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Personal loans in Le Roy, MI

For residents of Le Roy, a personal loan is a lump sum with a fixed repayment schedule, and its cost reflects your credit, income and debt-to-income picture. About 257 people live in Le Roy, which ranks 504th of 533 Census places in Michigan. Michigan sets the rate caps and licensing rules a lender must follow here, and the sourced table below lists them.

By the Personalloaned Editorial Team · Last updated 2026-09-16

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Le Roy at a glance

  • Population: 257 residents, the 504th-largest of 533 places in Michigan (US Census Bureau, Vintage 2023).
  • 2020 Census base: 254 residents at the 2020 Census (US Census Bureau, 2020 count).
  • 2020 to 2023 change: an increase of about 1.2% since the 2020 count (US Census Bureau).
  • Rank among Michigan places: 504th out of 533 Census places (US Census Bureau).
  • Size percentile: ahead of around 5% of Michigan places in population terms (US Census Bureau).
  • Coordinates: 44.0381 / -85.4538, per the US Census Bureau Gazetteer.
  • Nearest larger cities (120-mile radius): Luther, MI (11 mi); Reed City, MI (12 mi); Hersey, MI (13 mi); Evart, MI (13 mi); Cadillac, MI (14 mi) (US Census Bureau).
  • Smaller towns nearby: Harrietta, MI (22 mi); Stanwood, MI (32 mi); Fountain, MI (36 mi) (US Census Bureau).

What a personal loan costs in Le Roy

A personal loan is structured as an installment plan, with a set number of monthly payments and a fixed amount due each time.

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.

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.

Set the loan amount from the expense itself rather than the maximum you are approved for, and keep the payment within your existing budget.

Michigan lending rules that apply in Le Roy

Each row below is a Michigan rule with its publisher and the date it was retrieved.

RuleDetailSource
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 statusLegal 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 licensingLicense 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 regulatorMichigan 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 cap25% 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 Le Roy

Before you commit to a personal loan in Le Roy, work through these steps:

  1. Pull your free credit reports and dispute any error — it is the cheapest way to improve the rate you are offered.
  2. Run your figures through the personal loan calculator on this site so you know the payment before a lender quotes one.
  3. Pre-qualify with at least three lenders and compare the APR, not the interest rate.
  4. Check that the lender is licensed in Michigan using the regulator named above.
  5. Read the disclosure for origination fees and any prepayment penalty before you sign.

Common questions

Frequently asked questions

Can I get a personal loan with bad credit in Le Roy?
Yes, but expect a higher APR and possibly a smaller amount. Lenders that serve borrowers with lower scores are licensed statewide, so your options in Le Roy are the same as elsewhere in Michigan.
How much can I borrow with a personal loan in Le Roy?
Loan amounts are set by each lender and depend on your income, credit and existing debts, so we do not quote a range we cannot source. The Consumer Financial Protection Bureau explains how lenders assess an application, and our personal loan calculator will model the payment for any amount before you apply.
Does a personal loan in Le Roy require collateral?
Unsecured personal loans do not require collateral. A secured loan, such as a home-equity or auto-secured loan, does — and it puts the pledged asset at risk if you default.
Will shopping for a loan in Le Roy hurt my credit?
Pre-qualification usually uses a soft credit pull that does not affect your score. A full application triggers a hard inquiry, which may lower your score by a few points temporarily.

Nearby places

Where these figures come from

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