South Lyon at a glance
- Population: roughly 11,941 people; 78th of 533 places in Michigan (Census Vintage 2023 subcounty estimate).
- 2020 Census base: the 2020 count put the population at 11,742 (US Census Bureau).
- 2020 to 2023 change: population rose about 1.7% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Michigan places: 78th largest of 533 (US Census Bureau).
- Size percentile: it exceeds roughly 85% of Michigan's Census places by population (US Census Bureau).
- Coordinates: 42.4610, -83.6532 (US Census Bureau Gazetteer).
- Nearest larger cities: Wixom, MI (8 mi); Novi, MI (9 mi); Ann Arbor, MI (13 mi); Farmington Hills, MI (14 mi); Livonia, MI (15 mi) — straight-line distances, US Census Bureau populations.
- Nearest smaller towns: Brighton, MI (8 mi); Northville, MI (9 mi); Milford, MI (9 mi) (US Census Bureau).
What a personal loan costs in South Lyon
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.
A longer term reduces what you owe each month and increases the total interest, which is the trade-off to weigh before choosing one.
Work out the payment you can comfortably carry each month first, then borrow no more than that figure supports.
Michigan lending rules that apply in South Lyon
Each row below is a Michigan rule with its publisher and the date it was retrieved.
| 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 South Lyon
A few practical steps will make the process in South Lyon less costly:
- 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.