Mount Clemens at a glance
- Population: 15,378 residents, the 63rd-largest of 533 places in Michigan (US Census Bureau, Vintage 2023).
- 2020 Census base: 15,701 people (US Census Bureau, 2020 Census count).
- 2020 to 2023 change: down roughly 2.1% across the 2020-to-2023 comparison (US Census Bureau).
- Rank among Michigan places: 63rd in population of 533 places (US Census Bureau).
- Size percentile: roughly 88% of places in Michigan rank below it by population (US Census Bureau).
- Coordinates: the Census Gazetteer places it at 42.5981, -82.8815.
- Nearest larger cities: Roseville, MI (7 mi); St. Clair Shores, MI (7 mi); Sterling Heights, MI (8 mi); Eastpointe, MI (10 mi); Warren, MI (10 mi) (Census populations, approximate straight-line distance).
- Nearest smaller communities: Fraser, MI (5 mi); Utica, MI (8 mi); New Baltimore, MI (9 mi) (Census populations).
What a personal loan costs in Mount Clemens
Personal loans are closed-end installment debt, so the monthly payment and the payoff date are known from the start.
Two loans can share an interest rate and still differ in APR once fees are counted, so compare APR; our personal loan calculator shows the difference over the full term.
Your credit, income and existing debts drive the rate a lender offers, while the term you pick sets how much interest builds on top.
If you are consolidating debt, the loan only helps if you stop adding to the balances it clears; otherwise the total debt grows.
Michigan lending rules that apply in Mount Clemens
Where a figure is not published by the state, the row points to the source instead of guessing.
| 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 Mount Clemens
Before you share your details with a lender in Mount Clemens:
- 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.