Lennon at a glance
- Population: about 472, 445th by size in Michigan of 533 places (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 479 residents (US Census Bureau, 2020 Census).
- 2020 to 2023 change: down about 1.5% from the 2020 Census base to the 2023 estimate (US Census Bureau).
- Rank among Michigan places: 445th by size among 533 communities (US Census Bureau).
- Size percentile: roughly 17% of Michigan's places have fewer residents (US Census Bureau).
- Coordinates: 42.9854 latitude, -83.9325 longitude (US Census Bureau Gazetteer).
- Nearest larger cities: Durand, MI (6 mi); Vernon, MI (6 mi); Swartz Creek, MI (6 mi); Flushing, MI (7 mi); Corunna, MI (9 mi) — straight-line distances, US Census Bureau populations.
- Smaller places nearby: Gaines, MI (8 mi); Oakley, MI (16 mi); Otter Lake, MI (29 mi), per US Census Bureau estimates.
What a personal loan costs in Lennon
Personal loans are installment credit — one lump sum, repaid in equal monthly installments across a fixed term you agree to up front.
Because the APR includes origination and finance charges, it is the honest comparison number; the personal loan calculator turns an APR and term into a monthly payment.
Because interest accrues for longer, a longer term means a lower installment and a higher total cost — decide which matters more to you.
Most lenders offer pre-qualification with a soft credit pull, so you can see an estimated rate and amount without affecting your credit score.
Michigan lending rules that apply in Lennon
The sourced rows below are the rules a licensed lender must follow when lending in Michigan, and therefore in Lennon.
| 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 Lennon
Before you share your details with a lender in Lennon:
- 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.