Concord at a glance
- Population: about 1,084 residents, ranking 344th of 533 Census places in Michigan (US Census Bureau, Vintage 2023 subcounty estimate).
- 2020 Census base: 1,092 residents at the 2020 Census (US Census Bureau, 2020 count).
- 2020 to 2023 change: down about 0.7% from the 2020 Census base to the 2023 estimate (US Census Bureau).
- Rank among Michigan places: 344th in population of 533 places (US Census Bureau).
- Size percentile: roughly 35% of places in Michigan rank below it by population (US Census Bureau).
- Coordinates: it sits at 42.1770, -84.6455 in the US Census Bureau Gazetteer.
- Nearest larger cities: Albion, MI (8 mi); Homer, MI (9 mi); Litchfield, MI (11 mi); Jackson, MI (13 mi); Jonesville, MI (14 mi); each population is a US Census Bureau estimate.
- Nearest smaller towns: Hanover, MI (7 mi); Parma, MI (8 mi); Springport, MI (14 mi) (US Census Bureau).
What a personal loan costs in Concord
The defining feature of a personal loan is the fixed installment: the same payment every month until the term ends.
The advertised interest rate leaves out fees that the APR captures, which is why APR is the number to weigh; try the personal loan calculator before you apply.
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.
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 Concord
Read the table as the compliance picture for a lender serving Concord: label, sourced figure, publisher and date.
| 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 Concord
The order below is a sensible way to approach a loan in Concord:
- 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.