Rockwood at a glance
- Population: the Census estimates 3,135 residents, ranking 195th of 533 places in Michigan (Vintage 2023).
- 2020 Census base: 3,242 people (US Census Bureau, 2020 Census count).
- 2020 to 2023 change: a loss of about 3.3% since the 2020 count (US Census Bureau).
- Rank among Michigan places: 195th of 533 by population (US Census Bureau, Vintage 2023).
- Size percentile: ahead of around 63% of Michigan places in population terms (US Census Bureau).
- Coordinates: 42.0703, -83.2417 (Census Gazetteer, US Census Bureau).
- Nearest larger cities: Flat Rock, MI (2 mi); Gibraltar, MI (3 mi); Woodhaven, MI (4 mi); Trenton, MI (5 mi); Riverview, MI (7 mi); US Census Bureau population estimates.
- Nearest smaller towns: South Rockwood, MI (2 mi); Estral Beach, MI (6 mi); Carleton, MI (8 mi) (US Census Bureau).
What a personal loan costs in Rockwood
A personal loan is an installment loan: you receive a lump sum and repay it in fixed monthly payments over a set term, usually two to seven years.
APR is the figure that lets you compare like with like, since it wraps fees into the rate; run your own numbers with the personal loan calculator.
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.
Pre-qualifying with several lenders takes minutes, uses a soft pull, and gives you real numbers to compare before any hard inquiry.
Michigan lending rules that apply in Rockwood
The Michigan rate caps and licensing rules that reach Rockwood are listed below, each with its source and retrieval date.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Rockwood
Here is a short checklist for comparing personal loans in Rockwood:
- 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.