Memphis at a glance
- Population: a Census-estimated 1,062, placing it 345th among Michigan's 533 places (Vintage 2023 subcounty estimate).
- 2020 Census base: 1,082 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: a loss of about 1.8% since the 2020 count (US Census Bureau).
- Rank among Michigan places: 345th by size among 533 communities (US Census Bureau).
- Size percentile: ahead of around 35% of Michigan places in population terms (US Census Bureau).
- Coordinates: 42.8952 latitude, -82.7683 longitude (US Census Bureau Gazetteer).
- Nearest larger cities: Richmond, MI (6 mi); Armada, MI (7 mi); Capac, MI (11 mi); New Haven, MI (12 mi); Romeo, MI (13 mi), each a US Census place with its estimated population.
- Smaller towns nearby: Emmett, MI (7 mi); Dryden, MI (18 mi); Leonard, MI (19 mi) (US Census Bureau).
What a personal loan costs in Memphis
A personal loan gives you the full amount at once and spreads repayment over a set number of months at a fixed payment.
The APR is the comparable price of a loan since it folds in fees; model any offer with the personal loan calculator first.
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-qualifying with several lenders takes minutes, uses a soft pull, and gives you real numbers to compare before any hard inquiry.
Michigan lending rules that apply in Memphis
The table carries the Michigan rate and licensing rules that apply to consumer loans made in Memphis.
| 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 Memphis
The steps below are worth completing first when you borrow in Memphis:
- 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.