Pleasant Ridge at a glance
- Population: about 2,577, 217th by size in Michigan of 533 places (Census Vintage 2023 subcounty estimate).
- 2020 Census base: the 2020 count put the population at 2,630 (US Census Bureau).
- 2020 to 2023 change: a loss of about 2.0% since the 2020 count (US Census Bureau).
- Rank among Michigan places: 217th-largest of 533 (US Census Bureau, Vintage 2023 estimate).
- Size percentile: about 59% of Michigan's Census places are smaller (US Census Bureau).
- Coordinates: 42.4715 latitude, -83.1445 longitude (US Census Bureau Gazetteer).
- Nearest larger cities: Ferndale, MI (1 mi); Huntington Woods, MI (1 mi); Oak Park, MI (2 mi); Hazel Park, MI (2 mi); Royal Oak, MI (3 mi) — straight-line distances, US Census Bureau populations.
- Smaller places nearby: Bingham Farms, MI (8 mi); Sylvan Lake, MI (14 mi); Village of Grosse Pointe Shores, MI (14 mi), per US Census Bureau estimates.
What a personal loan costs in Pleasant Ridge
A personal loan gives you the full amount at once and spreads repayment over a set number of months at a fixed payment.
Judge an offer by its APR, which blends the interest rate with fees, and use the personal loan calculator to see the total cost.
Lenders weigh your credit history, income and debts when they set the rate, and the term you choose then determines how that rate compounds into total cost.
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 Pleasant Ridge
The Michigan rate caps and licensing rules that reach Pleasant Ridge are listed below, each with its source and retrieval date.
| 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 Pleasant Ridge
The order below is a sensible way to approach a loan in Pleasant Ridge:
- 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.