Franklin at a glance
- Population: the Census estimates 3,121 residents, ranking 196th of 533 places in Michigan (Vintage 2023).
- 2020 Census base: 3,161 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: a decline of roughly 1.3% between the 2020 count and the 2023 estimate (US Census Bureau).
- Rank among Michigan places: the 196th-largest of 533 (US Census Bureau, 2023 estimate).
- Size percentile: ahead of around 63% of Michigan places in population terms (US Census Bureau).
- Coordinates: 42.5188, -83.3030 (Census Gazetteer, US Census Bureau).
- Nearest larger cities (120-mile radius): Beverly Hills, MI (3 mi); Southfield, MI (4 mi); Lathrup Village, MI (4 mi); Farmington Hills, MI (4 mi); Birmingham, MI (5 mi) (US Census Bureau).
- Smaller places close by: Bingham Farms, MI (1 mi); Orchard Lake Village, MI (6 mi); Keego Harbor, MI (7 mi) (US Census Bureau).
What a personal loan costs in Franklin
Unlike a revolving credit card, a personal loan is closed-end: the balance falls on a fixed schedule and the payment does not change.
The APR is the comparable price of a loan since it folds in fees; model any offer with the personal loan calculator first.
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.
Work out the payment you can comfortably carry each month first, then borrow no more than that figure supports.
Michigan lending rules that apply in Franklin
The sourced rows below are the rules a licensed lender must follow when lending in Michigan, and therefore in Franklin.
| 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 Franklin
Before you share your details with a lender in Franklin:
- 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.