Richmond at a glance
- Population: 5,831 — 141st in Michigan, which has 533 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 5,875 people (US Census Bureau, 2020 Census count).
- 2020 to 2023 change: population fell about 0.7% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Michigan places: 141st of 533 by population (US Census Bureau, Vintage 2023).
- Size percentile: larger than about 74% of the Census places in Michigan (US Census Bureau).
- Coordinates: 42.8106, -82.7522 (US Census Bureau Gazetteer).
- Nearest larger cities (within 120 miles): New Haven, MI (6 mi); New Baltimore, MI (9 mi); St. Clair, MI (13 mi); Marysville, MI (15 mi); Mount Clemens, MI (16 mi) (US Census Bureau populations).
- Smaller places close by: Memphis, MI (6 mi); Armada, MI (7 mi); Emmett, MI (13 mi) (US Census Bureau).
What a personal loan costs in Richmond
The defining feature of a personal loan is the fixed installment: the same payment every month until the term ends.
APR is the figure that lets you compare like with like, since it wraps fees into the rate; run your own numbers with the personal loan calculator.
Choosing a longer term eases the monthly budget but adds interest over the life of the loan; a shorter term costs more per month and less overall.
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 Richmond
Each row below is a Michigan rule with its publisher and the date it was retrieved.
| 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 Richmond
A few practical steps will make the process in Richmond less costly:
- 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.