Birmingham at a glance
- Population: about 21,434 residents, ranking 50th of 533 Census places in Michigan (US Census Bureau, Vintage 2023 subcounty estimate).
- 2020 Census base: 21,816 residents at the 2020 Census (US Census Bureau, 2020 count).
- 2020 to 2023 change: about 1.8% below the 2020 Census base (US Census Bureau).
- Rank among Michigan places: 50th largest of 533 (US Census Bureau).
- Size percentile: about 91% of places in Michigan are smaller (US Census Bureau).
- Coordinates: latitude 42.5448, longitude -83.2166 (US Census Bureau Gazetteer).
- Nearest larger cities: Royal Oak, MI (4 mi); Troy, MI (5 mi); Southfield, MI (5 mi); Oak Park, MI (6 mi); Madison Heights, MI (6 mi), each a US Census place with its estimated population.
- Nearest smaller communities: Beverly Hills, MI (2 mi); Bloomfield Hills, MI (3 mi); Clawson, MI (3 mi), each a US Census place.
What a personal loan costs in Birmingham
Personal loans are installment credit — one lump sum, repaid in equal monthly installments across a fixed term you agree to up front.
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.
Your credit, income and existing debts drive the rate a lender offers, while the term you pick sets how much interest builds on top.
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 Birmingham
Read the table as the compliance picture for a lender serving Birmingham: label, sourced figure, publisher and 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 Birmingham
The steps below are worth completing first when you borrow in Birmingham:
- 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.