Montgomery at a glance
- Population: the Census estimates 316 residents, ranking 485th of 533 places in Michigan (Vintage 2023).
- 2020 Census base: 318 residents at the 2020 Census (US Census Bureau, 2020 count).
- 2020 to 2023 change: about 0.6% below the 2020 Census base (US Census Bureau).
- Rank among Michigan places: 485th of 533 by population (US Census Bureau, Vintage 2023).
- Size percentile: about 9% of places in Michigan are smaller (US Census Bureau).
- Coordinates: the Census Gazetteer places it at 41.7760, -84.8090.
- Nearest larger cities: Clear Lake, IN (3 mi); Camden, MI (3 mi); Reading, MI (5 mi); Fremont, IN (7 mi); Quincy, MI (12 mi), each a US Census place with its estimated population.
- Nearest smaller places: Allen, MI (13 mi); Holiday City, OH (17 mi); Blakeslee, OH (18 mi) (US Census Bureau estimates).
What a personal loan costs in Montgomery
Most personal loans are unsecured, meaning no collateral is pledged, and they are repaid in equal installments over a fixed term.
Compare every quote on APR because it includes the fees the interest rate hides, and check the payment with our personal loan calculator.
A longer term reduces what you owe each month and increases the total interest, which is the trade-off to weigh before choosing one.
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 Montgomery
The table carries the Michigan rate and licensing rules that apply to consumer loans made in Montgomery.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Montgomery
Here is a short checklist for comparing personal loans in Montgomery:
- 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.