Lakewood at a glance
- Population: roughly 49,337 people; 18th of 924 places in Ohio (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 50,941 residents at the 2020 Census (US Census Bureau, 2020 count).
- 2020 to 2023 change: down roughly 3.1% across the 2020-to-2023 comparison (US Census Bureau).
- Rank among Ohio places: 18th out of 924 Census places (US Census Bureau).
- Size percentile: about 98% of Ohio's Census places are smaller (US Census Bureau).
- Coordinates: latitude 41.4833, longitude -81.8011 (US Census Bureau Gazetteer).
- Nearest larger cities (within 120 miles): Cleveland, OH (6 mi); Parma, OH (8 mi); Elyria, OH (18 mi); Lorain, OH (20 mi); Cuyahoga Falls, OH (24 mi) (US Census Bureau populations).
- Smaller places close by: Rocky River, OH (3 mi); Linndale, OH (3 mi); Fairview Park, OH (4 mi) (US Census Bureau).
What a personal loan costs in Lakewood
A personal loan hands you a single sum and a repayment schedule of equal monthly installments over an agreed term.
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.
Choosing a longer term eases the monthly budget but adds interest over the life of the loan; a shorter term costs more per month and less overall.
Before you borrow, decide what the loan is for and whether the monthly payment fits a budget you can already meet without taking on new debt.
Ohio lending rules that apply in Lakewood
Read the table as the compliance picture for a lender serving Lakewood: label, sourced figure, publisher and date.
| Rule | Detail | Source |
|---|---|---|
| Small-loan / installment lender licensing | Consumer finance licenses required for non-depository lenders, including Consumer Installment Loan Act lenders, General Loan Law lenders, short-term lenders, and small loan lenders. Source says: "We issue and manage licenses for companies and individuals under multiple Ohio statutes." (page's regulated-statutes list names Consumer Installment Loan Act lenders, General Loan Law lenders, Short-term lenders, Small loan lenders). | Ohio Department of Commerce - Division of Financial Institutions as of 2026-09-16 |
| State lending regulator | Ohio Department of Commerce, Division of Financial Institutions (Consumer Finance Section). Source says: "The Consumer Finance Section is responsible for regulating non-depository consumer lenders and related consumer finance businesses." | Ohio Department of Commerce - Division of Financial Institutions as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | 8% per annum maximum by written agreement for the general case; higher rates permitted only in specified cases (e.g., principal over $100,000, business loans, certain mortgages). Source says: "may stipulate therein for the payment of interest upon the amount thereof at any rate not exceeding eight per cent per annum payable annually" (Ohio Rev. Code 1343.01(A)). [codes.ohio.gov content retrieved via search-engine fetch of the official section; direct connections blocked from our network] | Ohio Laws (Ohio Revised Code - official state publication) as of 2026-09-16 |
| Payday lending status | Legal for licensed short-term lenders; interest capped at 28% per annum; total fees and charges capped at 60% of the originally contracted loan amount. Source says: "(A) Interest not exceeding a rate of twenty-eight per cent per annum" (Ohio Rev. Code 1321.40); total fees/charges capped at "a total amount of fees and charges that exceeds sixty per cent of the originally contracted loan amount" (1321.403). | Ohio Laws (Ohio Revised Code - official state publication) as of 2026-09-16 |
How to compare offers in Lakewood
A few practical steps will make the process in Lakewood less costly:
- 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 Ohio using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.