Grafton at a glance
- Population: 5,773 (US Census Bureau, Vintage 2023 subcounty estimate), the 241st-largest of 924 places in Ohio.
- 2020 Census base: 5,900 people counted in the 2020 Census (US Census Bureau).
- 2020 to 2023 change: about 2.2% lower than the 2020 Census base (US Census Bureau).
- Rank among Ohio places: the 241st-largest of 924 (US Census Bureau, 2023 estimate).
- Size percentile: ahead of around 74% of Ohio places in population terms (US Census Bureau).
- Coordinates: the Census Gazetteer places it at 41.2841, -82.0300.
- Nearest larger cities within 120 miles: North Ridgeville, OH (7 mi); Elyria, OH (7 mi); Olmsted Falls, OH (9 mi); Oberlin, OH (10 mi); Strongsville, OH (10 mi) (US Census Bureau).
- Smaller places close by: LaGrange, OH (5 mi); South Amherst, OH (11 mi); Sheffield, OH (12 mi) (US Census Bureau).
What a personal loan costs in Grafton
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.
Because interest accrues for longer, a longer term means a lower installment and a higher total cost — decide which matters more to you.
A useful rule is to keep the new payment inside the room your budget already has, so the loan eases pressure instead of adding to it.
Ohio lending rules that apply in Grafton
The sourced rows below are the rules a licensed lender must follow when lending in Ohio, and therefore in Grafton.
| Rule | Detail | Source |
|---|---|---|
| State lending regulator | Ohio Department of Commerce, Division of Financial Institutions (Consumer Finance Section). Source says: "The Consumer Finance Section is responsible for regulating non-depository consumer lenders and related consumer finance businesses." | Ohio Department of Commerce - Division of Financial Institutions as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | 8% per annum maximum by written agreement for the general case; higher rates permitted only in specified cases (e.g., principal over $100,000, business loans, certain mortgages). Source says: "may stipulate therein for the payment of interest upon the amount thereof at any rate not exceeding eight per cent per annum payable annually" (Ohio Rev. Code 1343.01(A)). [codes.ohio.gov content retrieved via search-engine fetch of the official section; direct connections blocked from our network] | Ohio Laws (Ohio Revised Code - official state publication) as of 2026-09-16 |
| Payday lending status | Legal for licensed short-term lenders; interest capped at 28% per annum; total fees and charges capped at 60% of the originally contracted loan amount. Source says: "(A) Interest not exceeding a rate of twenty-eight per cent per annum" (Ohio Rev. Code 1321.40); total fees/charges capped at "a total amount of fees and charges that exceeds sixty per cent of the originally contracted loan amount" (1321.403). | Ohio Laws (Ohio Revised Code - official state publication) as of 2026-09-16 |
| Small-loan / installment lender licensing | Consumer finance licenses required for non-depository lenders, including Consumer Installment Loan Act lenders, General Loan Law lenders, short-term lenders, and small loan lenders. Source says: "We issue and manage licenses for companies and individuals under multiple Ohio statutes." (page's regulated-statutes list names Consumer Installment Loan Act lenders, General Loan Law lenders, Short-term lenders, Small loan lenders). | Ohio Department of Commerce - Division of Financial Institutions as of 2026-09-16 |
How to compare offers in Grafton
Here is a short checklist for comparing personal loans in Grafton:
- 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 Ohio using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.