Silver Lake at a glance
- Population: about 2,498, 359th by size in Ohio of 924 places (Census Vintage 2023 subcounty estimate).
- 2020 Census base: the 2020 Census recorded 2,517 residents here (US Census Bureau).
- 2020 to 2023 change: about 0.8% below the 2020 Census base (US Census Bureau).
- Rank among Ohio places: 359th of the state's 924 Census places (US Census Bureau).
- Size percentile: it exceeds roughly 61% of Ohio's Census places by population (US Census Bureau).
- Coordinates: 41.1563 latitude, -81.4557 longitude (US Census Bureau Gazetteer).
- Nearest larger cities: Munroe Falls, OH (2 mi); Stow, OH (2 mi); Tallmadge, OH (4 mi); Kent, OH (5 mi); Cuyahoga Falls, OH (5 mi) (Census populations, approximate straight-line distance).
- Nearest smaller communities: Sugar Bush Knolls, OH (6 mi); Boston Heights, OH (7 mi); Peninsula, OH (7 mi) (Census populations).
What a personal loan costs in Silver Lake
Personal loans are closed-end installment debt, so the monthly payment and the payoff date are known from the start.
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.
A lender weighs your credit profile, income and debts when setting the rate, and a longer term lowers the payment at the cost of more interest overall.
A payment that strains the budget is a warning sign; a smaller loan or a little more saving time is the safer route.
Ohio lending rules that apply in Silver Lake
Each row below is a Ohio rule with its publisher and the date it was retrieved.
| 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 Silver Lake
The steps below are worth completing first when you borrow in Silver Lake:
- 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.