Dearborn Heights at a glance
- Population: 60,872 residents, the 20th-largest of 533 places in Michigan (US Census Bureau, Vintage 2023).
- 2020 Census base: 63,291 people (US Census Bureau, 2020 Census count).
- 2020 to 2023 change: about 3.8% below the 2020 Census base (US Census Bureau).
- Rank among Michigan places: 20th in population of 533 places (US Census Bureau).
- Size percentile: it exceeds roughly 96% of Michigan's Census places by population (US Census Bureau).
- Coordinates: 42.3357 latitude, -83.2888 longitude (US Census Bureau Gazetteer).
- Nearest larger cities: Dearborn, MI (4 mi); Westland, MI (5 mi); Livonia, MI (6 mi); Taylor, MI (8 mi); Southfield, MI (10 mi), each a US Census place with its estimated population.
- Nearest smaller places: Garden City, MI (3 mi); Inkster, MI (3 mi); Wayne, MI (6 mi) (US Census Bureau estimates).
What a personal loan costs in Dearborn Heights
A personal loan is structured as an installment plan, with a set number of monthly payments and a fixed amount due each time.
Compare offers on APR rather than the headline rate — the APR includes most fees, and you can model the total with our 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-qualification is a good first filter: it shows the rate and amount a lender may offer before you agree to a full application and a hard inquiry.
Michigan lending rules that apply in Dearborn Heights
The table lists the Michigan rules that apply to a loan made in Dearborn Heights, each with the regulator that published it.
| 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 Dearborn Heights
The steps below are worth completing first when you borrow in Dearborn Heights:
- 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.