Troy at a glance
- Population: 87,339, the 9th-largest community in Michigan out of 533 (US Census Bureau, Vintage 2023).
- 2020 Census base: the 2020 Census recorded 87,297 residents here (US Census Bureau).
- 2020 to 2023 change: stable between the 2020 base and the 2023 estimate (US Census Bureau).
- Rank among Michigan places: 9th out of 533 Census places (US Census Bureau).
- Size percentile: roughly 98% of Michigan's places have fewer residents (US Census Bureau).
- Coordinates: mapped at 42.5839, -83.1455 by the US Census Bureau Gazetteer.
- Nearest larger cities: Sterling Heights, MI (6 mi); Warren, MI (9 mi); Detroit, MI (14 mi); Livonia, MI (17 mi); Dearborn, MI (19 mi); each population is a US Census Bureau estimate.
- Smaller towns nearby: Clawson, MI (3 mi); Birmingham, MI (5 mi); Bloomfield Hills, MI (5 mi) (US Census Bureau).
What a personal loan costs in Troy
Personal loans are closed-end installment debt, so the monthly payment and the payoff date are known from the start.
The APR is the comparable price of a loan since it folds in fees; model any offer with the personal loan calculator first.
Lenders weigh your credit history, income and debts when they set the rate, and the term you choose then determines how that rate compounds into total cost.
Most lenders offer pre-qualification with a soft credit pull, so you can see an estimated rate and amount without affecting your credit score.
Michigan lending rules that apply in Troy
The table carries the Michigan rate and licensing rules that apply to consumer loans made in Troy.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Troy
The steps below are worth completing first when you borrow in Troy:
- 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.