Clio at a glance
- Population: 2,471, the 225th-largest community in Michigan out of 533 (US Census Bureau, Vintage 2023).
- 2020 Census base: 2,527 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: down about 2.2% from the 2020 Census base to the 2023 estimate (US Census Bureau).
- Rank among Michigan places: 225th of the state's 533 Census places (US Census Bureau).
- Size percentile: roughly 58% of places in Michigan rank below it by population (US Census Bureau).
- Coordinates: 43.1770, -83.7356 (US Census Bureau Gazetteer).
- Nearest larger cities: Mount Morris, MI (4 mi); Flushing, MI (10 mi); Flint, MI (11 mi); Frankenmuth, MI (11 mi); Burton, MI (14 mi); each population is a US Census Bureau estimate.
- Nearest smaller towns: Birch Run, MI (6 mi); Montrose, MI (8 mi); Otisville, MI (11 mi) — US Census Bureau populations.
What a personal loan costs in Clio
Personal loans are installment credit — one lump sum, repaid in equal monthly installments across a fixed term you agree to up front.
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.
Stretching the term lowers the monthly payment but raises the total interest you pay, so the smallest payment is not automatically the cheapest loan.
A payment that strains the budget is a warning sign; a smaller loan or a little more saving time is the safer route.
Michigan lending rules that apply in Clio
The Michigan rate caps and licensing rules that reach Clio are listed below, each with its source and retrieval date.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Clio
Before you share your details with a lender in Clio:
- 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.