16 mi); Sherwood, MI (17 mi); Tekonsha, MI (20 mi), each a US Census place.
What a personal loan costs in Climax
With an installment loan the payment is fixed for the life of the loan, so the schedule is predictable from the first month to the last.
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.
A longer term reduces what you owe each month and increases the total interest, which is the trade-off to weigh before choosing one.
A payment that strains the budget is a warning sign; a smaller loan or a little more saving time is the safer route.
Michigan lending rules that apply in Climax
The sourced rows below are the rules a licensed lender must follow when lending in Michigan, and therefore in Climax.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Climax
A few practical steps will make the process in Climax less costly:
- 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.