Shaker Heights at a glance
- Population: 28,541 people, the 51st-largest place among Ohio's 924 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 29,443 people at the 2020 Census, the baseline for the trend below (US Census Bureau).
- 2020 to 2023 change: roughly 3.1% fewer residents than at the 2020 Census (US Census Bureau).
- Rank among Ohio places: 51st largest of 924 (US Census Bureau).
- Size percentile: it exceeds roughly 94% of Ohio's Census places by population (US Census Bureau).
- Coordinates: latitude 41.4761, longitude -81.5492 (US Census Bureau Gazetteer).
- Nearest larger cities: Cleveland Heights, OH (3 mi); Garfield Heights, OH (5 mi); Cleveland, OH (7 mi); Euclid, OH (8 mi); Parma, OH (11 mi); each population is a US Census Bureau estimate.
- Nearest smaller communities: University Heights, OH (1 mi); Beachwood, OH (2 mi); Highland Hills, OH (2 mi) (Census populations).
What a personal loan costs in Shaker Heights
With an installment loan the payment is fixed for the life of the loan, so the schedule is predictable from the first month to the last.
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.
Choosing a longer term eases the monthly budget but adds interest over the life of the loan; a shorter term costs more per month and less overall.
Before you borrow, decide what the loan is for and whether the monthly payment fits a budget you can already meet without taking on new debt.
Ohio lending rules that apply in Shaker Heights
The table lists the Ohio rules that apply to a loan made in Shaker Heights, each with the regulator that published it.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Shaker Heights
Before you commit to a personal loan in Shaker Heights, work through these steps:
- 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.