Byron at a glance
- Population: about 528, 427th by size in Michigan of 533 places (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 533 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: down about 0.9% from the 2020 Census base to the 2023 estimate (US Census Bureau).
- Rank among Michigan places: 427th largest of 533 (US Census Bureau).
- Size percentile: about 20% of places in Michigan are smaller (US Census Bureau).
- Coordinates: latitude 42.8207, longitude -83.9499 (US Census Bureau Gazetteer).
- Nearest larger cities within 120 miles: Durand, MI (7 mi); Linden, MI (9 mi); Vernon, MI (9 mi); Fenton, MI (12 mi); Morrice, MI (12 mi) (US Census Bureau).
- Nearest smaller towns: Gaines, MI (4 mi); Bancroft, MI (7 mi); Lennon, MI (11 mi) — US Census Bureau populations.
What a personal loan costs in Byron
A personal loan is an installment loan: you receive a lump sum and repay it in fixed monthly payments over a set term, usually two to seven years.
The advertised interest rate leaves out fees that the APR captures, which is why APR is the number to weigh; try the personal loan calculator before you apply.
A longer repayment period spreads the cost and increases the interest paid, so compare total cost, not just the monthly figure.
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 Byron
The Michigan rate caps and licensing rules that reach Byron are listed below, each with its source and retrieval date.
| 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 Byron
Before you commit to a personal loan in Byron, 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 Michigan using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.