Parma at a glance
- Population: 766, the 392nd-largest community in Michigan out of 533 (US Census Bureau, Vintage 2023).
- 2020 Census base: 774 residents at the 2020 Census (US Census Bureau, 2020 count).
- 2020 to 2023 change: roughly 1.0% fewer residents than at the 2020 Census (US Census Bureau).
- Rank among Michigan places: 392nd out of 533 Census places (US Census Bureau).
- Size percentile: ahead of around 26% of Michigan places in population terms (US Census Bureau).
- Coordinates: mapped at 42.2654, -84.5490 by the US Census Bureau Gazetteer.
- Nearest larger cities: Jackson, MI (8 mi); Concord, MI (8 mi); Albion, MI (11 mi); Springport, MI (11 mi); Leslie, MI (14 mi) — straight-line distances, US Census Bureau populations.
- Nearest smaller places: Hanover, MI (11 mi); Cement City, MI (18 mi); North Adams, MI (20 mi) (US Census Bureau estimates).
What a personal loan costs in Parma
The defining feature of a personal loan is the fixed installment: the same payment every month until the term ends.
APR, not the simple interest rate, reflects what the loan actually costs once fees are included; the personal loan calculator puts a figure on it.
The term is the lever: extend it and the payment falls while total interest climbs; shorten it and the reverse happens.
A payment that strains the budget is a warning sign; a smaller loan or a little more saving time is the safer route.
Michigan lending rules that apply in Parma
Every figure in the table below is sourced to a publisher with a date; where a state does not publish a number, we say so rather than estimate.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Parma
Before you share your details with a lender in Parma:
- 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.