Madison Heights at a glance
- Population: about 28,238, 40th by size in Michigan of 533 places (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 28,462 residents (US Census Bureau, 2020 Census).
- 2020 to 2023 change: a loss of about 0.8% since the 2020 count (US Census Bureau).
- Rank among Michigan places: 40th of the state's 533 Census places (US Census Bureau).
- Size percentile: roughly 92% of Michigan's places have fewer residents (US Census Bureau).
- Coordinates: it sits at 42.5073, -83.1034 in the US Census Bureau Gazetteer.
- Nearest larger cities: Royal Oak, MI (3 mi); Warren, MI (4 mi); Oak Park, MI (5 mi); Troy, MI (6 mi); Sterling Heights, MI (6 mi) — straight-line distances, US Census Bureau populations.
- Nearest smaller towns: Clawson, MI (3 mi); Hazel Park, MI (3 mi); Pleasant Ridge, MI (3 mi) (US Census Bureau).
What a personal loan costs in Madison Heights
The defining feature of a personal loan is the fixed installment: the same payment every month until the term ends.
The number to compare is the APR, not the interest rate, because the APR folds in origination fees and other charges; our personal loan calculator will show what a given amount and term would cost.
A longer repayment period spreads the cost and increases the interest paid, so compare total cost, not just the monthly figure.
Most lenders offer pre-qualification with a soft credit pull, so you can see an estimated rate and amount without affecting your credit score.
Michigan lending rules that apply in Madison Heights
The table lists the Michigan rules that apply to a loan made in Madison Heights, each with the regulator that published it.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Madison Heights
Here is a short checklist for comparing personal loans in Madison 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.